Q1. Accounting is known as of the business Q2. Accounting is the source of Q3. Government is the user of accounting information Q4. discount is not recorded in the books of accounts Q5. Accounting is which stage of accounting? (a) Primary stage (b) Secondary stage (c) Professional stage Q6. Meaning of return outward is (a) Cash Sales (b) Sales Return (c) Purchase Return Q7. Which of the following is not a business transaction? (a) Purchased Machinery for Rs. 50,000 (b)Purchased a gift of Rs. 2000 for wife (c) Paid rent for office Rs. 3500 Q8. Who is the Father of Accounting? 29. What is the difference between Book Keeping and Accounting? Q10. Is Accounting a science or an Art? Q11. Why owners are interested in accounting information of a business