Q2 of 15 Page 157

Answer the following questions:

What is the result of the depreciation of fixed assets?


The permanent assets of the firm lose its value every year. This is known as depreciation. So it is deducted from the assets and shown as a loss. And it accounts for the Gross Loss of the firm.


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2

Answer the following questions:

What is the need for accounting in business?


 2

Answer the following questions:

What is Double-entry system of book keeping?


 2 E

Answer the following questions:

Which are the final accounts? What is the result of Profit and loss account?


 2 F

Answer the following questions:

“There is no need to find out the balance of goods sold account and goods purchases account? Why?