Q18.Debit means
(1) an increase in asset.
(2) an increase in liability.
(3) an increase in the proprietor’s equity.
(4) a decrease in asset.
Answer
an increase in asset.
Related Questions on Introduction to Accounting
Q19.Cash, goods or assets invested by the proprietor in the business for earning profit is called-
(1) Capital
(2) Profit
(3) None of these.
(4) Fixed assets
Answer
Capital
Q20.Book – keeping is-
(1) A science
(2) An art
(3) None of these.
(4) An art and science both
Answer
An art and science both
Q21.Bank account is a
(1) Personal Account.
(2) Real Account,
(3) Nominal Account.
(4) None of these.
Answer
Personal Account.