(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

(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

(A) Discounts received

(B) Purchases invoices

(C) Payments to suppliers

(D) Trade discounts

(A) The Cash Book

(B) The Purchases Journal

(C) The Sales Journal

(D) The Sales Account

(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

(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

(A) Sales Ledger

(B) Nominal ledger

(C) Purchases Ledger

(D) General Ledger

A) Trading account

B) P & L a/c

C) Balance Sheet

D) None of the above

(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

(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