Tushar

Cost sheet is prepared

• To Analyse financial position

• To estimate the cost of the product

• To justify the cost of the product

A _______ is the individual or company or firm to whom the payment is pending .

Liabilities to be paid or written off in 1 fiscal year are

• Contingent liabilities

• Current liabilities

• Creditors

• Assets

A ______ is the one who has a pending amount to be paid to the firm.

20,000 paid to a creditor reflects in the books as

• Liabilities decrease and asset increase

• Liabilities decrease and asset decrease

• Asset increase and liabilities increase

• Asset decrease and liabilities increase