Read the following statements and mark your answer:
i. Return on Investment (R.O.I.) is calculated as part of final accounts preparation exercise
ii. Inventory valuation is a must for ascertaining profit by preparation of Trading Account
iii. Operational audit is a statutory requirement for a company auditor
iv. Garner Vs. Murray case relates to settlement of accounts on insolvency of a partner of the firm

Read the following statements and mark your answer:
i. Return on Investment (R.O.I.) is calculated as part of final accounts preparation exercise
ii. Inventory valuation is a must for ascertaining profit by preparation of Trading Account
iii. Operational audit is a statutory requirement for a company auditor
iv. Garner Vs. Murray case relates to settlement of accounts on insolvency of a partner of the firm Correct Answer ii and iv are correct

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Related Questions

Read the following statements and give your answer according to the codes given below:
i. Credit on investment is calculated as a part of the final account preparation process
ii. Stock valuation is necessary to determine profit by creating a business account
iii. Working audit is a statutory requirement for auditing a company
iv. Garner vs. Murray case deals with the settlement of accounts in case of bankruptcy of a partner of a partnership firm
Which of the following are the consequences in case of insolvency of partner?
1. The partner adjudicated as insolvent ceases to be a partner.
2. He ceases on the date on which the order of adjudication is made.
3. The firm is dissolved on the date of the order.
4. The estate of the insolvent partner is liable for any act of the firm after the date of the order of adjudication.
5. The firm can be held liable for any acts of the insolvent partners after the date of the order of adjudication.
Select the correct answer:
Which of the following are correct regarding rights of partners?
1. A partner has the right to allow the admission of a new partner.
2. Every partner has a right to take part in the management of business.
3. Every partner has a joint ownership of partnership property.
4. Every partner has a right to share the profit not the losses with other partners.
5. Every partner has a right to inspect the books of account and have a copy of the same.
6. In case of emergency, a partner has a right to act as a man of prudence.
Select the correct answer:
As per the decision in the Garner vs Murray case, when the partner's capital accounts are fixed, any loss arising due to the capital deficiency in the insolvent partner's capital account is to be borne by solvent partners in the ratio of . . . . . . . .
On the insolvency of partner, the deficiency of his capital account is borne by the solvent partners, according to the decision of Garner Vs. Murray's in
The process of voluntary winding up of solvent company is now shifted from the Companies Act, 2013 to Insolvency and Bankruptcy Code, 2016 with effect from 1st April, 2017. Which of the following differences apply?
1. Shifting of Powers from Official Liquidator to Insolvency Professional.
2. Jurisdictional Authority has been shifted from High Court to National Company Law Tribunal.
3. Governing sections, rules and regulations for Voluntary Winding has now shifted to Section 59 of the Insolvency and Bankruptcy Code, 2016.
4. Timeline for carrying out the Voluntary Winding up process under the IBC is normally of 12 months.
Which of the following statements are correct?
1. Analysis and interpretation of financial statements, is a function of accounting.
2. Profit and Loss account is prepared for ascertaining financial postition of a firm.
3. Goodwill is a wasting asset.
4. Balance Sheet is prepared for ascertaining financial position of a firm
Select the correct answer
Under Garner vs Murray rule, in the event of dissolution of a partnership firm, solvent partner will have to share the deficiency of insolvent partner in
The Garner Vs. Murray case was concerned with the settlement of accounts among the partners at the time of:
A, B and C who are partners had a credit balance of Rs. 5,000, Rs. 10,000 and Rs. 20,000 respectively in their capital accounts when the firm was dissolved and the assets disposed off piecemeal. If in the first instalment the realisation is Rs. 10,000 and the Garner Vs. Murray rule is applicable, the distribution among the partners will be: