Q8.The debts which are to be repaid within a short period (year or less) are known as
(1)Fixed liabilities
(2)Current liabilities
(3)All of the above
(4)Contingent liabilities
Answer
Current liabilities
Related Questions on Introduction to Accounting
Q9.The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
(1)Fixed assets
(2)Current assets
(3)Investments
(4)Intangible assets
Answer
Current assets
Q10.Purchases refers to the buying of
(1)Stationery for office use
(2) Assets for the factory
(3) Goods of resale
(4) Investment
Answer
Goods of resale
Q11.Promise to pay a certain amount is called
(1) Account Payable
(2) Notes Payable
(3) Amount Payable
(4) Discount Payable
Answer
Notes Payable