Accounts Test
Q.1. Write the meaning of the following in one sentence each:
(i) Narration
(ii) Ledger folio
(111) Bad debts
(iv) Cash Discount
Answers
Answer:
(I) Narration is the act of telling a story, usually in some kind of chronological order. Making up a scary ghost story and relating it around a camp fire is an act of narration. Narration generally means any kind of explaining or telling of something. It is usually used in reference to storytelling.
(II) Ledger Folio is the page number of the ledger account on which the relevant account appears. All entries from the journal are posted in the ledger accounts. This page number or the folio number of the ledger account, where the posting has been made, is recorded in the L.F. column of the journal.
(III) British English: bad debt NOUN. A bad debt is a sum of money that has been lent but is not likely to be repaid.
(IV) a reduction in the price of something offered to someone who is willing to pay the whole amount immediately in cash: The buyer is entitled to a cash discount of 12%. ... Improve your vocabulary with English Vocabulary in Use from Cambridge.
Answer:
Meanings in english:-
1. Narration meaning:- the action or process of narrating a story.
2. Ledger folio meaning:- Ledger Folio is the page number of the ledger account on which the relevant account appears. All entries from the journal are posted in the ledger accounts. This page number or the folio number of the ledger account, where the posting has been made, is recorded in the L.F. column of the journal.
3. Bad debts meaning:- Bad debt is an expense that a business incurs once the repayment of credit previously extended to a customer is estimated to be uncollectible. Bad debt is a contingency that must be accounted for by all businesses who extend credit to customers, as there is always a risk that payment will not be received.
4. Cash Discount meaning:- a reduction in the price of something offered to someone who is willing to pay the whole amount immediately in cash: The buyer is entitled to a cash discount of 12%. Want to learn more?
Meanings in hindi:-
1. Narration meaning:- वर्णन
2. Ledger folio meaning:- खाता पन्ना
3. Bad debts meaning:- बुरा ऋण
4. Cash Discount meaning:- नकद छूट
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