class 11 Accounts chapters 1 & 2

Which of the following are steps in the process of accounting ?

• Recording

• shooting

• classifying

• analyzing

State any two advantages of Accounting

Evaluate responses using AI:

OFF

_______________ system of accounting says that we should record both the aspects of a financial transaction ?

• Single Entry

• double entry

• triple entry

• none

_____________ is called the primary stage or accounting .

• accounting

• book keeping

• notebook keeping

• record keeping

Double Entry system records which aspects of a transaction

• Debit

• Credit

• Both

• None

State any one limitation of accounting .

Evaluate responses using AI:

OFF

___________ is known as the amount invested by the owner in the business.

• Asset

• Capital

• Liability

• Depreciation

Drawing is the amount withdrawn by the owner from the business for ________________ use

Define a non current liability

Evaluate responses using AI:

OFF

Goodwill is a current asset .

• TRUE

• FALSE