Question

10)
a) Folio
b) Narration
C) Posting
An act of exchange of things or services between the two parties is termed as
a) Ledger
b) Transfer
c) Transaction
d) Business
2)
3)
X 4)
9999999
Q.4 State whether the following statements are true or false with reasons :
X1) 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.
Bank overdraft is an asset of the business.
Solvent
person is a person whose assets are more than his liabilities.
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 earlier times of civilization, accounting was done by owners.
10) Book-keeping is useful to find out all tax liabilities.
L5)
*)
7)
8)
ash
X 9)
17​

Answer 1

Explanation:

a) Folio

b) Narration

C) Posting

An act of exchange of things or services between the two parties is termed as

a) Ledger

b) Transfer

c) Transaction

d) Business

2)

3)

X 4)

9999999

Q.4 State whether the following statements are true or false with reasons :

X1) 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.

Bank overdraft is an asset of the business.

Solvent

person is a person whose assets are more than his liabilities.

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 earlier times of civilization, accounting was done by owners.

10) Book-keeping is useful to find out all tax liabilities.

L5)

*)

7)

8)

ash

X 9)

17