A. Fictitious assets
B. Quick asset
C. Real asset
D. Outstanding asset (correct)
The assets which come into existence upon the happening of a certain event are called__________?
A. Contingent assets (correct)
B. Fixed assets
C. Fictitious assets
D. Quick assets
The assets which have some market value are called ____________?
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