I-COM | Part-1

Principal of Accounting

Chapter 1 : Introduction

Intermediate in Commerce | First Year

Multiple Choice Questions

PART-3

Chapter 21 : Introduction

Question 1:

For the business capital is:

Asset Liability Income Expense

Question 22:

Assets of a business are called:

Sources Drawing Resources All of these

Question 23:

Assets which provide benefit for more than one accounting period are called ..... assets.

Current Fixed Contingent Trading

Question 24:

Banking is example of business:

Trading Manufacturing Service All of these

Question 25:

All the things purchased for resale purpose are called:
OR
Purchase of things for resale are called:

Goods Assets Liabilities Sale

Question 26:

According to which concept business and owner has separate entity:

Business man Going concern Cost concept None of these

Question 27:

A person to whome goods sold on credit is called:

Debtor Creditor Purchaser Seller

Question 28:

In business, the discount is received from:

Creditor Debtor Investor Agent

Question 29:

The properties owned by business are called.
OR
All economic resourses owned by an organization are called.

Capital Assets Liabilities Equity

Question 30:

Discount is:

An Asset A liability Capital An expense

I-COM | Part-1 | Principal of Accounting | Impotant MCQs | Chapter 01 | Part-3