921. The liability arising from the purchase of goods on credit is called
A. Creditors
B. Accounts Receivable
C. Loan
D. Payable expenses
922. The complete process of accounting is called
A. Journalizing
B. Posting
C. Summary
D. Accounting Cycle
923. The discount calculated on list price of goods is called
A. Cash Discount
B. Rebate
C. Trade Discount
D. None of these
924. All events of business are measured in terms of
A. Money
B. Ethical Value
C. Units
D. Goods
925. The terms accounting and book keeping are classified as
A. Same
B. Different
C. Opposite
D. None of these
926. Which concept represents the assumption of long period existence of a business
A. Dual Aspect Concept
B. Materiality Concept
C. Going Concern Concept
D. Matching Concept
927. In Accounting, Owners and business are
A. Similar entities
B. Separate entities
C. Dependent entities
D. None of these
928. The science and art of correctly recording business dealing in a set of books is called
A. Bookkeeping
B. Accounting
C. Auditing
D. Recording
929. An activity under-taken for the purpose of earning profit is called
A. Dealing
B. Performance
C. Business
D. Duties
930. The paper containing evidence of payment is called
A. Debit voucher
B. Debit note
C. Credit note
D. Credit voucher