____________of a business have to be repaid in due time.

(a)

Assets

(b)

Sales

(c)

Liabilities

(d)

None of these

___________ involves recording business transactions of financial nature in the books of accounts.

(a)

Balance Sheet

(b)

Trial balance

(c)

book keeping

(d)

All the above

_______ is prepared in duplicate and the original is sent to the seller.

(a)

Debit Note

(b)

Credit Note

(c)

Pay-in-slip

(d)

None of these

The column of ledger which links the entry with Journal is _________________

(a)

L.F. Column

(b)

J.F. Column

(c)

Particulars Column

(d)

Amount Column

____________ method is not commonly used as it cannot help in the preparation of financial statements.

(a)

Total Method

(b)

Balance Method

(c)

Total and Balance Method

(d)

None of these

_____ of the bill means the non payment of bill, when it is presented for payment.

(a)

Dishonour

(b)

Renewal

(c)

Retiring

(d)

Discounting

In addition to cash dealings, every business may use cheques as a means of ___________

(a)

receipts

(b)

payment

(c)

incomes

(d)

expenses

When balance as per Cashbook is the starting point to ascertain balance as per Pass book interest charged by bank is__________________

(a)

added

(b)

subtracted

(c)

not adjusted

(d)

none of these

Goods taken by the Proprietor for domestic use should be credited to ______________

(a)

Proprietor's drawings account

(b)

Sales account

(c)

Purchases account

(d)

Suspense account

Venkatesh purchases goods worth Rs.80,000 for the purpose of selling. This amount will be treated as _________

(a)

Capital expenditure

(b)

Revenue expenditure

(c)

Deferred revenue expenditure

(d)

None of these