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
Related Questions on Theory Base of Accounting
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
Q5The amount drawn by businessmen for his personal use is-
(1) Drawing
(2) Capital
(3) Loss.
(4) Expenditure
Answer
Capital