Q49.Which one of the following statement is correct?
(1) Income = Expenses – Revenue.
(2) Income = Revenue Expenses.
(3) Income= Profits – Expenses.
(4) Expenses = Income – Revenue.
Answer
Income = Revenue Expenses.
Related Questions on Theory Base of Accounting
Q50. The sum of Liabilities and Capital is-
(1) Income
(2) Expense
(3) Assets.
(4) Drawings
Answer
Assets.
Q51. In India, the accounting standard board was set up in the year-
(1)1977
(2)1972
(3)1932
(4)1956
Answer
1932