1.Double entry means______________?

A. Entry in two sets of books
B. Entry at two ends
C. Entry at two dates
D. Entry for two aspects of the transaction

2. Discount received is a/an:

A. Asset
B. Expense
C. Liability
D. Revenue

3. Obligation of the Business are known as___________?

A. Liabilities
B. Revenues
C. Expenses
D. Assets

4. The amount invested by the proprietor to start the business is called:

A. Capital
B. Business
C. Drawings
D. All of them

5. A systematic way to maintain the books of accounts is called_________?

A. Accountancy
B. Economics
C. Book Keeping
D. Auditing

6. An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?

A. Accounting
B. Accountancy
C. Auditing
D. Book Keeping

7. The maintenance of accounts in a systematic way is called__________?

A. Accounting
B. Reading
C. Book Keeping
D. Auditing

8. Goods Return by the customer are termed as :

A. Purchase return
B. Customer return
C. Sales return
D. Inventory return

9. Modern system of book keeping is called______________?

A. Double entry system
B. American system
C. Single entry system
D. Italic system

10. The person to whom goods are sold on credit is called___________?

A. Buyer
B. Seller
C. Debtor
D. Creditor

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