Generally the duration of an Accounting period is of-
  • 6 months
  • 3 months
  • 12 months
  • 1 month.
The sum of Liabilities and Capital is-
  • Expense
  • Income
  • Drawings
  • Assets.
In India, the accounting standard board was set up in the year-
  • 1972
  • 1977
  • 1956
  • 1932.
The basic accounting postulates are denoted by –
  • Concepts
  • Book – keeping
  • Accounting standards
  • None of these.
The amount drawn by businessmen for his personal use is-
  • Capital
  • Drawing
  • Expenditure
  • Loss.
Meaning of credibility of going concern is:
  • Closing of business
  • Opening of business
  • Continuing of business
  • None of these.
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