A. Fixed asset
B. Quick asset
C. Fictitious assets
D. Real assets (correct)
When goods, in which business deals are sold, it is called___________?
A. Purchases
B. Return inward
C. Sales (correct)
D. Return outwards
Discount received is a/an:
A. Asset
B. Expense
C. Liability
D. Revenue (correct)
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 (correct)
The person to whom goods are sold on credit is called___________?
A. Buyer
B. Seller
C. Debtor (correct)
D. Creditor
Modern system of book keeping is called______________?
A. Double entry system (correct)
B. American system
C. Single entry system
D. Italic system
Goods Return by the customer are termed as :
A. Purchase return
B. Customer return
C. Sales return (correct)
D. Inventory return
The maintenance of accounts in a systematic way is called__________?
A. Accounting
B. Reading
C. Book Keeping (correct)
D. Auditing
An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?
A. Accounting (correct)
B. Accountancy
C. Auditing
D. Book Keeping
Maximizing Shareholder wealth:
A. Relieves the firms responsibility towards society
B. Does not relieve the firm’s responsibility towards society (correct)
C. Partially relives the firm’s responsibility towards society
D. None of Them