Answer in one sentence only

1) What is Book-keeping ?
Ans: Book-keeping is an art and Science of recording business transactions systematically and scientifically, so that up-to-date information can be made available at any given point of time.

2) What is meant by Goods?
Ans: The term ‘goods’ refers to merchandise, commodities, articles or things in which a trader trades.

3) What is Capital?
Ans: The total amount invested into the business by the owner is called Capital.
Capital = Assets – Liabilities

4) What is Drawings?
Ans: The amount of cash or value of goods, assets, etc., withdrawn from the business by the owner for personal use called as drawings.

5) What is Goodwill?
Ans: Goodwill is the reputation of business expressed sset. in terms of money.

Extra Question :
(1) What is entity concept?
Ans. The business unit is separate from its owner is the basic meaning of entity concept.

(2) What is meant by Asset?
Ans: Any physical thing or right owned by business and that has a monetary value is called as an asset.

(3) Explain the term Insolvent ?
Ans: A person whose liabilities are more than his assets is an insolvent person.

(4) Explain the term Solvent ?
Ans: If a person’s assets are more than his liabilities, or equal to his liabilities, he is called as a solvent person.