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Mr.Customer purchased goods from Mr.Seller on credit. This is a/an

A. Event

B. Transaction

C. Both (a) and (b)

D. None of the above

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  1. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  2. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  3. Transfer to General Reserve is a charge against
  4. All events are transactions but all transactions are not events.
  5. HUF stands for
  6. The account which can never have a credit balance is
  7. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  8. WDV stands for
  9. The short description of a transaction written at the end of a journal entry is known as _______________.
  10. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  11. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  12. Copyright is an example of
  13. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  14. The first step of accountancy is
  15. Net Realisable Value of an asset means
  16. Trial Balance is prepared after the preparation of Profit and Loss Account.
  17. All indirect expenses are charged against
  18. The basic unit of measurement of the accounting system is ______________.
  19. An expense incurred to keep the machine in working condition is a capital expenditure.
  20. E. & O.E.
  21. Sale of Office Furniture should be credited to Sales Account.
  22. Choose the odd one out
  23. Business ventures, which are started for a predefined period, are known as _____________ventures
  24. Providing depreciation ensures sufficient cash for asset replacement.
  25. The balance in the Cash Book represents net income.
  26. Wages and Salaries is a charge against
  27. Any type of error affects the agreement of Trial Balance.
  28. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  29. The aggregate of direct material, direct labour and direct expenses is known as
  30. A part of the profit distributed to the shareholders is known as