1) What is Book-keeping? 2) What is meant by Goods? 3) What is Capital? 4) What is Drawings? 5) What is Goodwill? 6) Recording of business transactions. 7) Amount invested in busin... 1) What is Book-keeping? 2) What is meant by Goods? 3) What is Capital? 4) What is Drawings? 5) What is Goodwill? 6) Recording of business transactions. 7) Amount invested in business by the proprietor. 8) A person to whom amount is payable. 9) Exchange between two persons. 10) Excess of expenses over income. 11) A person whose assets are sufficient enough to meet business obligations. 12) Art and science of recording business transactions. 13) Property of any description owned by Proprietor. 14) Assets which remain in the business for only short time and can be converted into cash very easily. 15) Allowance is given on catalogue price of goods. 16) Surplus of income over expenses is ______________. 17) In ______________ basis of accounting, actual cash receipts and actual cash payments are recorded.
Understand the Problem
The question is asking for definitions related to accounting terminology and concepts. It includes a request to substitute phrases and select appropriate alternatives from given options, which indicates a focus on understanding accounting principles.
Answer
1) Recording financial transactions. 2) Items for sale or trade. 3) Money invested by owner. 4) Owner’s withdrawals. 5) Business reputation and intangibles.
- Book-keeping is the process of recording financial transactions systematically. 2) Goods refer to items involved in a business for sale or trade. 3) Capital is the money invested by the proprietor. 4) Drawings are withdrawals by the owner from the business. 5) Goodwill is the reputation of a business and its intangible assets.
Answer for screen readers
- Book-keeping is the process of recording financial transactions systematically. 2) Goods refer to items involved in a business for sale or trade. 3) Capital is the money invested by the proprietor. 4) Drawings are withdrawals by the owner from the business. 5) Goodwill is the reputation of a business and its intangible assets.
More Information
These definitions encompass foundational accounting concepts essential for understanding business operations and financial management.
Sources
- What is Bookkeeping? - Business Owner's Guide | QuickBooks - quickbooks.intuit.com
- Basic Terms of Accounting: Trade, Purchase, Sales, Debt etc. with ... - toppr.com
- 11 Acc ch1 Ans | PDF | Bookkeeping | Expense - Scribd - fr.scribd.com
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