Q43.Which of the following statements is correct:
(1) Accounting is a part of book-keeping.
(2) Book Keeping is a part of Accounting.
(3) Book keeping is not a part of accounting.
(4) The term book-keeping and accounting can be used interchangeably.
Answer
Book Keeping is a part of Accounting.
Related Questions on Theory Base of Accounting
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
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