BASIC TERMINOLOGIES I

The complete process of accounting is called:

A document prepared to authorize and describe an expenditure is termed:

The liability arising from the purchase of goods or services on credit is called:

Double entry system of accounting means:

Withdrawal of merchandise for personal use is classified as:

The financial information provided by an accounting system is needed by:

The modern system of recording business transactions in the books of accounts is known as:

The purchase account is used for goods that are for the purpose of:

The sum of Liabilities and Capital is _____