Revenue arising as a result of business transactions is known as Income
Excess of gross profit over Operating expenses is operating profit.
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.
The amount deducted by the seller from the list price of goods at the time of sale is a trade discount.
A person to whom business owes money for the goods or services is known as the creditor.
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Balbharati Solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board
Chapter 1: Introduction to Book – Keeping and Accountancy
Book-keeping is the science and art of correctly recording in the books of accounts, all those business transactions that result in the transfer of money or money’s worth
The term Goods refers to merchandise, commodities, articles, or things in which a trader trades.
The total amount invested in the business by the owner is called Capital. Excess of assets over the liabilities is known as Capital.
The amount of cash or value of goods, assets, etc. withdrawn from the business by the owner for personal use is known as Drawings.
Goodwill means the aggregate of those intangible attributes of a business which contributes to its superior earning capacity over a normal return on investments.