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#1. _________ is the legal activity performed to earn profits.
#2. The recording of all the business transactions systematically in a set of books is an art. We call this as
#3. When an entity (a person or firm or an institution) purchases the goods or services but does not pay in cash is called as
#4. Salary is
#5. The surplus of assets over the liabilities is called as
#6. We use ________ to record the transactions pertaining to an asset, expense, liability, person, firm or institution.
#7. The vendor/seller gives a trade discount only on credit transactions
The vendor/seller gives the trade discount both on cash/credit based transactions.
#8. A Building is
#9. When a business purchases furniture for sale, it will considered as “purchases of goods”
#10. The cash available with the business is fixed asset
Cash is current asset.