Promise to pay a certain amount is called

Q11.Promise to pay a certain amount is called

(1) Account Payable
(2) Notes Payable
(3) Amount Payable
(4) Discount Payable

Answer

Notes Payable

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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

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