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Home Questions CN6WZ2TF22
Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Partnership

Question:
Assertion: Partnership Firm is a separate and distinct entity from partners from the view point of accounting.

Reasoning: According to Business Entity Concept, transactions of the business are recorded from the viewpoint of the firm.
Options:
Both Assertion (A) and reasoning (R) are correct and R is the correct explanation of A.
Both Assertion (A) and reasoning (R) are correct and but R is not the correct explanation of A.
Assertion (A) is true but Reasoning (R) is not correct.
Assertion (A) is not true but Reasoning (R) is correct.
Correct Answer:
Both Assertion (A) and reasoning (R) are correct and R is the correct explanation of A.
Explanation:
The definition of partnership is written in the partnership act 1932. The assertion and reason is true and reason is the correct explanation.

CUET Questions