Introduction to Accounting – Multiple Choice Questions – MCQ

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#1. The cash available with the business is fixed asset

Cash is current asset.

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#2. To get the financial results, businesses uses the following process for recording, classifying and summarising all the business transactions.

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

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#4. Salary is

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

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

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

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#8. 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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#9. _________ is the legal activity performed to earn profits.

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#10. Right side of a ledger account is

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