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QUIZ START
#1. Right side of a ledger account is
#2. In a business, ________ is purchased and sold
#3. The vendor/seller gives a trade discount only on credit transactions
The vendor/seller gives the trade discount both on cash/credit based transactions.
#4. Left side of ledger account is
#5. Closing stock refers to the goods brought in by the owner when the business is started
#6. _________ is the legal activity performed to earn profits.
#7. To get the financial results, businesses uses the following process for recording, classifying and summarising all the business transactions.
#8. In ________ entry system only one aspect of a business transaction is recorded
#9. We use ________ to record the transactions pertaining to an asset, expense, liability, person, firm or institution.
