Introduction To Accounting:

The rate of allowance given by a creditor to a debtor, if he pays his debts before the due date of payment is normally: 2015

• A. 2%

• B. 5%

• C. 10%

• D. 15

Person who owes money to a business is known as a: 2016

• A. Creditor

• B. Debtor

• C. investor

• D. Solvent

Received cash from Bilal will affect: 2016

• A. Cash and creditors

• B. Cash and stock

• C. Cash and owner's equity

• D. Cash and debtors

Discount allowed is: 2016

• A. An expense

• B. A liability

• C. A revenue

• D. An asset

A claim of the supplier in the business is called: 2016

• A. Asset

• B. Liability

• C. Expense

• D. Revenue

_________are the persons from whom the goods are purchased on credit: 2017

• A. Debtors

• B. Creditors

• C. Owners

• D. Investors

In sole proprietorship business income tax is treated as: 2017

• A. Expense

• B. Drawings

• C. Cost

• D. Revenue

Which of the following normally has a debit balance? 2017

• A. Capital account

• B. Creditor account

• C. Motor vehicle account

• D. Loan account

Accounts which keep records of expenses, gain and losses are called: 2018

• A. Personal Accounts

• B. Nominal Accounts

• C. Real Accounts

• D. Partnership Accounts

Management accounting provides invaluable services to management in performing: (Year 2019)

• A. All management functions

• B. Controlling functions

• C. Co-coordinating management functions

• D. Recording of financial data functions