(B) Write a word or a term or a phrase which can substitute each of the following statements.

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 The amount withdrawn by the partners from the business for their personal use.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

24. Assets which are not real assets of the business. Fictitious assets

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