ACCOUNTANCY QUIZ

What is Accountancy ?

• Art

• Science

• Art and science

• None of these

Amount invested by proprietor in business

• investment

• Capital

• drawing

• None of these

Current assets example

• Debtors

• Capital

• Drawing

• Furniture

a person who owes money to a firm against goods sold is called

• Creditor

• Debtor

• Both a and b

• None of these

Goods taken by the Proprietor for personal use is

• Sales

• Drawings

• Purchases

• None of these

Example of an Intangible assets

• Debtors

• Plant and Machinery

• Goodwill

• None of these

A liability arises because of

• Cash transactions

• Credit Transactions

• Cash as well as Credit transactions

• None of these

Which of the following is not a fixed asset

• Building

• Plant and machinery

• Balance with Bank

• Goodwill

Bank Overdraft is

• Current liability

• Non- Current liability

• Contingent liability

• None of these

Which of the following will not be recorded in the books of account

• Sales of goods

• Payment of salary

• Quality of Staff

• Purchase of goods