Introduction to...

The withdrawal of goods from the business by the proprietor should be recorded in the __________.

Which of the following is a credit transaction?

All those to whom business owes money are ___________.

What are the important objectives of accounting?
I. To maintain records of a business
II. Calculation of profit or loss
III. Depiction of financial position
IV. To make information available to various groups and users.

In every business transaction, at least _______ parties are involved.

All those to whom business owes money are ____________.

Accounting is defined as "the __________ of recording, classifying and summarizing in terms of money transactions and events of a financial character and interpreting the results thereof".

Which of the following involves the preparation of reports and statements from the classified data (ledger) understandable and useful to management and other interested parties?

Which of the following is/are the branch of accounting?
(P) Financial Accounting
(Q) Cost Accounting
(R) Management Accounting

An amount which is allowed for the prompt settlement of debt arising out of a sale within a specified time and calculated on a percentage basis is known as ___________________.