Complete the following sentences :

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

2) Excess of gross profit over operating expenses is OperatingProfit.

3) An expenditure which is basically revenue in nature but 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 TradeDiscount.

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

Extra Question:
(1) Amount payable by business to others is known as Liability.

(2) A Person whose Liabilities is more than asset is an Insolvent Person.