Write one word / term or phrase which can substitute each of the following statement.
1) Method of Accounting which records both aspect of transaction. – Double Entry System.
2) Right hand side of an account. – Credit Side
3) Name of the account which is debited when proprietor uses business money for personal use.- Drawings Account.
4) Accounts of Assets and Properties.- Real Account
5) Accounts of Expenses and Losses and Incomes and Gains. – Nominal Account
6) Left hand side of an account.- Debit Side.
7) The Assets which cannot be seen, touched or felt.- Intangible Asset
8) Person who invented the Double Entry System. – Luca D. Bargo Pacioli
9) Incomplete system of recording business transactions.- Single Entry System.
10) Scientific system of recording business transactions.- Double Entry System