1351. Assets which are short- lived and which can be converted into cash quickly or which are already in form of cash are called :

A. Washing assets
B. Intangible assets
C. Liquid or quick assets *
D. Fictitious assets

1352. Assets which have no physical existence and which cannot be seen, touched or :

A. Fixed assets
B. Tangible assets
C. Fictitious assets
D. Intangible assets *

1353. Out of the current assets there which can be converted into cash very quickly or which are already in form of cash are called :

A. Washing assets
B. Intangible assets
C. Liquid or quick assets *
D. Fictitious assets

1354. Assets which have no market value are called :

A. Liquid assets
B. Quick assets
C. Fictitious assets *
D. Real assets

1355. Assets whose value gradually reduce on account of use and finally exhausts completely are called :

A. Liquid assets
B. Wasting assets *
C. Fictitious assets
D. Quick assets

1356. Assets which come into existence upon the happening of a certain event are called :

A. Fixed assets
B. Fictitious assets
C. Floating assets
D. Contingent assets *

1357. Expense paid in advance and income earned but not received are known as :

A. Contingent assets
B. Circulating assets
C. Quick assets
D. Outstanding assets *

1358. The total amount of debts payable by a business to its owner is called :

A. Internal liabilities
B. External liabilities *
C. Deferred liabilities
D. Current liabilities

1359. All debts payable by a business to the outsiders ( other than the owner ) are called :

A. Liquid liabilities
B. Fixed liabilities *
C. Deferred liabilities
D. Current liabilities

1360. The liabilities which are repayable after a long period of time are called :

A. Liquid liabilities
B. Fixed liabilities *
C. Deferred liabilities
D. Current liabilities