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 Related Questions on Introduction to Accounting Q11.Promise to pay a certain amount is called (1) Account Payable (2) Notes Payable (3) Amount Payable (4) Discount Payable Answer Notes Payable Q12.Patents, … Read more
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 Related Questions on Introduction to Accounting Q10.Purchases refers to the buying of (1)Stationery for office use (2) Assets for the factory (3) Goods of resale … Read more
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 … Read more
Q7.The long term assets that have no physical existence but are rights that have value is known as (1)Fixed assets (2)Current assets (3)Investments (4)Intangible assets Answer Intangible assets Related Questions on Introduction to Accounting Q8.The debts which are to be repaid within a short period (year or less) are known as (1)Fixed liabilities (2)Current liabilities … Read more
Q6.The person, firm or institution who does not pay the price in cash for the goods purchased or the services received is called- (1) Proprietor (2) Creditor (3)None of these. (4) Debtor Answer Debtor Related Questions on Introduction to Accounting Q7.The long term assets that have no physical existence but are rights that have value … Read more