1021. When the payment or receipt of cash is postponed for a future date, this transaction is said to be :
A. Credit transaction *
B. Cash transaction
C. None of the above
D. Introduction
1022. Any activity undertaken for the purpose of earning profit is called :
A. Performance
B. Dealing
C. Business *
D. Duties
1023. The owner of the business is known as :
A. Sale man
B. Agent
C. Proprietor *
D. Employee
1024. The amount with which the trader starts his business is known as :
A. Drawings
B. Capital *
C. Stock
D. Purchases
1025. When saleable goods are bought in a business, it is said to be :
A. Sales
B. Purchases *
C. Assets
D. Goods
1026. If the goods are purchased from a supplier and payment is made to him at the same time ,such purchases are known as :
A. Credit Purchases
B. Cash Purchases *
C. Cash sales
D. Credit sales
1027. If the goods are purchased for which payment will have to be made at some future date it is known as :
A. Cash Purchases
B. Purchases an account *
C. Return outwards
D. Credit sales
1028. If the defective or damage goods return to the suppliers are called :
A. Purchase returns *
B. Sales returns
C. Return inwards
D. Expense
1029. The other name of purchases return is :
A. Return outwards *
B. Return inwards
C. None of the above
D. Sales return
1030. The concession given by the supplier to the buyer on purchases of goods is known as :
A. Sales discount
B. Trade discount
C. Purchase discount *
D. Discount recieved