Q18.A liability arises because of:
(1) Cash transaction
(2) Credit transaction
(3) Cash and credit transaction
(4) None of the options
Answer
Credit transaction
Related Questions on Theory Base of Accounting
Q19.Among the following assets, which one is fictitious asset?
(1) Goodwill
(2) Debit balance of Profit &loss A/c
(3)(b) Oil wells
(4) Patents
Answer
Debit balance of Profit &loss A/c
Q20.Goods means :
(1) Commodity to be used as an asset
(2) Commodity to be bought and sold
(3) None of these
(4) Commodity to be bought but not to be sold
Answer
Commodity to be bought and sold