I-COM | Part-1

Principal of Accounting

Chapter 1 : Introduction

Intermediate in Commerce | First Year

Multiple Choice Questions

PART-4

Chapter 1 : Introduction

Question 31:

Cash discount is provided on:

Sales Purchase Prompt payment List price

Question 32:

Discount received is a:

Asset Liability Revenue Expenses

Question 33:

Discount allowed on list price is called:

Commission Interest Cash discount Trade discount

Question 34:

Trade discount is recorded in

Journal Ledger Trial balance None of these

Question 35:

Sales discount is a contra to .....

Purchase Credit purchase Credit sales Purchase return

Question 36:

Debts or obligations of a business are known as:

Expenses Revenue Assets Liabilities

Question 37:

The excess of assets over liabilities is called:

Profit Capital Income Loss

Question 38:

A business can be started by:

Cash Machinery Building From all things

Question 39:

A business can be started by:

Cash Machinery Building From all things

Question 40:

Cash/goods withdrawn by the owner from business is called:

Drawings Expense Investment All of these

I-COM | Part-1 | Principal of Accounting | Impotant MCQs | Chapter 01 | Part-4

I-COM | Part-1

Principal of Accounting

Chapter 1 : Introduction

Multiple Choice Questions

PART-4

Chapter 1 : Introduction

Question 31:

Question 32:

Question 33:

Question 34:

Question 35:

Question 36:

Question 37:

Question 38:

Question 39:

Question 40:

Quiz Results

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