ACCOUNTING IS THE ART OF RECORDING ,CLASSIFYING AND
SUMMARIZING AN SIGNIFICANT MANNAR , IN TARMS OF MONEY

accounting is defined as the art of recording business 
tranactions which is in monetary terms.

according to Bierman and Derbin,"accounting may be defined 
as the identifying,measuring,recording,communicating of 
financial information".

4 %

All nominal accounts deal with transactions related with  
Income and expenditure of a business. Blind way of 
understanding is you have to debit all business related 
expenses and losses happening due to unforseen happenings 
and credit all incomes and gains of the business

1)Profitability 2)Liability

1)whether his capital is increased from the relevant 
previous year or not.

2)net profit ratio

THERE ARE TWO TYPE OF VAT 1) 4% & 12.5%

Vat can be divided in to the some types they are 
tds,fbt,st,sales tax,

THERE ARE 5 TYPES OF VAT
1)1% - GOLD & PRECAUSIOUS STONE
2)4% - FINISH GOODS
3)12.5% - ELECTRONIC GOODS
4)20% - LIQUOR
5)UP TO 36% - PETROL, DIESEL

Ans.1 4 types of VAT

Ans.2 4% & 12.5%