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A. Buyer
B. Seller
C. Debtor
D. Creditor
Answer
Answer
C. Debtor
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Double entry means______________?
A. Entry in two sets of books
B. Entry at two ends
C. Entry at two dates
D. Entry for two aspects of the transaction
Answer
Answer
D. Entry for two aspects of the transaction
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Discount received is a/an:
A. Asset
B. Expense
C. Liability
D. Revenue
Answer
Answer
D. Revenue
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Obligation of the Business are known as___________?
A. Liabilities
B. Revenues
C. Expenses
D. Assets
Answer
Answer
A. Liabilities
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Goods return to supplier are known as:__________?
A. Merchandise return
B. Purchase return
C. Return inwards
D. Sales return
Answer
Answer
B. Purchase return
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The systems of accounting are _____________?
A. Two
B. Three
C. Five
D. Six
Answer
Answer
A. Two
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For the business, capital is ____________?
A. Expense
B. Liability
C. Assets
D. All of them
Answer
Answer
B. Liability
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When owner withdraw cash for its private use, it is called ___________?
A. Profit
B. Income
C. Expense
D. Drawing
Answer
Answer
D. Drawing
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Assets having physical existence are called ___________?
A. Current asset
B. intangible asset
C. Tangible asset
D. Liquid asset
Answer
Answer
C. Tangible asset
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The assets which have some market value are called ____________?
A. Fixed asset
B. Quick asset
C. Fictitious assets
D. Real assets
Answer
Answer
D. Real assets
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