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.Management Sciences
Category: Principles of Accounting
Debts which are payable in the course of a month are called _____________?
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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
Obligation of the Business are known as___________?
A. Liabilities
B. Revenues
C. Expenses
D. Assets
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
The excess of current assets over current liabilities is called:
A. Working Capital
B. Circulating capital
C. Fixed capital
D. Trading capital
Goods Return by the customer are termed as :
A. Purchase return
B. Customer return
C. Sales return
D. Inventory return
When owner withdraw cash for its private use, it is called ___________?
A. Profit
B. Income
C. Expense
D. Drawing
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