2.1- Fill in the blanks :-
Q.n. 11 to 15 carries 3 marks, Q.n. 16 to 17 carries 4 marks, a
1. .......... Is a register.
II.
..... is treated as separate from the proprietor.
III.
... Are subsidiary books.
IV.
Information in financial reports is based on .............. transaction
V. Double entry system is based on ............
2 - Answer in one word /sentence :-
1. In an accountancy equation, assets = ...............
2. Write goodwill
3. Subsidiary journal is called as
4. Which type of balance passbook has?....
5. Who prepared B.R.S? ......
Answers
Answer:
1) ll. According to Business Entity Concept, a business.
lll. Subsidiary Books are books of Original Entry. They are also known as Day Book or special journals. We record transactions of similar nature are in Subsidiary Books. They are helpful in overcoming the limitations of journal book or journal entries.
lV. A financial transaction refers to the exchange of value. ... The financial transactions help to measure the exact estimates and approximation in accounting of a business. Therefore, the information used in the financial reports is based on the financial transactions and past events that have occurred already.
V. The double entry system of bookkeeping is based on the fact that every transaction has two parts and that this will therefore affect two ledger accounts.
Explanation:
Hope this answer will help you dear...