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QUIZ START
#1. In a business, ________ is purchased and sold
#2. When a business purchases furniture for sale, it will considered as “purchases of goods”
#3. The vendor/seller gives a trade discount only on credit transactions
The vendor/seller gives the trade discount both on cash/credit based transactions.
#4. ____________ are owned by the business and help in smooth functioning of the business.
#5. The inventory of goods that remain unused/unsold at the end of the year is called as
#6. In ________ entry system only one aspect of a business transaction is recorded
#7. The recording of all the business transactions systematically in a set of books is an art. We call this as
#8. We use ________ to record the transactions pertaining to an asset, expense, liability, person, firm or institution.
#9. The discount given on cash transactions is called as
#10. _____________ is the document that certifies the purchase or sale or any other monetary transaction.
