Answer in one sentence only
1) What is Double Entry System?
Ans: Double Entry Book-keeping System is the most scientific method of recording all monetary transactions in the books of accounts.
2) What is an Account?
Ans: An account is a summarized record of transactions relating to a particular person, asset, liability, particular head of expense or income recorded at one place.
3) State the meaning of Single Entry System.
Ans: Single Entry System is unscientific and incomplete recording system, which only record cash book and personal Account.
4) What is Personal Account?
Personal Account represents a person and group of persons with whom business deals.
5) State the rule of Nominal Account.
Ans: The Rule of Nominal Account is:
Debit all expenses and losses
Credit all incomes and gains
6) Give two examples of intangible assets?
Ans: Trademark A/c and Copyright A/c are two example of Intangible Account.
7) State the meaning of Real Account.
Ans: The account which represents assets and properties owned by the business are called as Real Account.
8) Give two examples of income and gains.
Ans: Commission Received A/c and Discount Received are two examples of income and gains.
9) State the rule of Personal Account.
Ans: The rule of Personal Account is :
Debit the receiver.
Credit the giver.
10) How many methods of recording accounting information are there?
Ans: There are two method of accounting information:
(A) Indian System
i. Single Entry ii. Double Entry.