Give the word term or phrase which can substitute each of the following statements:
1) Recording of business transactions. –Book Keeping.
2) Amount invested in business by the proprietor. – Capital.
3) A person to whom amount is payable.- Creditor.
4) Exchange between two persons. – Transaction.
5) Excess of expenses over income – Loss.
6) A person whose assets are sufficient enough to meet business obligations. – Solvent.
7) Book-keeping is providing all required financial information to the businessman. – Decision Making.
8) Property of any description owned by Proprietor.- Asset.
9) Assets which remain in the business for only for short time and can be converted into cash very easily.- Current Asset.
10) Allowance is given on catalogue price of goods – Trade Discount.