ACC QUIZ

Valuable resources acquired at a measurable money cost owned by the business is called..

• Capital
• Liabilities
• Assets
• Drawings

The assets which cannot be realised in cash are…

• Fictitious assets
• Nominal assets
• Fictitious and nominal assets
• None

Goods for resale are called..

• Sales
• Merchandise
• Sales return
• None

Which of the following is not an intangible asset

• Patent
• Copyright
• Branding
• Computer

Current liabilities include..

• Bills payable
• Creditors
• Outstanding expenses
• Bills payable, creditors and outstanding expenses

Which of the following is capital expenditure?

• Wages
• Wages paid for building construction
• Repair expenses of building
• Advertisement expenses

A person who owes money to the firm is called..

• Debtor
• Creditor
• Supplier
• None

Goods means:

• Commodity to be bought and sold
• Commodity to be bought but not to be sold
• Commodity to be used as an asset
• Commodity to be bought,sold and used as an asset.

Trade discount is…

• Which is allowed at the time of receiving the payment
• Which is allowed at the time of sale of goods
• Which is allowed both at the time of receiving payment and sale of goods
• Allowed in purchase

Cash discount is:

• Which is received at the time of making the payment
• Which is allowed at the time of sale of goods
• Which is received at the time of purchase of goods
• Which is received both at the time of making payment and purchase of goods