1. A statement showing financial position of the business
on a particular date. Balance Sheet
2. The amount which is not recoverable from debtors. Bad
debts
3. Stock in hand at the end of the accounting year.
Closing stock
4. The transport expenses incurred to carry the goods
purchased by the firm. Carriage inward
5. Income which is received before its due date. Pre-received
income
6. The debit balance of Trading Account. Gross Loss
7. The credit balance of Trading Account. Gross Profit
8. A provision which is created on sundry debtors.
Reserve for Doubtful Debts
9. The amount withdrawn by the partners from the business
for their personal use. Drawings
10. The accounts which are prepared at the end of each
financial year. Final Accounts
11. Expenses which are paid before due. Prepaid expenses
12. The statement showing list of all ledger balances.
Trial Balance
13. The credit balance of Profit and Loss Account. Net
profit
14. Expenses which are due but not paid at the end of the
year. Outstanding expenses
15. Assets which are held in the business for a long
period. Fixed assets
16. Goods returned to suppliers Purchase returns
17. An amount paid for the permission to use patents
& copyrights Royalty
18. An account to which net loss is transferred in a
partnership firm. Partners capital a/c
19. Concession given by firm to customer. Discount
allowed
20. Concession given by suppliers to firm Discount
received
21. Example of fictitious asset. Preliminary expenses
22. An account prepared by producer to find cost of
production. Manufacturing a/c
23. Expenses which are paid off in one year but benefit
is availed for number of years Deferred expenses
