A general Leger/T) has a ______ and _______ side.

________ are debts of the business?

Equipment are an example of an/a ______?

An Asset is:

Liability which is payable on the occurrence of certain event is known as__

Capital = Assets + Liability

Withdrawal of money and/or goods by the owner from the business for personal use is known______

Costs incurred by a business in the process of earning revenue are known as _______

Revenue and Profit means the same

_________ is the amount invested by the owner in the firm. It may be brought in the form of cash or asset by the owner for the business entity.

________means the excess of expenses over revenue

Trade discount and Cash Discount are same

An event involving some value between two or more entities is known as ________

A transaction which involves an immediate outflow of cash towards the purchase of any goods, services, or assets is known as credit transaction

_______ Discount is given to the customer to encourage them to make prompt payment

_______discount is given to resellers to increase sales volume

Accounting is a one time activity

Summary of assets and liabilities

Accounting Cycle includes:

Fight between production manager and finance manger cannot be recorded in books of account though it affect profitability

A loss of stock due to fire in warehouse can be recorded in books of account.

Recording of business transactions is done in book known as____

Classification which means posting of journal entries of one nature at one place is done in book known as___________

Book Keeping Includes: Identifying and Recording of financial Transaction

___________requires special knowledge and skills

Book keeping is part of accounting

___________ is said to be primary stage

Accounting is important due to following reasons

Accounting ignores inflation

Accounting is important to calculate the final result of the business for a particular year

Capital A/C is an example of _______type of Account

"Debit the Receiver, Credit the Giver" Is rule for which type of account?

Building A/C is an example of _______type of Account

Rent A/C is an example of _______type of Account

Which accounting system follows Indian calendar year from Kartak to Aso?

"Debit expenses and losses, Credit incomes and gains" Is the rule for which type of account?

"Debit what comes in, Credit what goes out" Is the rule for which type of account?

In which accounting system, is unscientific method and does not provide complete and detailed records ?

This system shows true profit or loss and true financial position of the business

Trading Account and Profit & Loss Account cannot be prepared to ascertain true profitability of business in Single Entry system

Journal is a book of_______

Ledger is a book of_______

Transactions are recorded in journal as and when they occur

The total of debit and credit side of a journal should never match

Cash book and cash account are the same

Entries are transferred in ledger in a chronological order

The process of recording entries in the ledger is known as

Left hand side of a Ledger is known as Credit side

A ledger is always balanced

Cash book solves double purpose of accounting

Daily petty transactions like printing, carriage will also be entered in principle cash book

Cash inflow or receipts will not be recorded in Petty cash book

Final accounts can be prepared after Ledger

Totals of Debit and Credit side of Trial balance should be same

Trial balance statement provides arithmetical and accounting accuracy

An organization that prepared Cash book need not prepare Cash Account