Q1 C of 15 Page 157

Fill in the blanks with appropriate words in the following sentences:

The Modern and scientific method of maintaining accounts is called ______________ system of Book keeping.


Double-entry

Explanation


The modern and scientific method of maintaining accounts is called Double-entry system of book keeping. In a two aspects business transaction, one aspect gives the benefit and others receive the benefit. In every aspect, there is an account in the ledger. Every ledger account there is two sides; one receives benefit and other gives. While tracking down the aspects, we dot down both on the opposite sides of the book. This system is known as Double-entry system of book keeping.


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1 A

Fill in the blanks with appropriate words in the following sentences:

The book in which the daily business transactions are recorded is called __________.


 1

Fill in the blanks with appropriate words in the following sentences:

The transaction. “Paid salaries” comes under ______________kind of accounts.


 1 D

Fill in the blanks with appropriate words in the following sentences:

The difference between the debit and credit side of an account is called____________


 1

Fill in the blanks with appropriate words in the following sentences:

The two accounts of “commenced business with cash are”_________ and ________.