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MCQs 1: A systematic way to maintain the books of accounts is called_________?

Accountancy Economics Book Keeping Auditing
Answer Explanation

MCQs 2: An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?

Accounting Accountancy Auditing Book Keeping
Answer Explanation

MCQs 3: The maintenance of accounts in a systematic way is called__________?

Accounting Reading Book Keeping Auditing
Answer Explanation

MCQs 4: Goods Return by the customer are termed as :

Purchase return Customer return Sales return Inventory return
Answer Explanation

MCQs 5: Modern system of book keeping is called______________?

Double entry system American system Single entry system Italic system
Answer Explanation

MCQs 6: The person to whom goods are sold on credit is called___________?

Buyer Seller Debtor Creditor
Answer Explanation

MCQs 7: Double entry means______________?

Entry in two sets of books Entry at two ends Entry at two dates Entry for two aspects of the transaction
Answer Explanation

MCQs 8: Discount received is a/an:

Asset Expense Liability Revenue
Answer Explanation

MCQs 9: Obligation of the Business are known as___________?

Liabilities Revenues Expenses Assets
Answer Explanation

MCQs 10: The amount invested by the proprietor to start the business is called:

Capital Business Drawings All of them
Answer Explanation

MCQs 11: Cash discount is provided on _______________?

Purchases Prompt payment Sales Sales return
Answer Explanation

MCQs 12: Goods return to supplier are known as:__________?

Merchandise return Purchase return Return inwards Sales return
Answer Explanation

MCQs 13: The excess of current assets over current liabilities is called:

Working Capital Circulating capital Fixed capital Trading capital
Answer Explanation

MCQs 14: When goods, in which business deals are sold, it is called___________?

Purchases Return inward Sales Return outwards
Answer Explanation

MCQs 15: Sales return is also known as____________?

Return received Return Payed Return inward Return outward
Answer Explanation

MCQs 16: reduction in price is called:

Paid price Invoice price Book price Discount
Answer Explanation

MCQs 17: Cash brought by the owner to start business is called__________?

Capital Loan Drawing None of these
Answer Explanation

MCQs 18: The concession received on the price of defective goods is called:

Discount Cash discount Allowance Trading discount
Answer Explanation

MCQs 19: In support of business transaction, any written evidence is called ___________?

Discount Voucher Allowance Price
Answer Explanation

MCQs 20: Building and furniture are called ____________?

Current asset Fictitious asset Tangible asset Fixed assets
Answer Explanation

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