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Accounting Mcqs

Sales return is also known as____________?

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...

Goods Return by the customer are termed as :

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

reduction in price is called:

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

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

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

Income earned but not received is called ____________?

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 called__________?

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

Obligation of the Business are known as___________?

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

Building and furniture are called ____________?

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

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

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

For the business, capital is ____________?

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

The maintenance of accounts in a systematic way is called__________?

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

Cash discount is provided on _______________?

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

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