Accounts - Principles of Accounts Questions
Question 86:
In preparing accounting records, the owner of a business and the business are treated as
- A The same person
- B Having business relationship
- C Separate legal entities
- D Partners
Question 87:
Creditors use Accounting information for the purpose of
- A Planning sales to a company
- B Controlling a company's affairs
- C Investing in a company
- D Assessing a company's liquidity
Question 88:
The instrument that are generated when firms enter into business transactions with others are called
- A Purchase document
- B Journals
- C Source documents
- D Invoices
Question 89:
The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as
- A Credit note
- B Debit note
- C Invoice
- D Voucher
Question 90:
The effect of the payment of liability is that it
- A Increase both assets and liabilities
- B Increase assets and decrease liabilities
- C Decrease assets and increase liabilities
- D Decrease both assets and liabilities