Q.1 Answer in one sentence only.

1. What is the Double Entry System?

2. What is an Account?

3. State the meaning of the Single Entry System.

4. What is a Personal Account?

5. State the rule of Nominal Account.

6. Give two examples of intangible assets.

7. State the meaning of Real Account.

8. Give two examples of income and gains.

9. State the rule of Personal Account.

10. How many methods of recording accounting transactions are there?

The double entry system ensures accounting balance by recording transactions using debits and credits in different accounts, such as assets and liabilities.

Explanation:

Double Entry System: The accounting system that records transactions by debiting one account and crediting another to ensure the accounting equation remains balanced.

Account: A record where financial information is stored and classified, such as assets, liabilities, income, and expenses.

Single Entry System: An incomplete accounting system that records only one side of a transaction, usually used by small businesses.

Personal Account: Represents individuals or organizations and is classified as natural, artificial, or representative.

Rule of Nominal Account: All revenues and gains are credited, and expenses and losses are debited.

Intangible Assets Examples: Trademarks and patents are assets without a physical form.

Real Account: Represents tangible assets like property, equipment, or investments.

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