_____________has rightly been termed as the language of the business.

(a)

Accounting

(b)

Book-keeping

(c)

Accountant

(d)

None of these

External reporting is done for __________________

(a)

Journal

(b)

Trial balance

(c)

Balance Sheet

(d)

Ledger

_________________ is an art of recording business transactions based on certain principles.

(a)

Double entry

(b)

Single entry

(c)

Book keeping

(d)

Accounting

____________ are recorded as and when they take place with the written and authentic proof.

(a)

Accounting equations

(b)

Transactions

(c)

Accountants

(d)

Book keeping

An entry is passed in the beginning of current year is called _________

(a)

Original entry

(b)

Final entry

(c)

Opening entry

(d)

Adjusting entry

Bad debts entry is passed in__________.

(a)

Sales Book

(b)

Cash Book

(c)

Journal Book

(d)

None of these above

The sub-division of work gives the advantage of specialisation leading to _____

(a)

business transactions

(b)

efficiency

(c)

decision making

(d)

none of these

_____ of the bill means the non payment of bill, when it is presented for payment.

(a)

Dishonour

(b)

Renewal

(c)

Retiring

(d)

Discounting

The discount allowed at the time of sales is __________.

(a)

cash discount

(b)

trade discount

(c)

None of these

The person who receives the payment is payee_________.

(a)

Drawer

(b)

Drawee

(c)

payee

(d)

All of these