Question

Q2. Fill in the blanks:
1. The document certifying the purchase or sale of goods or any monetary transaction is called​

Answer 1

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Page No 20:

Question 1:

Define accounting.

ANSWER:

Accounting is a process of identifying the events of financial nature, recording them in Journal, classifying in their respective ledgers, summarising them in Profit and Loss Account and Balance Sheet and communicating the results to the users of such information, viz. owner/s, government, creditors, investors etc.

According to the American Institute of Certified Accountants, 1941, “Accounting is an art of recording, classifying and summarising in a significant manner and in terms of money transactions and events that are, in part at least, of a financial character and interpreting the results thereof.”

Answer 2

Answer:

Voucher

Explanation:

Voucher meaning:

It is a document used by a company’s accounts payable department to gather and file all other supporting documents needed to approve the payment of a liability. Governments may also issue vouchers redeemable for various schemes such as school choice, housing, or social welfare initiatives.

It may also refer to a document, such as a coupon or a ticket, that can be redeemed for some good or service. Voucher is prominent in the hospitality industry. For example, airlines, hotels, and restaurants may issue vouchers that can be used for rooms, flights, or fares.

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