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THE AMERICAN COLLEGE, MADURAI (Satellite Campus, Chatrapatti) Odd Semester 2019-20 / Quiz - I

Quiz Created by:
Creation Date: 26 August 2019
1. _____________is the incapability of a person or an enterprise to pay the debts.
b.Bad Debts
c.Suspense A/c
d.None Of these
2. Real A/c records_________
a.Dealings with Debtors
b.Dealings with Creditors
c.Gains and Losses
d.None of the above
3. What is the main purpose of financial accounting?
a.To minimise taxes
b.To provide financial information to outsiders
c.To calculate stock
d.All of the above
4. When goods sold are returned by the customers, it is called
a.Sales returns
b.Purchase returns
d.None of the above
5. _________is a person who receives a benefit without giving money or money’s worth immediately, but liable to pay in future or in due course of time.
6. _________is a loss to the business arising out of failure of a debtor to pay the dues.
c.Bad debt
d.Purchases returns
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