Q41.The Trading and Profit and Loss Account is prepared under which attribute of accounting:
(1) Recording
(2) Summarising
(3) Analysis and Interpretation
(4) Classifying
Answer
Summarising
Related Questions on Theory Base of Accounting
Q42.Identified and measured economic events should be recorded in _ order.
(1) Financial
(2) Chronological
(3) Monetary
(4) Proper
Answer
Chronological
Q43.Which of the following statements is correct:
(1) Accounting is a part of book-keeping.
(2) Book Keeping is a part of Accounting.
(3) Book keeping is not a part of accounting.
(4) The term book-keeping and accounting can be used interchangeably.
Answer
Book Keeping is a part of Accounting.