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A. Contingent assets
B. Fixed assets
C. Fictitious assets
D. Quick assets
Answer
Answer
A. Contingent assets
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Income earned but not received is called ____________?
A. Fictitious assets
B. Quick asset
C. Real asset
D. Outstanding asset
Answer
Answer
D. Outstanding asset
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Debts which are payable in the course of a month are called _____________?
A. External liabilities
B. Fixed liabilities
C. Current liabilities
D. Liquid Liabilities
Answer
Answer
C. Current liabilities
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The unsold goods are ___?
A. Equity
B. Sale return
C. Inventory
D. Purchases
Answer
Answer
C. Inventory
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A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________?
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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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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