Q2.A concept that a business enterprise will not be sold or liquidated in the near future is known as :
(1) Economic entity
(2) Going concern
(3) None of the above
(4) Monetary unit
Answer
Going concern
Related Questions on Theory Base of Accounting
Q3.The primary qualities that make accounting information useful for decision-making are
(1) Reliability and comparability
(2) Relevance and freedom from bias
(3) None of the above
(4) Comparability and consistency
Answer
Reliability and comparability
Q4.As per Income Tax Act, accounting period is :
(1) From 1st April to 31st March
(2) From 1st January to 31st December
(3) From Diwali to Diwali
(4) From 1st July to 30th June
Answer
From 1st April to 31st March