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    Ac 16

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    Ac 16

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    32) What do we mean by purchase return in accounting?

    Purchase return is a term used to record every defective or unsatisfactory


    product returned to its supplier.

    33) Define the term material facts in accounting

    Material facts are the bills or any document that becomes the base of every
    account book. It means that all those documents, on which account book is
    prepared, are called material facts.

    34) What are the MIS reports?

    MIS reports are created to identify the efficiency of any department of a


    company.

    35) Define a company's payable cycle

    It is the time required by the company to pay all its account payables.

    36) Define retail banking

    Retail banking is a type of banking that involves a retail client. These clients
    are normal people and not any organizational customers.

    37) How much mathematics knowledge is necessary or required in


    accounting?

    Not much knowledge, but the basic mathematical background is required in


    accounting for operations like addition, subtraction, multiplication, and
    division.

    38) Define bills receivable

    All types of exchange bills, bonds, and other securities owned by a merchant
    that is payable to him are said as bills receivable.

    39) Define depreciation and its types

    Depreciation can be defined as the value of an asset that is decreasing as it is


    in use. It has two types, such as:

     Straight line method


     Diminishing value method
     Annuity method
     Depletion method
     Written down value method.

    40) Differentiate between consignor and consignee

    Consigner is the owner of the goods, or you can say he is the person who
    delivers the goods to the consignee. The consignee is the person who
    receives the goods.

    41) Define balancing in accounting

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