Chapter 1, Introduction to Book – Keeping, and, Accountancy, fyjc, 11th std, Maharashtra board,

07 Nov 2020 8:50 am

Complete the following sentence

1.Revenue arising as a result of business transactions is known as ____________

SOLUTION

Revenue arising as a result of business transactions is known as Income

2.Excess of gross profit over operating expenses is______

SOLUTION

Excess of gross profit over Operating expenses is operating profit.

3.An expenditure which is basically revenue in nature but benefit of which is not exhausted within one year is called as ____________

SOLUTION

An expenditure which is basically revenue in nature but the benefit of which is not exhausted within one year is called as deferred revenue expenditure.

4.The amount deducted by the seller from the list price of goods at the time of sale is ____________

SOLUTION

The amount deducted by the seller from the list price of goods at the time of sale is a trade discount.

5.A person to whom business owes money for the goods or services is known as ____________

SOLUTION

A person to whom business owes money for the goods or services is known as the creditor.

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