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A. Error of omission
B. Error of commission
C. Compensating error
D. Error of principle
Answer
Answer
B. Error of commission
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Accounting Mcqs
Cash discount is provided on _______________?
A. Purchases
B. Prompt payment
C. Sales
D. Sales return
Answer
Answer
B. Prompt payment
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When goods, in which business deals are sold, it is called___________?
A. Purchases
B. Return inward
C. Sales
D. Return outwards
Answer
Answer
C. Sales
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The excess of current assets over current liabilities is called:
A. Working Capital
B. Circulating capital
C. Fixed capital
D. Trading capital
Answer
Answer
A. Working Capital
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Sales return is also known as____________?
A. Return received
B. Return Payed
C. Return inward
D. Return outward
Answer
Answer
C. Return inward
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Reduction in price is called:
A. Paid price
B. Invoice price
C. Book price
D. Discount
Answer
Answer
D. Discount
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Cash brought by the owner to start business is called__________?
A. Capital
B. Loan
C. Drawing
D. None of these
Answer
Answer
A. Capital
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The concession received on the price of defective goods is called:
A. Discount
B. Cash discount
C. Allowance
D. Trading discount
Answer
Answer
C. Allowance
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In support of business transaction, any written evidence is called ___________?
A. Discount
B. Voucher
C. Allowance
D. Price
Answer
Answer
B. Voucher
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Building and furniture are called ____________?
A. Current asset
B. Fictitious asset
C. Tangible asset
D. Fixed assets
Answer
Answer
D. Fixed assets
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