Accounting - Study Mode

[#141] Patents, Copyrights and Trademarks are
Correct Answer

(C) Intangible assets

Explanation

Solution: Patents, Copyrights and Trademarks are Intangible assets. An intangible asset is an asset that is not physical in nature. Goodwill, brand recognition and intellectual property, such as patents, trademarks, and copyrights, are all intangible assets.

[#142] The debts which are to be repaid within a short period (year or less) are known as
Correct Answer

(A) Current liabilities

Explanation

Solution: The debts which are to be repaid within a short period (year or less) are known as Current liabilities. Current liabilities are a company's debts or obligations that are due within one year or within a normal operating cycle.

[#143] The sales income (Credit and Cash) of a business during a given period is called
Correct Answer

(C) Turnover

Explanation

Solution: Turnover refers to the total sales revenue generated by a business from selling goods or services during a specific period, including both credit and cash sales. Transactions is incorrect because it refers to any business activity involving the exchange of goods, services, or funds, not specifically sales income. Sales Returns is incorrect because it refers to goods that customers return to the business after purchase, reducing the total sales income. Purchase Returns is incorrect because it refers to goods that the business returns to suppliers, not related to sales income. Therefore, the correct answer is Turnover .

[#144] Any written evidence in support of a business transaction is called
Correct Answer

(D) Voucher

Explanation

Solution: Any written evidence in support of a business transaction is called Voucher. Vouchers are the primary evidence of business transactions having taken place.

[#145] The account that records expenses, gains and losses is
Correct Answer

(C) Nominal account

Explanation

Solution: The account that records expenses, gains and losses is Nominal account. A nominal account is an account in which accounting transactions are stored for one fiscal year.