The amount of money owed by a business to outsider is called _____

Related MCQs

• Any income or profit derived by carrying on the business or during the course of business is called-
• Which of the following statements is true with regard to written down value method of depreciation? i. The rate at which the asset is written off reduces year after year ii. The amount of depreciation provided reduces from year to year iii. The rate of depreciation as well as the amount of depreciation reduce year after year iv. The value of the asset gets reduced to zero over a period of time
• If a fixed amount is withdrawn on the first day of every month of calendar year by a partner in partnership firm, then for what period the interest on the total amount of drawings will be calculated?
• A person who owes money to the business is a __________
• A _________ is a person to whom business owes money
• All those to whom business owes to money are
• According to the money measurement concept, the following will be recorded in the books of account of the business:
• The amount of Owners‘ equity in a business is not affected by
• _______________ represent the amount invested by the owner into business.
• Which of the following transactions of a business is/ are recorded in Journal Proper? (i) Purchase of goods on credit (ii) Sale of Office Furniture for cash (iii) Discounting of Bill of Exchange with a bank (iv) Endorsement of a Bill of Exchange in settlement of debt of the business