Introduction to accounting – Fill in the blanks
The excess of current assets over current liabilities is called
is the process which provides information needed as a basis of making business decisions.
are assets which are purchased for permanent use in the business.
accounts have their existence even after the close of accounting year.
Balance sheet is a statement of assets and
of a business.
Balance sheet is prepared to know the
of a business entity.
Current assets are more liquid than
Current liabilities are liabilities that are payable within
The claims of creditors against the assets of a business are said to be
Assets those can be converted into cash within one year of the operating cycle are called
Two types of transactions are
Recording two aspects of each transaction is known as
The difference between assets and liabilities represents
is the interest of owners in a business.
An action under taken for the purpose of earning profit is called
A person who owns business alon is called
The amount of cash and goods which the proprietor of a business invests in the business is known as
A dealing between two persons or things is a
Goods sold in the course of trading are called
Recording business transactions in a set of books is known as
Money owned to an outsider is
Goods purchased for resale are called
Property of the business is called
Withdrawal of cash or merchandise for personal use is called