Give a word, term, or phrase which can substitute each of the followin

1.	Give a word, term, or phrase which can substitute each of the following statement:i. Expenses are paid before it is due.ii. Income due but not yet received.iii. Carriage paid on the sale of goods.iv. Statement of Assets and liabilities.v. Account prepared to know Net Profit or Net loss.
Answer» i. Prepaid Expenses ii. Accrued Income iii. Carriage Outwards iv. Balance Sheet v. Profit and Loss A/c

Give a word, term, or phrase which can substitute each of the following statement:i. Expenses are paid before it is due.ii. Income due but not yet received.iii. Carriage paid on the sale of goods.iv. Statement of Assets and liabilities.v. Account prepared to know Net Profit or Net loss.

Answer»

i. Prepaid Expenses

ii. Accrued Income

iii. Carriage Outwards

iv. Balance Sheet

v. Profit and Loss A/c