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WorksheetsXI Accountancy
Total questions: 20
Worksheet time: 10mins
AICPA stands for (a) (Fill in the Blank)
Examples of capital expenditure
Purchase of machinery
Cost of leasehold land
Cost of purchased Goodwill
All the above
Double entry system means
Twice recorded
Once in ledger once in journal
Recording of both aspects of transaction
None of these
Amount invested by proprietor in business
investment
Capital
drawing
None of these
Trade discount means
Cash discount
No discount
Reduction in price
None of these
Current assets example
Debtors
Capital
Drawing
Furniture
a person who owes money to a firm against goods sold is called
Creditor
Debtor
Both a and b
None of these
Goods taken by the Proprietor for personal use is
Sales
Drawings
Purchases
None of these
A liability arises because of
Cash transactions
Credit Transactions
Cash as well as Credit transactions
None of these
Which of the following is not a fixed asset
Building
Plant and machinery
Balance with Bank
Goodwill
Which of the following will not be recorded in the books of account
Sales of goods
Payment of salary
Quality of Staff
Purchase of goods
A person to whom money is owed by a firm for purchase of goods is called
Debtor
Creditor
Drawer
None of these
Those Assets which are acquired for the purpose of increasing the earning capacity of the business is called
Financial assets
Current Assets
Fixed Assets
None of these
Bank Loan is a Current Liabilities
True
False
