1041. Debtors are also known as :

A. Account receivable *
B. Account Payable
C. Bills Payable
D. Proprietor

1042. Creditors are also termed as :

A. Account receivable
B. Account Payable *
C. Bills Payable
D. Proprietor

1043. The properties and possessions of a business both tangible and in tangible are called:

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

1044. The debts due by a business to its proprietor and others is termed :

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

1045. Any written evidence in support of a business transaction is called :

A. A business letter
B. Voucher *
C. Financial statement
D. Manufacturing statement

1046. All merchandise commodities which are purchased by the business for selling purpose is called :

A. Inventory *
B. Capital
C. Assets
D. None of the above

1047. The rights to properties of the business are called :

A. Liabilities
B. Assets
C. Equities
D. None of these

1048. The span of time for which a business generally prepares its financial statements is termed as :

A. Accounting period *
B. Accounting Cycle
C. Accounting standards
D. Manufacturing period

1049. The price of goods sold or services rendered by a business to its customers, is termed as :

A. Net profit
B. Revenue *
C. Expenses
D. Net loss

1050. Net income or net profit is equal to :

A. Revenue – expenses *
B. Revenue- Income
C. Revenue + expenses
D. None of the above