McqsFactory McqsFactory.com is the devoted website for multiple choice questions answers in Pakistan. McqsFactory has been specially designed to cover this paper for various such examinations. The material of McqsFactory has been collected after going through different examination papers.
A. Purchase return
B. Customer return
C. Sales return
D. Inventory return
Answer
Answer
C. Sales return
Submitted by: Rasool Bux
Modern system of book keeping is called______________?
A. Double-entry system
B. American system
C. Single entry system
D. Italic system
Answer
Answer
A. Double-entry system
Submitted by: Rasool Bux
The person to whom goods are sold on credit is called___________?
A. Buyer
B. Seller
C. Debtor
D. Creditor
Answer
Answer
C. Debtor
Submitted by: Rasool Bux
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
Submitted by: Rasool Bux
Discount received is a/an:
A. Asset
B. Expense
C. Liability
D. Revenue
Answer
Answer
D. Revenue
Submitted by: Rasool Bux
Obligation of the Business are known as___________?
A. Liabilities
B. Revenues
C. Expenses
D. Assets
Answer
Answer
A. Liabilities
Submitted by: Rasool Bux
Goods return to supplier are known as:__________?
A. Merchandise return
B. Purchase return
C. Return inwards
D. Sales return
Answer
Answer
B. Purchase return
Submitted by: Rasool Bux
The systems of accounting are _____________?
A. Two
B. Three
C. Five
D. Six
Answer
Answer
A. Two
Submitted by: Rasool Bux
For the business, capital is ____________?
A. Expense
B. Liability
C. Assets
D. All of them
Answer
Answer
B. Liability
Submitted by: Rasool Bux
When owner withdraw cash for its private use, it is called ___________?
A. Profit
B. Income
C. Expense
D. Drawing
Answer
Answer
D. Drawing
Submitted by: Rasool Bux