1) A business owned by two or more individuals is called
A) Sole proprietorship
B) Cooperative Society
C) Partnership
D) Corporation
2) Modern system of book keeping is
A) Single Entry System
B) Modern System
C) Double Entry System
D) None of Above
3) The articles purchased for the purpose of selling are known as
A) Merchandise
B) Assets
C) Debtors
D) Creditors
4) Economic resources which have useful life of more than one accounting period are termed as
A) Liabilities
B) Expenses
C) Income
D) Assets
5) A summarized record of transactions relating to a person or thing is known as
A) Journal
B) Account
C) Ledger
D) transaction
, 6) Accounting is a language of;
A) Accountants
B) Business
C) Economy
C) Science
7) Accounts payables are also called
A) Creditors
B) Debtors
C) Book Debts
D) Expense
8) Concession/deduction allowed by a trader on list price of a product on spot of sale, is called
A) Cash Discount
B) Discount Allowed
C) Trade Discount
D) Discount Received
9) Amount of cash or goods which is withdrawn from business for personal use of owner is recorded as
A) Expense
B) Asset
C) Liabilities
D) Drawings
10) Sales returns are also termed as
A) Carriage Inward
B) Return Outwards
C) Return Inwards
D) None of Above
A) Sole proprietorship
B) Cooperative Society
C) Partnership
D) Corporation
2) Modern system of book keeping is
A) Single Entry System
B) Modern System
C) Double Entry System
D) None of Above
3) The articles purchased for the purpose of selling are known as
A) Merchandise
B) Assets
C) Debtors
D) Creditors
4) Economic resources which have useful life of more than one accounting period are termed as
A) Liabilities
B) Expenses
C) Income
D) Assets
5) A summarized record of transactions relating to a person or thing is known as
A) Journal
B) Account
C) Ledger
D) transaction
, 6) Accounting is a language of;
A) Accountants
B) Business
C) Economy
C) Science
7) Accounts payables are also called
A) Creditors
B) Debtors
C) Book Debts
D) Expense
8) Concession/deduction allowed by a trader on list price of a product on spot of sale, is called
A) Cash Discount
B) Discount Allowed
C) Trade Discount
D) Discount Received
9) Amount of cash or goods which is withdrawn from business for personal use of owner is recorded as
A) Expense
B) Asset
C) Liabilities
D) Drawings
10) Sales returns are also termed as
A) Carriage Inward
B) Return Outwards
C) Return Inwards
D) None of Above
