The maintenance of accounts in a systematic way is called__________?
A. Accounting
B. Reading
C. Book Keeping
D. Auditing
Accounting MCQs with Answers
Goods Return by the customer are termed as :
A. Purchase return
B. Customer return
C. Sales return
D. Inventory return
Modern system of book keeping is called______________?
A. Double entry system
B. American system
C. Single entry system
D. Italic system
The person to whom goods are sold on credit is called___________?
A. Buyer
B. Seller
C. Debtor
D. Creditor
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
Discount received is a/an:
A. Asset
B. Expense
C. Liability
D. Revenue
The amount invested by the proprietor to start the business is called:
A. Capital
B. Business
C. Drawings
D. All of them
Obligation of the Business are known as___________?
A. Liabilities
B. Revenues
C. Expenses
D. Assets
Goods return to supplier are known as:__________?
A. Merchandise return
B. Purchase return
C. Return inwards
D. Sales return
The excess of current assets over current liabilities is called:
A. Working Capital
B. Circulating capital
C. Fixed capital
D. Trading capital
