4 State whether the following statements are true or false:1) Book-kee

4 State whether the following statements are true or false:1) Book-keeping and accounting are one and the same thing2) A transaction is concerned with money or money's worth3) Cash discount is not recorded in the books of accounts4) Solvent person is a person whose assets are more than his liabilities.5) Trading concern is established for rendering services to the society.6) The double entry system is based on "Dual Aspect" concept.7) Book-keeping is an art as well as science.8) In Book-keeping& Accountancy non-monetary transactions are also9) Conservatism means to follow safe side10) Perpetual succession is explained by concept of entity11) Accounting is useful only to the owner.Answers .True2 4. 6.7, 9 False: 1,3,5, 8, 10, 11

Answer»

False, true,false,true,false,true,true,false,true,false,false

false ,true,false,true,false,true,true,false,true,false,false

false,true, false,true, false, true, true, false, true, false, false