Introduction to Accounting – Multiple Choice Questions – MCQ

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#1. _________ is the legal activity performed to earn profits.

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#2. In a business, ________ is purchased and sold

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

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#4. The inventory of goods that remain unused/unsold at the end of the year is called as

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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. A Building is

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#9. Left side of ledger account is

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#10. Right side of a ledger account is

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