Introduction to Accounting – Multiple Choice Questions – MCQ

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

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#2. Right side of a ledger account is

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

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#4. The vendor/seller gives a trade discount only on credit transactions

The vendor/seller gives the trade discount both on cash/credit based transactions.

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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. In ________ entry system only one aspect of a business transaction is recorded

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

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#8. A Building is

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#9. Left side of ledger account is

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#10. Vouchers are

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