Q50. The sum of Liabilities and Capital is-
(1) Income
(2) Expense
(3) Assets.
(4) Drawings
Answer
Assets.
Related Questions on Theory Base of Accounting
Q51. In India, the accounting standard board was set up in the year-
(1)1977
(2)1972
(3)1932
(4)1956
Answer
1932
Q52. Meaning of credibility of going concern is :
(1) Opening of business
(2) Closing of business
(3) None of these.
(4) Continuing of business
Answer
Opening of business