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P1 C1 Accounting and Its Terminology — Account STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceAccountP1 C1 Accounting and Its Terminology3 Marks
Question
Explain the following terms: $(A)$ Account And $(B)$ Voucher
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Answer

$(A)$ Account: Transaction pertaining to respective item or person is recorded at one place and fromwhere the summary of transactions of that item or person can be obtained is known as anaccount.
$(B)$ Voucher: Written evidence of business transaction is known as voucher. Based on voucher, type of transaction is decided and by applying debit credit rules of account, transaction is recorded in the books.

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