The person from whom the goods are purchased on credit are called
A. Debtors
B. Creditors
C. Accounts receivable
D. None of the above
Answer: Option B
Solution(By Examveda Team)
The person from whom the goods are purchased on credit are called Creditors. The person, firm or an organization from whom goods or services are purchased on credit by the business are called creditors of the business.Related Questions on 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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