Practice Test | Kullabs.com
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  • When capital is invested to start a business, ______ the business.

    cash comes in
    person goes out from
    person comes in
    cash goes from
  • If the owner withdraws cash from the business for his personal use, he becomes ______.

    giver
    liable
    receiver
    none
  • When the goods are purchased on credit, purchase account is debited and the ______ account is credited.

    supplier’s
    sales
    consumer's
    drawing
  • The business returns goods to its supplier if the goods are ______.

    found damaged
    found defective
    all the options are correct
    inferior in quality
  • When the business sells goods on cash, ______

    goods comes in
    machinery comes in
    cash comes in
    cash goes out
  • Journal entries are the systematic order record of financial transaction in the ______.

    subsidiary books
    journal
    ledger
    trial balance
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