Purchases book is used to record______

(a)

all purchases of goods

(b)

all credit purchases of assets

(c)

all credit purchases of goods

(d)

all purchases of assets

Purchase returns book is used to record_____

(a)

returns of goods to the supplier for which cash is not received immediately

(b)

returns of assets to the supplier for which cash is not received immediately

(c)

returns of assets to the supplier for which cash is received immediately

(d)

None of the above

Purchases of fixed assets on credit basis is recorded in_______

(a)

Purchases book

(b)

Sales book

(c)

Purchases returns book

(d)

Journal proper

Which of the following statements is not true?

(a)

Cash discount is recorded in the books of accounts

(b)

Assets purchased on credit are recorded in journal proper

(c)

Trade discount is recorded in the books of accounts

(d)

3 grace days are added while determining the due date of the bill

______ is one of the most important books, in which credit purchases of goods are recorded.

(a)

Purchase book

(b)

Sales book

(c)

Purchases returns book

(d)

None of these

Business concerns are always profit motivated and try to increase their _____

(a)

Purchases

(b)

Production

(c)

Sales

(d)

None of these

_____ is maintained to record only credit sale of goods in which the business dealing.

(a)

Purchases book

(b)

Sales book

(c)

Cash book

(d)

Purchases returns book

_____ in duplicate is prepared in the name of the buyer when goods are returned

(a)

Credit note

(b)

Debit note

(c)

Both 'a' and 'b'

(d)

None of these

When a bill is drawn payable after a specified period the date on which the payment should be made is called _____

(a)

due date

(b)

bill of exchange

(c)

dishonoured bill

(d)

renewal of bill

The endorsee is entitled to collect the _____

(a)

cheque

(b)

bill

(c)

paper

(d)

money