problem 1) Fill in the blanks:
(a) In Book-keeping only _________ transactions are recorded.
(b) There are _________ parties to the cheque.
(c) A _________ is a debt that cannot be recovered.
(d) Purchase Book is used to record all _________ transactions.
(e) Copyright Account is the_________ account.
(f) _________ Asset can be seen and touched.
problem 2) Mention whether the following statements are true or false:
(a) Goodwill is not Tangible Asset.
(b) Accounting involves communication.
(c) Indirect Expenses are recorded in Trading Account.
(d) Journal is a Book of Prime Entry.
(e) Patent is a Personal Account.
problem 3) Answer in brief:
(a) What do you understand by Creditor?
(b) Describe Business.
(c) What do you understand by Bank Overdraft?
(d) What do you understand by ‘Contra Entry’?
(e) prepare down the Rule of Journalising Personal Account.
(f) describe Accounting in detail.
problem 4)prepare brief notes:
(a) Reducing Balance Method of Depreciation
(b) Computers and Financial Applications
(c) Accounting Standard Board
(d) Accounting Convention