Question

Q.2 Give the word term or phrase which can substitute each of the following statements:
1) Recording of business transactions.
2) Amount invested in business by the proprietor.
3) A person to whom amount is payable.
Exchange between two persons.
Excess of expenses over income
A person whose assets are sufficient enough to meet business obligations.
Book-keeping is providing all required financial information to the businessman.
8) Property of any description owned by Proprietor.
Assets which remain in the business for only for short time and can be converted into casi
very easily.
10) Allowance is given on catalogue price of goods​

Answer 1

Answer:

heyy mate ur ans is here

1) entry

2) capital

3) creditor

4)

5 ) income

6) solvent

8) asset

9) current asset

10) trade discount

Explanation:

pls mark as brainliest

Answer 2

1) Recording of business transactions.

• Bookkeeping
• Bookkeeping is the recording of financial transactions and is part of the procedure of accounting in business and different organizations.

2) Amount invested in a business by the proprietor.

• Capital
• Amount invested by the owner or the proprietor in the business is known as capital.

3) A person to whom an amount is payable.

• Creditors
• Creditors are persons and /or different entities who have to be paid by an enterprise an amount for giving the enterprise goods and services on credit.

4. Exchange between two persons.

• Transaction
• A transaction is a completed agreement between a buyer and a seller for exchanging goods, services, or financial assets in exchange for money.

5. Excess of expenses over income.

• Surplus
• Excess of income over Expenditure is known as surplus.

6. A person whose assets are sufficient enough to meet business obligations.

• Solvency
• The word solvency implies that a company can pay its commitments when they come due and that a company is apt to continue in business.

7. Bookkeeping is providing all required financial information to the businessman.

• Decision making
• Bookkeeping is maintaining detailed and exact records of all financial transactions in an orderly way.

8) Property of any description owned by the Proprietor.

• Assets
• Assets are items of property owned by an individual or company, heeded as having value and accessible to meet debts, commitments, or legacies.

9. Assets which remain in the business for only for short time and can be converted into cash very easily.

• Liquid asset
• A liquid asset is an asset that can easily be converted into cash in a brief amount of time.

10. Allowance is given on the catalogue price of goods

• Trade discount.
• A trade discount is a discount on the retail price of something which is authorized or agreed between traders or a retailer by a wholesale.

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