Accountancy - 17

        Chandragupta Maurya Minister Kautilya wrote a book named ….

•      Discovery of India      

• Summa de arithmetic 

• Double entry system

• Artha shastra

       ………. Concept every transaction has two aspects

• Business entity    

• Going concern   

• Cost

• Dual Aspect

Entries are made in the journal based on ……

•      Invoice   

• Voucher 

• Source documents

• cash receipts

       Nominal account having debit balance represents

•    Assets   

• Liabilities   

• Income /gains

• Expenses

      Suspense account having credit balance will be shown on the ….

•       Debit side of the profit and loss a/c

•       Credit side of the profit and loss a/c

•       Asset side in balance sheet

•     Liabilities side of the balance sheet

     …… to record bills drawn or promissory note received

•      Cash book   

• ledger 

• Bills payable book

• Bill receivable book

      ……. Of the bill means the non-payment of the amount of the bill, when it is presented for payment

•       Discounting      

• Dishonor
• Retiring

• Renewal

       ……… is the book in which only cash transactions are recorded in the chronological order.

•       Ledger      

• Trial balance 

• Bills book

• Cash book

       A Petty cash book is maintained to record ….

•     Heavy cash payment  

•       Small cash payments

•       Heavy cash receipts

•      Purchase of machinery

       When transaction is more in number, …. Are used

•       Opening entry   

• Closing entry 

• Subsidiary book 

• Trial balance