Q8.The debts which are to be repaid within a short period (year or less) are known as (1)Fixed liabilities (2)Current liabilities (3)All of the above (4)Contingent liabilities Answer Current liabilities Related Questions on Introduction to Accounting Q9.The assets that can be converted into cash within a short period (i.e. 1 year or less) are known … Read more
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 … Read more
Q17.Appropriations are the transactions that happen between firm and partners in the capacity of ___________ (1) Outsider (2) Partner (3) None of these (4) Either A or B Answer Partner Related Questions on Theory Base of Accounting Q18.A liability arises because of: (1) Cash transaction (2) Credit transaction (3) Cash and credit transaction (4) None … Read more
Q33.Trade discount is : (1) Allowed at the time of sale of goods (2) Allowed at the time of receiving payment (3) Allowed in all the cases) (4) Both ‘A’ and ‘B’ Answer Allowed at the time of sale of goods Related Questions on Theory Base of Accounting Q34.Cash discount is : (1) Received at … Read more
Q49.Which one of the following statement is correct? (1) Income = Expenses – Revenue. (2) Income = Revenue Expenses. (3) Income= Profits – Expenses. (4) Expenses = Income – Revenue. Answer Income = Revenue Expenses. Related Questions on Theory Base of Accounting Q50. The sum of Liabilities and Capital is- (1) Income (2) Expense (3) … Read more