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, 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.