Teacher’s training

A reduction in price on purchases during a stated period of time is known as

• Sale

• Discount

• Allowance

• None of these

Which of the following is owned by a single person

• Private company

• Public company

• Joint Hindu family

• Sole proprietorship

The life of sole proprietorship business is

• Stable

• Very short life

• Unstable

• Long life

Copyrights, parents and trademarks are examples of

• Current assets

• Fixed assets

• Intangible assets

• Investment

Net profit is calculated in which of the following account

• Profit & loss account

• Balance sheet

• Trial balance

• Trading account

If a trial balance totals do not agree, the difference must be entered in

• The profit & loss account

• A nominal account

• The capital account

• A suspense account