Product method can be used in all situations as an alternative to ____________

(a)

average period

(b)

direct method

(c)

both 'a' and 'b'

(d)

none of these

In a partnership business, agreement is ___________

(a)

compulsory

(b)

optional

(c)

not necessary

(d)

none of these

Current accounts for partners will be opened under, ____________

(a)

Fixed capital method

(b)

Fluctuating capital method

(c)

Either fixed capital method or fluctuating capital method

(d)

None of these

Under fixed capital method salary payable to a partner is recorded ____________

(a)

in current account

(b)

in capital account

(c)

either in current account or capital account

(d)

none of these

Amount is drawn regularly at the middle of every month during the year. Interest calculated for ___________

(a)

\(\frac{13}{24}\)

(b)

\(\frac{11}{24}\)

(c)

\(\frac{12}{24}\)

(d)

\(\frac{10}{24}\)