Question # 1

Cash purchases are recorded in large organizations in

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Purchase day book

General journal

Purchase journal

Cash book

To any business bad debts is

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An asset

An Income

A loss

A liability

Goods returned to supplier should be credited to:

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Supplier A/c

Purchase return A/c

Sales return A/c

Purchases A/c

Accounting is the language of

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Govt

Trade

Business

Commerce

Accounting is called of business:

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Heart

Ear

Tongue

Eye

Discount received is a

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Asset

Revenue

Liability

Expenses

Cash and goods invested by the proprietor in business is called

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Investment

Capital

Drawings

None of these

Bad debt arises from

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Sale on account

Account receivable

Cash sales

Account payable

The expenses incurred in purchasing land property represent

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Capital expenditures

Revenue loss

Revenue expenditures

Deferred revenue expenditures

Expenses paid in advance are called

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Prepaid expenses

Deferred expenses

Expired expenses

Both prepaid & expired expenses

A bill of exchange is accepted by

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Debtor

Holder

Creditor

Seller

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