Fill in the blanks with appropriate words in the following sentences.1

Fill in the blanks with appropriate words in the following sentences.1. The book in which the daily business transactions are recorded is called 2. The transaction, “Paid salaries” comes under _ kind of accounts.3. The Modern and scientific method of maintaining accounts is called __ system of Bookkeeping.4. The difference between the debit and credit side of an account is called _5. The two accounts of “commenced business with cash are” _ and 6. The profit earned by Trade is transferred to account.7. “The permanent assets lose a portion of their value every year”, it is called _8. Question 8. The difference between Assets and Liabilities of a Trade is called _____

Answer»

1. Rough book.

2. Nominal.

3. Double-entry.

4. Balance Account.

5. Debit – Credit

6. Credit.

7. Depreciation.

8. Capital.