Q2 of 15 Page 157

Answer the following questions:

Which is the book of original entry in Accounting? Why is it called the book of original entry?


The full particulars of the transactions are noted first in the journal, which is known as the book of original entry in accounting.

It is known as the book of original entry as transactions are recorded in the journey on a daily basis.


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1

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

“The permanent assets lose a portion of their value every year” it is called ______________.


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

The difference between Assets and Liabilities of a Trade is called ______________.


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Answer the following questions:

What are the types of Accounts? Give examples.


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Answer the following questions:

What is the need for accounting in business?