Discount allowed is___________?
(A) Expense of business
(B) Income of business
(C) Loss of business
(D) Abnormal loss of business
Goods returned by customer should be debited to which of the following accounts?
(A) Sales income account
(B) Sales account
(C) Return inward account
(D) Expenses account
he term 2/10-n/30 implies that ______ % discount will be given if the payment is made within days or full amount is receivable within 30 days?
(A) 2,10
(B) 10,2
(C) 10,30
(D) 3,15
A journal entry in which two or more account is debited or credited is referred as____________?
(A) Journal entry
(B) Multi entry
(C) Additional entry
(D) Compound entry
Discount allowed is a kind of deduction from_____________?
(A) Account payable
(B) Account receivable
(C) Cash account
(D) Discount account
Every business transaction affects at least ________ accounts?
(A) One
(B) Two
(C) Three
(D) Infinite
The process of recording transactions in different journals is called_________?
(A) Posting
(B) Entry making
(C) Adjusting
(D) Journalizing
Total depreciation of an asset cannot exceed its:
(A) Scrap value
(B) Residual value
(C) Market value
(D) Depreciable value