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 Related Questions on Theory Base of Accounting Q49.Which one of the following statement is correct? (1) Income = Expenses – Revenue. (2) Income = Revenue Expenses. (3) Income= Profits – … Read more
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 … Read more
Q46.IAS adopted by IASB and still in force are: (1)41 (2)29 (3)10 (4)9 Answer 29 Related Questions on Theory Base of Accounting 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 … Read more
Q45.IFRS are: (1) Rule based accounting standards (2) Principles based accounting standards (3) None of the options (4) Partially rule and partially principles Answer Principles based accounting standards Related Questions on Theory Base of Accounting Q46.IAS adopted by IASB and still in force are: (1)41 (2)29 (3)10 (4)9 Answer 29 Q47.IASB (International Accounting Standards Board) … Read more
Q44. IFRS (International Financial reporting standards) are based on: (1) Historical cost (2) Fair value (3) None of the options (4) Both historical cost and fair value. Answer Fair value Related Questions on Theory Base of Accounting Q45.IFRS are: (1) Rule based accounting standards (2) Principles based accounting standards (3) None of the options (4) … Read more