Īn act of exchange of things or services between the two parties is termed as_. Optionsīrief explanation of an entry is called as Narration. īrief explanation of an entry is called as _. The immediate recognition of loss is supported by the principle of Conservatism. The immediate recognition of loss is supported by principle of _. Goodwill means a reputation of a business valued in terms of money.Ĭash flow statement is prepared and presented for the period for which the profit and loss account is prepared Options _ means a reputation of a business valued in terms of money. OptionsĪ commodity in which a trader deals is known as Goods. Ī commodity in which a trader deals is known as _. OptionsĪccounts must be honestly prepared and they must disclose all material information is known as Disclosure Concept. Īccounts must be honestly prepared and they must disclose all material information is known as _. OptionsĪmount which is not recoverable from customer is known as Debts. In Cash basis of accounting, actual cash receipts and actual cash payments are recorded.Īmount which is not recoverable from customer is known as _. In _ basis of accounting, actual cash receipts and actual cash payments are recorded. Surplus of income over expenses is Profit. Select the most appropriate alternative from the given below and rewrite the statement. Current assetsĪllowance is given on catalogue price of goods SOLUTION:Īllowance is given on catalogue price of goods. SOLUTION:Īssets which remain in the business for only for short time and can be converted into cash very easily. AssetsĪssets which remain in the business for only for short time and can be converted into cash very easily. Property of any description owned by Proprietor. SOLUTION:īook-keeping is providing all required financial information to the businessman. Solvent personīook-keeping is providing all required financial information to the businessman.
SOLUTION:Ī person whose assets are sufficient enough to meet business obligations.
TransactionĮxcess of expenses over income. SOLUTION:Ī person to whom amount is payable. CapitalĪ person to whom amount is payable. SOLUTION:Īmount invested in business by the proprietor. BookkeepingĪmount invested in business by the proprietor. Give the word term or phrase which can substitute the following statement: Recording of business transactions. Goodwill means the aggregate of those intangible attributes of a business which contributes to its superior earning capacity over a normal return on investments. withdrawn from the business by the owner for personal use is known as Drawings. The amount of cash or value of goods, assets, etc. Excess of assets over the liabilities is known as Capital. The total amount invested in the business by the owner is called Capital. The term Goods refers to merchandise, commodities, articles, or things in which a trader trades. Chapter 1: Introduction to Book - Keeping and Accountancy Answer in One Sentence:īook-keeping is the science and art of correctly recording in the books of accounts, all those business transactions that result in the transfer of money or money’s worth.
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