GRADE XI - ACCOUNTANCY -CHAPTER 1

Give the word term or phrase which can substitute each of the following statements

Recording of business transactions

Amount invested in the business by the proprietor

A person to whom amount is payable

Exchange between two persons

Excess of expenses over income

Property of any description owned by the proprietor

Assets that remain in the business only for a short time and can be converted into cash very easily

Amount withdrawn by the owner for personal use

A commodity in which a trader is known as ___________

Sincerity, loyalty, honesty of employees are not recorded in books of accounts because these cannot be measured in terms of money although they do affect the profits and losses of the business concern. Support your views with reasons.