In case of Installment Payment System, which one of the following statements is not true?
A. Payment of purchase price is made in agreed installments
B. On default of payment of installment, seller has a right to take back the goods
C. Purchaser prepares Assets Account, Seller's Account and Interest Suspense Account in his books
D. Purchaser has right to sell the asset at any time after receiving the delivery
Answer: Option B
This Question Belongs to Commerce >> Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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