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.Management Sciences
Category: Principles of Accounting
The maintenance of accounts in a systematic way is called__________?
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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
Debts which are payable in the course of a month are called _____________?
A. External liabilities
B. Fixed liabilities
C. Current liabilities
D. Liquid Liabilities
Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?
A. Error of principle
B. Error of commission
C. Error of omission
D. Error of duplication
The amount invested by the proprietor to start the business is called:
A. Capital
B. Business
C. Drawings
D. All of them
A systematic way to maintain the books of accounts is called_________?
A. Accountancy
B. Economics
C. Book Keeping
D. Auditing
The assets which come into existence upon the happening of a certain event are called__________?
A. Contingent assets
B. Fixed assets
C. Fictitious assets
D. Quick assets
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