Question

Answer in one sentence only.
1) What is Double Entry System?
2) What is an Account?
3) State the meaning of Single Entry System.
4) What is Personal Account?
5) State the rule of Nominal Account.
6) Give two examples of intangible assets?
7) State the meaning of Real Account.
8) Give two examples of income and gains.
9) State the rule of Personal Account.
10) How many methods of recording accounting information are there?​

Answer 1

Answer:

hey mate here is your answer: ----

1. Double entry system is a method of recording business transaction based on a set of rules formulated for recording financial transactions.
2. An account is a record in the general ledger that is used to sort and store transactions.
3. Single entry system is an incomplete form of recording financial transactions .
4. A personal account is an account for use by an individual for their own needs .
5. Rule of nominal account are :----

a) debit : all expenses and losses.

b) credit: all income and gain .

6. Two examples of intangible assets are:--

a) goodwill

b) trademark

7.Real account are those account whose balances are not cancelled out at the end of an accounting period , but are carried over to the next period.

8. The two examples of income and gains are:---

rent receive, sale of newspaper ,

gain on sale of building ,

gain on sale of investment .

9. Rule of personal account are:---

debit : the receiver

credit : the giver.

10. There are two methods of recording accounting Information: -----

a) cash basis accounting

b) accrual accounting.

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Answer 2

Explanation:

I hope it will help you

I think you are in 11th