Q1.The basic accounting postulates are denoted by –
(1) Book – keeping
(2) Concepts
(3) None of these.
(4) Accounting standards
Answer
Concepts
Related Questions on Theory Base of Accounting
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
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