1. What is business transactions?

2. What is capital?
3. What is drawings?
4. What is Asset?
5. What is liability?
6. What are tangible assets?
7. What are intangible assets?
8. What are fictitious assets?
9. What is realizable value for fictitious assets?
10.Who are Debtors?
11.Who are creditors?
12.What is voucher?
13.What is trade discount?
14.What is cash discount?
15.What is depreciation?
16.What is Baddebts?
17.What is solvent?
18.What is insolvent?
19.What re economic transactions?
20.State three example of current assets?
21.State three example of fictitious assets?
22.State three example of intangible assets?
23.State three examples of fixed assets?
24.State rule of personal accounts?
25.State rule of real accounts?
26.State rule of nominal accounts?
27.Liquid assets= Current assets - ________________
28.State classification of personal accounts?
29.What is stock?
30.Define Accounting
31.Which word is use in place of loss?
32.Which word is use in place of profit?
33.Which things are included in receivables?
34.Which things are included in payables?
35.Which is type of account is income tax refund?
36.Which is type of account is prepaid expenses?
37.Which is type of account is royalty?
38.Which is type of account is demurrage?
39.Which is type of account is VAT?
40.Full form of VAT?