In case goods are overvalued or defective,the purchaser prepare a debit note against the seller of goods and adds the amount in the note.

• True
• False
• option1

If a customer returns goods or given a discount then which document is issued to the customer by the seller?

• Credit note
• Cheque
• Invoice
• Receipt
• option1

In the accounting equation,assets are not equal to liabilities plus capital.

• True
• False
• option2

Which of these provides the financial position of a business on a particular date?

• Balance sheet
• Trial Balance
• Profit and loss statement
• option1

Cash is an example of what?

• Assets
• Liabilities
• Profit
• Loss
• option1

Outstanding wage is an example of liabilities.

• True
• False
• option1

Capital is which part of the liability in an accounting equation.

• Owner's claim
• Outsider's claim
• Insider's claim
• Borrower's claim
• option1

A journal is also known as the the original book of entry.

• True
• False
• option1

The process of writing in -------------------- is known as journalizing

• journals
• Ledgers
• Vouchers
• option1

A bank account is an example of a------------------------ account.

• Personal
• Real
• Nominal
• option1