Question # 1

Business debts are known as

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Liabilities

Expenses

Assets

Owner's

Cheque received but not deposited recorded in cash book is

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Cash column

Discount column

Bank column

None of these

Bill receivable and debtor are

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Long term assets

Fictitious assets

Fixed assets

Current assets

If more than two accounts are involved in a journal entry it is called

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Double entry

Contra entry

Compound entry

Single entry

The discount which is calculated on list price of goods is called

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Trade discount

Rebate

Cash discount

None of these

Debit balance of cash book is also called

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Unfavourable balance

Favourable balance

Negative balance

Both un favourable and favourable balance

Cash purchases are recorded in large organizations in

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Purchase day book

General journal

Purchase journal

Cash book

Pass book is prepared in the book of

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Bank

Guarantor

Customer

None of these

Cash and goods invested by the proprietor in business is called

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Investment

Capital

Drawings

None of these

Carriage paid on goods sold is a

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Direct expense

Operating expense

General expense

Selling expense

Credit sales are recorded in

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Cash book

Purchase book

Sales book

Pass book

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