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An event involving the exchange of value between two or more persons is known as
A deduction allowed by the seller of goods or service provider in order to motivate the customer to pay within a specified time is known as a
_______ are the persons who owe to the business for purchasing goods on credit or services
Money withdrawn from the business by the owner for his personal use is known as
An obligation to be settled by the business in the future period
Amount invested by the owner in the firm
The Debts which are to be repaid within a short period is known as
The cost incurred by a business in the process of earning revenue is known as
The excess of revenues of a period over its related expenses during an accounting year
Assets that are acquired for long term use and not likely to be converted into cash quickly
Goods that remain unsold at the end of the accounting period is known as
A ______ is a person to whom the business owes money or money’s worth.
Goodwill & Patent are the examples of
Business owners can withdraw money from a company for their personal use in the name of drawings. True or False?
Capital can be invested in the form of