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

NOTE
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