Cash brought by the owner to start business is called__________?

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A. Capital B. Loan C. Drawing D. None of these

Sales return is also known as____________?

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A. Return received B. Return Payed C. Return inward D. Return outward Return inwards refer to the goods returned to an organization by its customers. They are goods which were sold, but usually, because of...

Goods Return by the customer are termed as :

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A. Purchase return B. Customer return C. Sales return D. Inventory return

reduction in price is called:

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A. Paid price B. Invoice price C. Book price D. Discount

Debts which are payable in the course of a month are called _____________?

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A. External liabilities B. Fixed liabilities C. Current liabilities D. Liquid Liabilities

Income earned but not received is called ____________?

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A. Fictitious assets B. Quick asset C. Real asset D. Outstanding asset

The assets which come into existence upon the happening of a certain event are...

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A. Contingent assets B. Fixed assets C. Fictitious assets D. Quick assets

Building and furniture are called ____________?

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A. Current asset B. Fictitious asset C. Tangible asset D. Fixed assets

The amount invested by the proprietor to start the business is called:

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A. Capital B. Business C. Drawings D. All of them

For the business, capital is ____________?

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A. Expense B. Liability C. Assets D. All of them

The maintenance of accounts in a systematic way is called__________?

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A. Accounting B. Reading C. Book Keeping D. Auditing

Cash discount is provided on _______________?

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A. Purchases B. Prompt payment C. Sales D. Sales return

When owner withdraw cash for its private use, it is called ___________?

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A. Profit B. Income C. Expense D. Drawing

The accounting process involves in recording:

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A) Quantifiable economic event B) Non quantifiable economic event C) All of them D) None of them

Goods return to customer are known as:

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A. Merchandise return B. Purchase return C. Return inwards D. Sales return

Assets having physical existence are called ___________?

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A. Current asset B. intangible asset C. Tangible asset D. Liquid asset

A systematic way to maintain the books of accounts is called_________?

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A. Accountancy B. Economics C. Book Keeping D. Auditing

The excess of current assets over current liabilities is called:

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A. Working Capital B. Circulating capital C. Fixed capital D. Trading capital

The assets which have some market value are called ____________?

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A. Fixed asset B. Quick asset C. Fictitious assets D. Real assets

An Art of reading, classifying & Summarizing of accounts in a systematic way is...

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A. Accounting B. Accountancy C. Auditing D. Book Keeping

The unsold goods are ______________?

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A. Equity B. Sale return C. Inventory D. Purchases

The concession received on the price of defective goods is called:

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A. Discount B. Cash discount C. Allowance D. Trading discount

The systems of accounting are _____________?

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A. Two B. Three C. Five D. Six There are two systems of Accounting: 1. Cash System of Accounting 2. Mercantile or Accrual System of Accounting

Discount received is a/an:

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A. Asset B. Expense C. Liability D. Revenue

Obligation of the Business are known as___________?

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A. Liabilities B. Revenues C. Expenses D. Assets