Question

0.4 State whether the following statements are true or false with reasons:
1) Book-keeping and accounting are one and the same thing.
Conservatism means to follow safe side.
The double entry system is based on “Dual Aspect" concept.
4) Bank overdraft is an asset of the business.
5) Solvent person is a person whose assets are more than his liabilities. 7
Cash discount does not appear in the books of accounts.
A transaction is concerned with money or money's worth
Accounting is the language of business.
In civilization, accounting was done by owners.
10) Book-keeping is useful to find out all tax liabilities. 10
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Answer 1

Answer:

1 false

4. false

5. true

10 false

Explanation:

1 book keeping is the basics concept of accounting..where book keeping is end there accounting is started..

Answer 2

1. False
2. True
3. True
4. False
5. False
6. False
7. True
8. True
9. True
10. True

Explanation:

Here is the answer for all the questions explained in a brief manner.

Bookkeeping can be defined as an activity in which a process of identifying and finding measurements and also recording financial transactions is called bookkeeping.

In the other hand accounting is considered to be a project or a process where a person is summarizing and interpreting different financial transactions that have taken place in accounting year.  

Conservatism is basically another word for being conservative of a being safe so therefore the given statement is true the word conservatism means playing safe.  

A double entry-based system is purely based on dual aspect concept due to the factor it is one of the most fundamental principles of accounting that has been placed from the beginning of accounting it is one of the most important rules to be followed therefore it's true.  

Bank overdraft is a situation in which the firm has taken more money than It has in its bank account. In that situation the bank will create an overdraft which will be paid by the company later before a year this is not an asset but this is a liability to the company.  

A solvent person translates to a person who is not able to afford for a person who is going to bankruptcy therefore any person whose going through solvency will not have assets but instead will have more liabilities therefore the statement is false.

TO LEARN MORE:

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