Basic of Accounting Part 1

Any activity which is done with a motive to earn a profit is, He is called____________?

• Business
• Capital
• Investment
• Drawings

The person, who invests his capital, devotes his times and risk of the business, He is called_____________?

• Proprietor Owner
• Employee
• Administration
• None of these

_____________ Means the amount which the proprietor (Owner) has invested in the firm or can claim from the firm?

• Capital
• Business
• Drawings
• Insolvent

When the Businessman draws some amount of money or goods from the business for personal use, He is Called___________?

• Drawings
• Bed Debts
• Expenses
• Liabilities

___________mean the transfer of money or money's worth from one hand to another hand?

• Transaction
• Recovered Bad Debts
• Solvent
• Insolvent

The activities of business such as sale, purchase, income and advances and loans, when written in the books of account this procedure is known as______________?

• Entry
• Accounts
• Transaction
• None of these

Summarized record of the transaction affecting person property, gain or loss as an account of a person, assets, expenses, losses, and income, etc. Is known as________________?

• Account
• Transaction
• Business
• Profit & Loss

The return of the full or a part of the goods purchased by the Businessman to his suppliers, He is called_______________?

• Purchase Return
• Sale Return
• Puchase
• Sale

_______________means the return of full or a part of goods sold by the customer to the businessman?

• Sale Return
• Purchase Return
• Puchase
• Sale

Some Businessman sells their products at a price which is less than its market price. This is called_____________?

• Trade Discount
• Special Discount
• Cash Discount
• None of these