Question

016- Explain the meaning of following terms
(a) Liability. (b)stock (e) Expense (d) Drawings,​

Answer 1

Answer:

a.the state being responsible for something..

b.the supply of thing that a shop

c.the cost of something in time or money..

d.a picture made with pencil or pen etc but not in paint..

Answer 2

Explanation:

a) Liabilities are the obligations or debts payable by the enterprise in future in the form of money or goods

b) stock : The goods available with the business for sale on a particular date is termed as stock

C) Expense :The amount spent in the process of earning revenue is termed as expense

d) Drawings :Withdrawal of goods or cash from the business by the owner for personal use is called drawings