Q. The assets that can be easily converted into cash within a short period (i.e., 1 year or less is known as,
✅ Correct Answer: (A)
Current assets
Corporate Accounting MCQs and Notes
Q. Which of these best explains fixed assets?
✅ Correct Answer: (A)
Are bought to be used in the business.
Q. The long term assets that have no physical existence but, possess a value is known as,
✅ Correct Answer: (C)
Intangible assets
Q. The process of recording financial data up to trial balance is
✅ Correct Answer: (A)
Book keeping
Q. International Public Sector Accounting Standards were issued by
✅ Correct Answer: (C)
International Federation of Accountants.