Fill in the blanks with suitable word(s) There must be at least __________ parties to a transaction. One party __________ the benefit and the other party gives such benefit in a business transaction, in exchange for an equivalent value. The business transaction involves an exchange or transfer of _____ or _____ relating to goods or services. An account is a _____ of business transactions. Recording of a business transaction in an account is called __________. There are two main types of accounts namely __________ and Impersonal accounts. Persons to whom the goods have been sold on credit are called __________. Persons who have supplied goods on credit (or) who have advanced loans to the business enterprises are called __________. Accounts in the name of natural persons accounts is a __________. Accounts of legal entities or (artificial) is __________. Accounts of different persons of the same nature but more than one, is referred to as __________. Real account consists of both tangible real accounts and __________ accounts. Accounts of income and gains, and expenses and losses are known as __________ accounts. Valuation accounts are also known as __________ accounts. Items of expenses (such as salary account, rent account, interest account) account are nominal accounts whereas the respective item is shown as outstanding expenses (such as outstanding salary, outstanding rent and outstanding interest) are __________. The accounting system which recognises the twofold aspect of every business transaction is known as “__________”. The two aspects of each business transaction are depicted in terms of __________ and __________. The golden rule of double entry system is: _____ the account that receives the benefit _____ the account that gives the benefit For personal accounts __________ the receiver and __________ the giver. For real accounts: debit what __________ and credit what __________. For nominal accounts: all incomes and gains are __________ and all expenses and losses are __________. A daily record in which all daily transactions are first recorded chronologically is referred to as “__________”. For every debit, there should be a corresponding __________. American way of journalising is also based on “__________”. In all cases of entries the sum of debits must be equal to the __________. Accounting Equation is expressed as: Assets = __________ + Capital. Accounting Equation must remain __________ at all times. As per Accounting Equation approach, the assets and the __________ are always equal.
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