(A) Debit Drawings Account, Credit Purchases Account
(B) Debit Drawings Account: Credit Stock Account
(C) Debit Sales Account: Credit Stock Account
(D) Debit Purchases Account: Credit Drawings Account

The answer is (A) Debit Drawings Account, Credit Purchases Account

(A) Simply deducted from the asset in the Balance Sheet
(B) Transferred to Profit and Loss Account
(C) Transferred to the Asset Account
(D) Transferred to Depreciation Account

The answer is (A) Simply deducted from the asset in the Balance Sheet

(A) Discounts received
(B) Purchases invoices
(C) Payments to suppliers
(D) Trade discounts

The answer is (B) Purchases invoices

(A) The Cash Book
(B) The Purchases Journal
(C) The Sales Journal
(D) The Sales Account

The answer is (C) The Sales Journal

(A) Buyer of goods granted discount by seller
(B) Deducted when we receive cash
(C) Given by us when we sell goods on credit
(D) None of these

The answer is (A) Buyer of goods granted discount by seller

(A) Always pay by cash
(B) Cross your Cheques ‘Account Payee only, Not Negotiable.’
(C) Always get the money in person
(D) Not use the postal service in future

The answer is (B) Cross your Cheques ‘Account Payee only, Not Negotiable.’

(A) Trading account
(B) P & L a/c
(C) Balance Sheet
(D) None of the above

The answer is (B) P & L a/c

(A) Are bought to be used in the business
(B) Are expensive items bought for the business
(C) Are items which will not wear out quickly
(D) Are of long life and are not purchased specifically for resale

The answer is (D) Are of long life and are not purchased specifically for resale

(A) do this by stocktaking
(B) deduct the cost of goods sold from sales
(C) deduct opening stock from the cost of goods sold
(D) look in the stock account

The answer is (A) do this by stocktaking