Accounting Mcqs

Page No. 71

Discount received is a/an:


aAsset


bExpense


cLiability


dRevenue


View Answer Revenue

Double entry means______________?


aEntry in two sets of books


bEntry at two ends


cEntry at two dates


dEntry for two aspects of the transaction



The person to whom goods are sold on credit is called___________?


aBuyer


bSeller


cDebtor


dCreditor


View Answer Debtor

Modern system of book keeping is called______________?


aDouble entry system


bAmerican system


cSingle entry system


dItalic system


View Answer Double entry system

Goods Return by the customer are termed as :


aPurchase return


bCustomer return


cSales return


dInventory return


View Answer Sales return

The maintenance of accounts in a systematic way is called__________?


aAccounting


bReading


cBook Keeping


dAuditing


View Answer Book Keeping

An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?


aAccounting


bAccountancy


cAuditing


dBook Keeping


View Answer Accounting

A systematic way to maintain the books of accounts is called_________?


aAccountancy


bEconomics


cBook Keeping


dAuditing


View Answer Book Keeping

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