(a) Current liabilities
(b) Contingent liabilities
(c) Outstanding liabilities
(d) Fixed liabilities
Those liabilities which arise only on the happening of some event, are called Read More »
(a) Balance sheet
(b) Profit and Loss account
(c) Trading account
(d) None of these
All the direct expenses are charged to Read More »
(a) Rs 200 will be deducted
(b) Rs 200 will be added
(c) Rs 400 will be added
(d) Rs 400 will be deducted
(a) Personal account
(b) Real account
(c) Nominal account
(d) Asset account
The discount account is a Read More »
(a) Sales journal
(b) General journal
(c) Cash receipt journal
(d) None of these
The sale of a business asset on credit is recorded in: Read More »
(a) Debited
(b) Credited
(c) Recorded in balance sheet
(d) None of these
When goods are given away as charity or free samples, the purchases account should be Read More »
(a) Same in nature
(b) Different in nature
(c) Opposite in nature
(d) None of these
The term expenses and expenditure are Read More »
(a) Recording of a financial data relating to business transactions
(b) Designing the systems in recording, classifying, summarizing the recorded data
(c) Interpreting the data for internal and external users
(d) None of these
Book-keeping is mainly concerned with Read More »
(a) Summarizing
(b) Classifying
(c) Recording
(d) None of these
(a) Can be ascertained
(b) Cannot be ascertained
(c) Easily ascertained
(d) None of these
If proper books of accounts are not kept in a business the amount of profit Read More »
