Q8.In India, the accounting standard board was set up in the year-
(1)1977
(2)1972
(3)1932
(4)1956
Answer
1977
Related Questions on Theory Base of Accounting
Q9.Generally the duration of an Accounting period is of-
(1) 3 months
(2) 6 months
(3) 1 month.
(4) 12 months
Answer
12 months
Q10.Salary paid to partner should be:
(1) Credited to his current account
(2) Debited to his current account
(3) None of these
(4) Credited to profit & loss appropriation A/c
Answer
Credited to profit & loss appropriation A/c