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
Related Questions on Introduction to Accounting
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.
Q22.Accounting provides information on
(1)Company’s tax liability for a particular year
(2)Cost and income for managers
(3)All of the above
(4)Financial conditions of an institutions
Answer
All of the above