901. Bookkeeping provides the:
A. Primary information
B. Secondary information
C. Final information
D. None of these

902. Recording of the business transaction in a systematic way is called
A. Accounting
B. Recording
C. Journalizing
D. Bookkeeping

903. Modern system of bookkeeping is
A. Single entry system
B. Double entry system
C. British system
D. None of these

904. Double entry system of bookkeeping involves at least
A. One accounts
B. Two accounts
C. Three Accounts
D. None of these

905. The supply of goods or services in exchange of money between two parties is known as
A. Goods transactions
B. Service transactions
C. Business transactions
D. Credit transactions

906. The accounts in which the credit sale of merchandise or services are placed is known as
A. Notes Receivable
B. Accounts Receivable
C. Amount Receivable
D. Discount Receivable

907. The goods which are purchased for the purpose of resale are called
A. Purchases
B. Merchandise
C. Goods/Inventory
D. All of the above

908. The main function of Accounting is to
A. Record economic data
B. Provide informational basis for action
C. Classify and record business transactions
D. All of the above

909. Management accounting provides valuable services to management in performing
A. All management functions
B. Controlling functions
C. Coordinating management functions
D. None of these

910. The owner of the business is called
A. Proprietorship
B. Ownership
C. Industrialist
D. Proprietor