What kind of journal is used in the passage?

1.What is accounting called in business?

2.Through which of the following statements can the financial results of an organization be known?

3.What does 'due $cheque^{\prime}$ mean?

4.Which account requires closing entries?

5.Which one is not a transaction?

6.What is a worksheet in the true sense?

7.What will be the insurance expense in the income statement of Sumon Traders for the year \end{ed}30-06-2023?

8.At which step of the accounting cycle are transactions identified?

9.After providing closing entries, which account balance becomes zero?

10.What is the process of allocating the cost of intangible assets called?

11.Which one is different from the other three?

12.If furniture is purchased for the purpose of sale, which account will be debited?