Introduction to Accounting – Multiple Choice Questions – MCQ

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#1. The discount given on cash transactions is called as

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#2. The investment by the proprietor in the business, in the form of goods/cash or any other assets is known as

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#3. The surplus of assets over the liabilities is called as

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#4. ____________ are owned by the business and help in smooth functioning of the business.

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#5. When an entity (a person or firm or an institution) purchases the goods or services but does not pay in cash is called as

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#6. Closing stock refers to the goods brought in by the owner when the business is started

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#7. Book Keeping is

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#8. The recording of all the business transactions systematically in a set of books is an art. We call this as

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#9. When a business purchases furniture for sale, it will considered as “purchases of goods”

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#10. Left side of ledger account is

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