Building and furniture are called ____________?

A. Current asset
B. Fictitious asset
C. Tangible asset
D. Fixed assets

When owner withdraw cash for its private use, it is called ___________?

A. Profit
B. Income
C. Expense
D. Drawing

Assets having physical existence are called ___________?

A. Current asset
B. intangible asset
C. Tangible asset
D. Liquid asset

The assets which have some market value are called ____________?

A. Fixed asset
B. Quick asset
C. Fictitious assets
D. Real assets

The assets which come into existence upon the happening of a certain event are called__________?

A. Contingent assets
B. Fixed assets
C. Fictitious assets
D. Quick assets

Income earned but not received is called ____________?

A. Fictitious assets
B. Quick asset
C. Real asset
D. Outstanding asset

Debts which are payable in the course of a month are called _____________?

A. External liabilities
B. Fixed liabilities
C. Current liabilities
D. Liquid Liabilities

The unsold goods are ______________?

A. Equity
B. Sale return
C. Inventory
D. Purchases

The systems of accounting are _____________?

A. Two
B. Three
C. Five
D. Six

A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________?

A. Error of omission
B. Error of commission
C. Compensating error
D. Error of principle