Accounting standard are:

Written policy documents issued by expert accounting body

Set of board accounting policies to be followed by an entity.

Set in the from of general principles.

All of the above.

X and Y are partners with capital of A10000 and A20,000 repectively and sharin profits equally. They
adimitted Z as atheir third partner with one-forth profits of the firm on the paymen of A12,000. The
amount of hidden goodwill is:

6000

10000

8000

None of the above

Which account is th odd one out?

Office Furniture & Equimpmet.

Freehod Land and Building.

Stock of raw materials.

Plant an Machinery.

Purchases book records:

All cash purchases only.

All crdit piuchsaes only.

Credit purchases of goods in trade only.

Both cas and credit purchases.

Trail balace is a statement which shows the total of the Bebit aor the Credit balance of all the accounts.

Opening, Closing