1031. The concession given by supplier to the buyer on sales of goods is said to be :

A. Cash discount
B. Trade discount
C. Sales discount *
D. Purchases discount

1032. The form of remuneration for surfaces rendered by one person to another one called :

A. Loan
B. Commission *
C. Equity
D. Sales

1033. The discoutn allowed by manufacturer or wholesaler at the time of selling good to retailer as a deduction from the listed price or catalogue price is called :

A. Trade discount *
B. Cash discount
C. Sale discount
D. Purchases discount

1034. The deduction or allowance given by a creditor to a debtor if the amount due is paid by the debtor before the due date is known as :

A. Trade discount
B. Cash discount *
C. Sales discount
D. None of the above

1035. A person who owns money on goods to another is called :

A. Employer
B. Debtor *
C. Account payable
D. Creditor

1036. A person who pays out something or to whom money is owing is called :

A. Debtor
B. Creditor *
C. Account receivable
D. Owner

1037. Financial accounting is mainly confined to preparation of :

A. Manufacturing statement
B. Financial statement *
C. Production statement
D. Sales statement

1038. The costs of the goods and services used up in the process of obtaining revenue is called :

A. Liabilities
B. Expenses *
C. Assets
D. Income

1039. The term expense and expenditure are :

A. Same in nature
B. Different in nature *
C. Opposite in nature
D. None of the above

1040. A summarized record of transactions relating to a person or thing is called as :

A. Ledger
B. Journal
C. Account *
D. Trial Balance