Accounting for Partnership Firms Basic concepts Part -2

The users of accounting are _________​ and external.

Accounting records all the transactions which can be expressed ________________.

The creditors are interested to know the ________of the business.

The main purpose of_____________ and accounting is to furnish the necessary financial data to the persons interested in the business.

_____________________ refers to the recording of daily business financial transaction.

The accounting which provides the necessary information to the management is called _____________________.

Every financial transaction of the business has ___________ and recorded at two places.

___________________________ enables the comparison of the profi t or performance of a business in a year with the performance of another year.