1. The art of recording all business transactions in a systematic manner in a set of books is called-

2. The process of recording, classifying and summarizing all business transactions in order to know the financial result is called –

3. Cash, goods or assets invested by the proprietor in the business for earning profit is called-

4. The person, firm or institution who does not pay the price in cash for the goods purchased or the services received is called-

5. Book – keeping is-