- Part-A
- Brief Questions
- 2nd Part
Ans:The assets put into the business by the owner.
10.What do you mean by Monetary unit assumption?
Ans:An assumption stating that only transaction data that can be expressed in terms of money be included in the accounting records.
11.What is net income ?
Ans:The amount by which revenues exceed expenses.
12.What is net loss?
Ans:The ownership claim on total assets.
13.What is owner equity?
Ans:The ownership claim on total assets.
14.What is Owner's equity ?
Ans:A financial statement that summarizes the changes in owner's equity for a specific period of time.
15.What do you mean by Proprietorship?
Ans:A business owned by one person.
16.What is Revenues?
Ans:The gross increase in owner's equity resulting from business activities entered into for the purpose of earning income.
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