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.Management Sciences
Category: Principles of Accounting
The concession received on the price of defective goods is called:
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A. Discount
B. Cash discount
C. Allowance
D. Trading discount
Cash brought by the owner to start business is called__________?
A. Capital
B. Loan
C. Drawing
D. None of these
Cash discount is provided on _______________?
A. Purchases
B. Prompt payment
C. Sales
D. Sales 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
Assets having physical existence are called ___________?
A. Current asset
B. intangible asset
C. Tangible asset
D. Liquid asset
The maintenance of accounts in a systematic way is called__________?
A. Accounting
B. Reading
C. Book Keeping
D. Auditing
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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