Principles of Accounting
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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
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Modern system of book keeping is called______________?
A. Double entry system B. American system C. Single entry system D. Italic system
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The person to whom goods are sold on credit is called___________?
A. Buyer B. Seller C. Debtor D. Creditor
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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
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Cash brought by the owner to start business is called__________?
A. Capital B. Loan C. Drawing D. None of these
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Sales return is also known as____________?
A. Return received B. Return Payed C. Return inward D. Return outward
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Goods Return by the customer are termed as :
A. Purchase return B. Customer return C. Sales return D. Inventory return
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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
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Income earned but not received is called ____________?
A. Fictitious assets B. Quick asset C. Real asset D. Outstanding asset
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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
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The concession received on the price of defective goods is called:
A. Discount B. Cash discount C. Allowance D. Trading discount
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In support of business transaction, any written evidence is called ___________?
A. Discount B. Voucher C. Allowance D. Price
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Obligation of the Business are known as___________?
A. Liabilities B. Revenues C. Expenses D. Assets
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Building and furniture are called ____________?
A. Current asset B. Fictitious asset C. Tangible asset D. Fixed assets
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The amount invested by the proprietor to start the business is called:
A. Capital B. Business C. Drawings D. All of them
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For the business, capital is ____________?
A. Expense B. Liability C. Assets D. All of them
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Cash discount is provided on _______________?
A. Purchases B. Prompt payment C. Sales D. Sales return
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When owner withdraw cash for its private use, it is called ___________?
A. Profit B. Income C. Expense D. Drawing
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A systematic way to maintain the books of accounts is called_________?
A. Accountancy B. Economics C. Book Keeping D. Auditing
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Goods return to customer are known as:
A. Merchandise return B. Purchase return C. Return inwards D. Sales return
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Assets having physical existence are called ___________?
A. Current asset B. intangible asset C. Tangible asset D. Liquid asset
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An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?
A. Accounting B. Accountancy C. Auditing D. Book Keeping
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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
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The assets which have some market value are called ____________?
A. Fixed asset B. Quick asset C. Fictitious assets D. Real assets
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The maintenance of accounts in a systematic way is called__________?
A. Accounting B. Reading C. Book Keeping D. Auditing
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