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Principles of Accounting

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

The unsold goods are ______________?

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

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

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

The systems of accounting are _____________?

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:

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

Obligation of the Business are known as___________?

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

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