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Which one of the following category Cash in hand belong to? a. Fictitious asset b. Current asset Oc. Intangible asset O d. Non-current asset In case of malpractice claim, only the partners who are responsible of the action are personally liable for the claim under: O a. Limited liability company O b. Limited liability partnership c. Limited Partnership O d. General partnership Which one of the following is a current asset? O a. Outstanding expenses O b. Bank overdraft O c. Prepaid expenses O d. Bills payable The objective of preparing Income Statement of partnership is: a. To show drawings of partnership firm o b. To show the net profit or loss of partnership firm O c. To show the interest on capital of each partner O d. To show the capital of each partner Which one of the following statement is correct on preparation of partnership final accounts? a. Net profit from income statement will be transferred to partners'capital account ob. Accounting principles are different from sole proprietorship business c. Preparation of income statement is not same as sole proprietorship business O d. Adjustments will have dual effects in the income statement and statement of financial position