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