Chapter I Introduction to Accounting
A person who owes money to the business is a ................... (Debtor)| Amount spent for purchasing fixed asset is a ............................ (Capital expenditure) Which qualitative characteristics of accounting information is reflected when accounting information is clearly presented............................. (Understandability) Find out the odd one out and state reason. a) Share capital b) Debenture c) sundry creditors d) Long term loans. (Sundry creditors others are long term liabilities.) Value of goods remaining unsold at the end of an accounting period is termed as................. (closing stock) Arun, a sole trader, draw Rs. 500 from the business for paying tuition fees to his child. This amount is termed as.................. (Drawings) ........................assets are those assets, which do not have physical form (Intangible) The amount earned by a business concern through sale of its products or providing services to customers is called .........................