The art of recording all business transactions in a systematic manner in a set of books is called-
  • Accounting
  • Book – keeping
  • Ledger
  • None of these.
The process of recording, classifying and summarizing all business transactions in order to know the financial result is called –
  • Book – keeping
  • Accounting
  • Journalizing
  • None of these.
Cash, goods or assets invested by the proprietor in the business for earning profit is called-
  • Profit
  • Capital
  • Fixed assets
  • None of these.
The person, firm or institution who does not pay the price in cash for the goods purchased or the services received is called-
  • Creditor
  • Proprietor
  • Debtor
  • None of these.
Book – keeping is-
  • An art
  • A science
  • An art and science both
  • None of these.
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