Take the quiz. Retake and answer more questions.
QUIZ START
#1. To get the financial results, businesses uses the following process for recording, classifying and summarising all the business transactions.
#2. The vendor/seller gives a trade discount only on credit transactions
The vendor/seller gives the trade discount both on cash/credit based transactions.
#3. The investment by the proprietor in the business, in the form of goods/cash or any other assets is known as
#4. _________ is the legal activity performed to earn profits.
#5. _____________ is the document that certifies the purchase or sale or any other monetary transaction.
#6. The surplus of assets over the liabilities is called as
#7. Closing stock refers to the goods brought in by the owner when the business is started
#9. The inventory of goods that remain unused/unsold at the end of the year is called as
#10. When an entity (a person or firm or an institution) purchases the goods or services but does not pay in cash is called as
