Key Difference between Indian accounting standards and international accounting standards is.. - In international accounting LIFO and extraordinary items are prohibited. - Accounts Receivables Interview Questions and Answers

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Question: Key Difference between Indian accounting standards and international accounting standards is..

Answer: In international accounting LIFO and extraordinary items are prohibited.

Category	Accounts Receivables Interview Questions & Answers - Exam Mode / Learning Mode
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Question: Key Difference between Indian accounting standards and international accounting standards is..

Answer:

In international accounting LIFO and extraordinary items are prohibited. Source: CoolInterview.com

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Latest 20 Questions

Payment of time- barred debt is: (a) Valid (b) Void (c) Illegal (d) Voidable

Consideration is defined in the Indian Contract Act,1872 in: (a) Section 2(f) (b) Section 2(e) (c) Section 2(g) (d) Section 2(d)

Which of the following is not an exception to the rule, "No consideration, No contract": (a) Natural love and affection (b) Compensation for involuntary services (c) Completed gift (d) Agency

Consideration must move at the desire of: (a) The promisor (b) The promisee (c) The promisor or any other party (d) Both the promisor and the promisee

An offer which is open for acceptance over a period of time is: (a) Cross Offer (b) Counter Offer (c) Standing Offer (d) Implied Offer

Specific offer can be communicated to__________ (a) All the parties of contract (b) General public in universe (c) Specific person (d) None of the above

_________ amounts to rejection of the original offer. (a) Cross offer (b) Special offer (c) Standing offer (d) Counter offer

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In case of unenforceable contract having some technical defect, parties (a) Can sue upon it (b) Cannot sue upon it (c) Should consider it to be illegal (d) None of the above

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______________ contracts are also caled contracts with executed consideration. (a) Unilateral (b) Completed (c) Bilateral (d) Executory

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_____________ is a game of chance. (a) Conditional Contract (b) Contingent Contract (c) Wagering Contract (d) Quasi Contract

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