Question

Q.4 State whether the following statements are true or false with reasons :
1) Book-keeping and accounting are one and the same thing.
2) Conservatism means to follow safe side.
3) The double entry system is based on “Dual Aspect" concept.
4) Bank overdraft is an asset of the business.
5) Solvent person is a person whose assets are more than his liabilities.
6) Cash discount does not appear in the books of accounts.
7) A transaction is concerned with money or money's worth
8) Accounting is the language of business.
9) In civilization, accounting was done by owners.
10) Book-keeping is useful to find out all tax liabilities.
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Answer 1

Answer:1 false

2 true

3 true

4 false

5 true

6 false

7 true

8 true

9 false

10 true

Explanation:4 liabilities

6 trade discount not appear in books of account