Double entry means______________?

A. Entry in two sets of books
B. Entry at two ends
C. Entry at two dates
D. Entry for two aspects of the transaction

Discount received is a/an:

A. Asset
B. Expense
C. Liability
D. Revenue

Obligation of the Business are known as___________?

A. Liabilities
B. Revenues
C. Expenses
D. Assets

The amount invested by the proprietor to start the business is called:

A. Capital
B. Business
C. Drawings
D. All of them

Cash discount is provided on _______________?

A. Purchases
B. Prompt payment
C. Sales
D. Sales return

The excess of current assets over current liabilities is called:

A. Working Capital
B. Circulating capital
C. Fixed capital
D. Trading capital

When goods, in which business deals are sold, it is called___________?

A. Purchases
B. Return inward
C. Sales
D. Return outwards

Sales return is also known as____________?

A. Return received
B. Return Payed
C. Return inward
D. Return outward

The concession received on the price of defective goods is called:

A. Discount
B. Cash discount
C. Allowance
D. Trading discount

In support of business transaction, any written evidence is called ___________?

A. Discount
B. Voucher
C. Allowance
D. Price