Question

Write one word / term or phrase which can substitute each of the following statement.
1) Method of Accounting which records both aspect of transaction.
2) Right hand side of an account.
3) Name of the account which is debited when proprietor uses business money for personal
use.
4) Accounts of Assets and Properties.
5) Accounts of Expenses and Losses and Incomes and Gains.
6) Left hand side of an account.
7) The Assets which cannot be seen, touched or felt.
8) Person who invented the Double Entry System.
9) Incomplete system of recording business transactions.
10) Scientific system of recording business transactions.​

Answer 1

Answer:

1) double entry system

2) credit account

3) drawing account

4) real account debit for assets and properties

5) nominal account

6)debit account

7) intangible assets

8) pacioli

9) single entry system

10) double entry system