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 unsold goods are ______________? A. Equity B. Sale return C. Inventory D. Purchases
Assets having physical existence are called ___________? A. Current asset B. intangible assetC. Tangible asset D. Liquid asset
When owner withdraw cash for its private use, it is called ___________? A. Profit B. Income C. Expense D. Drawing
For the business, capital is ____________? A. Expense B. LiabilityC. financial assets D. All of them What Is Capital? Capital is a term for financial assets, such as funds held in deposit accounts and/or funds obtained from special financing sources.…
Building and furniture are called ____________? A. Current asset B. Fictitious asset C. Tangible asset D. Fixed assets
In support of business transaction, any written evidence is called ___________? A. DiscountB. Voucher C. Allowance D. Price
The concession received on the price of defective goods is called: 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
reduction in price is called: A. Paid price B. Invoice price C. Book price D. Discount