Maharashtra State BoardHSC Commerce 11th
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State whether the following statement is true or false with reasons: Solvent person is a person whose assets are more than his liabilities. - Book Keeping and Accountancy

MCQ
True or False

State whether the following statement is true or false with reasons:

Solvent person is a person whose assets are more than his liabilities.

Options

  • True

  • False

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Solution

This statement is True.
As per the definition of solvent, a person can be a solvent person when a person’s assets are more than its liabilities.
Concept: Accounting Concepts, Conventions and Principles
  Is there an error in this question or solution?
Chapter 1: Introduction to Book - Keeping and Accountancy - Exercise Q.4 [Page 17]
Q 5
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Balbharati Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board
Chapter 1 Introduction to Book - Keeping and Accountancy
Exercise Q.4 | Q 5 | Page 17
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