When a person purchasing goods on credit he becomes a_________in the books of the seller?

Related Mcqs:

Which of the following will affect the agreement of a trial balance?

A. Complete omission of a transaction B. Partial omission of a transaction C. Error of principle D. Compensating errors...

Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?

A. Identifying transactions B. Preparing “T Accounts” C. Preparing financial statements D. Preparing trial balances...

Depreciation decreases____________?

A. Liabilities B. Cash C. Bank D. Capital...

Closing stock in the Trial Balance implies that______________?

A. It is already adjusted in the opening stock B. It is adjusted in the Purchase A/c C. It is adjusted in the Cost of Sale A/c D. It is adjusted in the Profit &Loss A/c...

Which one of the following should be considered a revenue expenditure?

A. 1000 paid for the execution of a new plant B. Loss of 10,000 incurred in increasing the sitting accommodation of a hotel C. Damage paid on account of breach of a contract to supply certain goods D. Repair to machinery purchased, second hand....