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Here is the MCQs guide for the topic of Accounting. you will find various types of questions along with there answers in this
Q. The amount invested by the proprietor to start the business is called:
A.
Capital
B.
Business
C.
Drawings
D.
All of them


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Q. Obligation of the Business are known as___________?
A.
Liabilities
B.
Revenues
C.
Expenses
D.
Assets


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Q. Discount received is a/an:
A.
Asset
B.
Expense
C.
Liability
D.
Revenue


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Q. Double entry means______________?
A.
Entry in two sets of books
B.
Entry at two ends
C.
Entry at two dates
D.
Entry for two aspects of the transaction


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Q. The person to whom goods are sold on credit is called___________?
A.
Buyer
B.
Seller
C.
Debtor
D.
Creditor


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Q. Modern system of book keeping is called______________?
A.
Double entry system
B.
American system
C.
Single entry system
D.
Italic system


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Q. Goods Return by the customer are termed as :
A.
Purchase return
B.
Customer return
C.
Sales return
D.
Inventory return


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Q. The maintenance of accounts in a systematic way is called__________?
A.
Accounting
B.
Reading
C.
Book Keeping
D.
Auditing


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Q. An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?
A.
Accounting
B.
Accountancy
C.
Auditing
D.
Book Keeping


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Q. A systematic way to maintain the books of accounts is called_________?
A.
Accountancy
B.
Economics
C.
Book Keeping
D.
Auditing


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