Q11.Promise to pay a certain amount is called
(1) Account Payable
(2) Notes Payable
(3) Amount Payable
(4) Discount Payable
Answer
Notes Payable
Related Questions on Introduction to Accounting
Q12.Patents, Copyrights and Trademarks are
(1)Fixed assets
(2)Current assets
(3)Investments
(4)Intangible assets
Answer
Intangible assets
Q13.Nominal Accounts are related to:
(1)Assets and Liabilities.
(2) Expenses and Revenue.
(3) Debtors and Creditors.
(4) None of these.
Answer
Expenses and Revenue.
Q14.Modern system of bookkeeping is
(1)Single entry system
(2) Double entry system
(3) British system
(4) None of these
Answer
Double entry system