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
Related Questions on Theory Base of Accounting
Q5The amount drawn by businessmen for his personal use is-
(1) Drawing
(2) Capital
(3) Loss.
(4) Expenditure
Answer
Capital
Q6.Meaning of credibility of going concern is:
(1) Opening of business
(2) Closing of business
(3) None of these.
(4) Continuing of business
Answer
Continuing of business