Q47.IASB (International Accounting Standards Board) upon coming into existence has adopted:
(1) Some IAS and SIC
(2) All IAS and SIC (Standing Interpretation Boar
(3) None of the IAS and SIC
(4) None of the options
Answer
All IAS and SIC (Standing Interpretation Boar
Related Questions on Theory Base of Accounting
Q48. A liability arises because of:
(1) Cash transaction
(2) Credit transaction
(3) Cash and credit transaction
(4) None of the options
Answer
Credit transaction
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.