Multiple Choice
Gross assets - liabilities will be equal to
A) Net assets
B) Total assets
C) Capital
D) Net liabilities
Correct Answer:

Verified
Correct Answer:
Verified
Q16: In non - profit organizations excess of
Q17: Accounting records transactions in term of<br>A)Commodity units<br>B)Production
Q18: Machinery purchased on account is recorded in<br>A)Journal<br>B)Ledger<br>C)Purchase
Q19: Sales ledger contains accounts of<br>A)Suppliers<br>B)Customers<br>C)Total sales<br>D)All the
Q20: Cost of goods sold plus selling expenses
Q22: In accounting only _ discount is recorded<br>A)Trade<br>B)Cash<br>C)Real<br>D)None
Q23: Double entry system was propounded by<br>A)Chanakya<br>B)Lee<br>C)Confucius<br>D)Luca Pacioli
Q24: Discount on issue of share is<br>A)Capital loss<br>B)Revenue
Q25: Trial balance will detect<br>A)Errors of commission<br>B)Errors of
Q26: Credit note is sent by<br>A)Seller<br>B)Customer<br>C)Buyer<br>D)Borrower