Question

i. Which of the following is intangible asset? (A) Land (B) Patents (C) Building (D) Furniture ii. What it be called when cash, goods or assets brought into the business by the owner of the business? (A) Drawing (B) Debtor (C) Capital (D) Creditor iii. Which transaction discloses relation of debtor and creditor? (A) Goods purchased of ` 8,000 (B) Goods of ` 8,000 purchased from ‘B’ (C) Goods of ` 8,000 purchased through cheque. (D) Goods destroyed by fire ` 8,000 iv. Which transactions are not recorded in books of account? (A) Special (B) Cash (C) Economic (D) Non-economic v. In case of credit transaction, it definitely affects the account of____. (A) goods (B) person (C) asset (D) service vi. Expense incurred to purchase asset is debited to ______ account. (A) Expense (B) Asset (C) Cash (D) Sundry vii. What is sent by the customers along with goods returned by them? (A) Debit note (B) Credit note (B) Bills receivable (D) Bills Payablek​

Answer 1

Explanation:

• D
• C
• D
• B
• d
• A
• B

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