Q7.The sum of Liabilities and Capital is-
(1) Income
(2) Expense
(3) Assets.
(4) Drawings
Answer
Assets.
Related Questions on Theory Base of Accounting
Q8.In India, the accounting standard board was set up in the year-
(1)1977
(2)1972
(3)1932
(4)1956
Answer
1977
Q9.Generally the duration of an Accounting period is of-
(1) 3 months
(2) 6 months
(3) 1 month.
(4) 12 months
Answer
12 months