Question

Q.1 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:

1.The double-entry system of accounting or bookkeeping means that for every business transaction, amounts must be recorded in a minimum of two accounts. The double-entry system also requires that for all transactions, the amounts entered as debits must be equal to the amounts entered as credits.

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2 .an account is a record in the general ledger that is used to sort and store transactions. For example, companies will have a Cash account in which to record every transaction that increases or decreases the company's cash.

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3.Single entry system is an incomplete form of recording financial transactions. It is the system, which does not record two aspects or accounts of all the financial transactions. It is the system, which has no fixed set of rules to record the financial transactions of the business.

Answer 2

Answer:

Here is your answer:

Explanation:

1) Double entry System of bookkeeping means for every business transactions, the amount entered in debit must be equal to credit.

2) Accounts is the process of recording, identifying , classifying, measuring and summarizing the financial information.

3) Meaning of Single entry system: Single entry system records only one aspect of transaction with no set of rules to record financial transactions.

4) Personal Account: It is an account to  be used by an individual for that particular person's own needs.

5) Rules of Nominal account: Debit all expenses and losses, credit all incomes and gains.

6) Intangible assets: Goodwill and Patent rights

7) Real Account: An account which deals with the material assets of the business such as machinery or building.

8) Examples of incomes and gains: income from salaries , capital gains

9) Personal account: Debit the receiver , Credit the giver

10) Methods of recording account information: There are basically two main types of accounting methods cash basis and accrual basis.