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36 What is Journal?
(Ans) A book of original entry to record different business transactions chronologically is called Journal
37 Define Narration?
(Ans) A short explanation of each transaction which is written below each entry is called Narration
38. Define Compound Entry?
(Ans) The entry in which more than one accounts are debited or more than one accounts are created is called Compound Entry
39 Define Ledger?
(Ans) The books in which all business transactions are finally recorded in the concerned accounts in a summarized and classified form is called Ledger
40 What is Balance?
(Is) The difference between the two sides of an accounts is called Balance
41 What is Folioing?
(Ans) The process of entering the ledger page number in the ledger folio column of the journal and journal page number in the journal folio column of the ledger is called Folioing
42 Define General Ledger?
(Ans) The ledger in which all the accounts are posted except debtors creditors when debtors ledger is prepared is called General Ledger
43 Define Trial Balance?
(Ans) A statement which is prepared by taking out the debit and credit balances of all accounts appearing in ledger in order to check the arithmetical accuracy of the ledger is called Trial Balance
44 What is Sales Return Book?
(Ans) A book of original entry in which all sales return are recorded according to dates is called Sales Return Book
45. What is Bill receivable Book?
(Ans) A book of original entry in which all the Bills receivable from customers are recorded is called Bill receivable Book
46 What is Credit Note?
(Ans) When goods returned by customers are accepted a document is issued to acknowledge the allowance claimed from them, such document is called Credit Note.
47 Define Cash Book?
(Ans) A book of original entry in which all cash receipts and payments are recorded is called Cash Book
48. Define Double Column Cash Book?
(Ans) A cash book in which cash as well as discount transactions are recorded is called Double Column Cash Book
49 Define Petty Cash Book
(Ans) The book in which petty terms of expenses are recorded is called Petty Cash Book
50. Define Pay-in-Slip Book?
(Ans) A book in which is given by bank to its customers for
depositing money into bank is called Pay-in slip Book
51. What is Cross Cheque?
(Ans) When two parallel lines are drawn on the face of a Cheque, it is denoted as Cross Cheque.
52. What is Bank Current Account?
(Ans) A bank account in which customers is allowed to deposit and withdraw money according to his desire is called Bank Current Account
53. What is Bank Statement?
(Ans) A copy of customers account which is issued by a bank to its customer normally informing about his balance after regular interval
54. Define Pass Book?
(Ans) A copy of the customer account in the bank ledger is called Pass Book
55. What do you mean Uncollected Cheque?
(Ans) Cheques deposited in the bank but have not yet been collected by the bank are Uncollected Cheque.
56 Define Bill of Exchange?
(And) Bill of Exchange is an unconditional order in writing drawn by one person on another, signed by the acceptor requiring the acceptor to pay on demand or at fixed or determinable future time, a certain sum of money only to or to the order of a specified person or to the bearer
57. Define Drawer?
(Ans) A person who draws the bill of exchange is called Drawer
58 Define Drawer!
(Ans) The person to whom bill is drawn is called Drawee.
59 Define Payee
(Ans) A person who receives the amount of bill on maturity date is 64. called Payee
60 What is Bill Payable?
(Ans) A bill of exchange from the view of its acceptor is called Bill Payable
61 Define Endorsement of bill?
(And) When a bill is transferred to third party or creditor to settle his debt is called Endorsement of bill.
62 Define Dishonoring of bill?
(Ans) When the acceptor refuses to accept or make payment on the bill due to any reason is called Dishonoring of bill.
63. What is Insolvent?
(Ans) The situation in which liabilities of any person exceeds his assets is called Insolvent
64. Define Noting?
(And) A process of recording the dishonored bill by the notary public is called Noting
65 Define Direct Expenses?
(Ans) The expenses which are related to purchase of goods or to bring the goods in saleable condition are called Direct Expenses.
66 Define Profit & Loss Ac?
(Ans) The account which is prepared to determine the net profit or loss for a particular period is called Profit & Loss A c
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