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Asked/Added Questions From NCERT:


Question 1. Asked on :17 August 2020:09:53:21 AM

 Write the features of Business Environment?

-Added by nisha sheikh Accountancy » Accounts

Answer:

Anjali Kumari
The main features of business environment are:
  • All the external forces: Business Environment includes all the forces, institutions and factors which directly or indirectly affect the Business Organizations.
  • Specific and general forces: ...
  • Inter-relation: ...
  • Uncertainty: ...
  • Dynamic: ...
  • Complex: ...
  • Relativity:

-Answered by Anjali Kumari On 13 October 2020:07:27:42 PM


Question 2. Asked on :16 August 2020:10:12:22 AM

 Define Revenue losses?

-Added by nisha sheikh Accountancy » Accounts

Answer:

Shruti Srivastva
Losses of a revenue nature. 

-Answered by Shruti Srivastva On 29 August 2020:05:45:58 PM


Question 3. Asked on :16 August 2020:10:10:48 AM

 Define Capital Losses?

-Added by nisha sheikh Accountancy » Accounts

Answer:

Shruti Srivastva
Capital nature losses. 

-Answered by Shruti Srivastva On 29 August 2020:05:46:23 PM


Question 4. Asked on :16 August 2020:10:08:21 AM

 Define Profit?

-Added by nisha sheikh Accountancy » Accounts

Answer:

Shruti Srivastva
The diffrence between income and expenditure. 

-Answered by Shruti Srivastva On 29 August 2020:05:46:47 PM


Question 5. Asked on :16 August 2020:10:06:47 AM

 Receipts which have occured due to normal business activity are known as Revenue Receipts.

-Added by nisha sheikh Accountancy » Accounts

Answer:

Anjali Kumari
Revenue receipts are money received by a business as a result of its normal business operations. In this way, revenue receipts affect the profit or loss of a businessCapital receipts are non-recurring receipts that either increase a liability or decrease an asset.

-Answered by Anjali Kumari On 18 October 2020:07:04:53 PM


Question 6. Asked on :16 August 2020:10:02:16 AM

 Define Capital Receipts?

-Added by nisha sheikh Accountancy » Accounts

Answer:

Shruti Srivastva
Recipts of capital nature. 

-Answered by Shruti Srivastva On 24 August 2020:05:26:17 PM


Question 7. Asked on :14 August 2020:10:53:15 AM

 Write the types of Errors?

-Added by nisha sheikh Accountancy » Accounts

Answer:

Anjali Kumari
There are three types of error: syntax errors, logical errors and run-time errors. (Logical errors are also called semantic errors). We discussed syntax errors in our note on data type errors.

Generally errors are classified into three types: systematic errors, random errors and blunders. Gross errors are caused by mistake in using instruments or meters, calculating measurement and recording data results.

-Answered by Anjali Kumari On 13 October 2020:07:28:54 PM


Question 8. Asked on :14 August 2020:10:47:16 AM

 Is Trial Balance an account?

-Added by nisha sheikh Accountancy » Accounts

Answer:

Shruti Srivastva
No. 

-Answered by Shruti Srivastva On 29 August 2020:05:47:27 PM


Question 9. Asked on :14 August 2020:10:45:33 AM

 What do you mean by Trial Balance?

-Added by nisha sheikh Accountancy » Accounts

Answer:

nisha sheikh

 A Trial balance is a statement prepared with the debit and credit balances of the ledger accounts including cash and bank balances to test the arithmetical accuracy of books.

-Answered by nisha sheikh On 14 August 2020:10:49:12 AM


Question 10. Asked on :14 August 2020:10:44:30 AM

Write the objectives of Trial Balance.

-Added by nisha sheikh Accountancy » Accounts

Answer:

Anjali Kumari
One of the main objectives of the trial balance is to ensure that the total of all debits equals the total of all the credits. ... After journalizing and posting all entries in the ledgers, the bookkeepers prepare the trial balance. A fully balanced trial balance will assure the arithmetic accuracy of the accounts.

-Answered by Anjali Kumari On 13 October 2020:07:22:41 PM


Question 11. Asked on :14 August 2020:10:42:49 AM

 Define Imprest System.

-Added by nisha sheikh Accountancy » Accounts

Answer:

Shruti Srivastva
The system by which petty cashbook is maintatined. 

-Answered by Shruti Srivastva On 29 August 2020:05:47:50 PM


Question 12. Asked on :14 August 2020:10:40:07 AM

 Deine Petty cash book.

-Added by nisha sheikh Accountancy » Accounts

Answer:

nisha sheikh

 Petty means small . A book which is used to record petty cash expenses of the business is called a Petty cash book.

-Answered by nisha sheikh On 14 August 2020:10:41:36 AM


Question 13. Asked on :14 August 2020:10:38:04 AM

 Deine Single column or Simple cash book.

-Added by nisha sheikh Accountancy » Accounts

Answer:

nisha sheikh

 It is known as single column cash book because it contains only one amount column of cash .

-Answered by nisha sheikh On 14 August 2020:10:39:08 AM


Question 14. Asked on :14 August 2020:10:34:42 AM

 Deine Cash Book?

-Added by nisha sheikh Accountancy » Accounts

Answer:

nisha sheikh

 CAsh Book is a book of prime entry in which cash and bank transactions of a business are recorded in a choronological order.

-Answered by nisha sheikh On 14 August 2020:10:35:45 AM


Question 15. Asked on :14 August 2020:10:01:20 AM

 Write the difference between Journal and Ledger.

-Added by nisha sheikh Accountancy » Accounts

Answer:

nisha sheikh

 1. Journal is book of original entry while ledger is book of second entry .

2. Journal book is choronological while ledger is analytical .

3. Process of recording in journal is " journlising " while the process of recording in ledger is known as " posting".

-Answered by nisha sheikh On 14 August 2020:10:05:56 AM


Question 16. Asked on :12 August 2020:10:27:52 AM

 Write the rules for posting?

-Added by nisha sheikh Accountancy » Accounts

Answer:

nisha sheikh

 Rules for posting:

1. The name of the account in the journal and ledger should exactly be the same .

2. The account debited in journal will be debited in ledger and the account credited in ledger will be credited.

3. The word "To" will be added in the name of the accounts on the debit side and "By" will be added in the accounts on the credit side e.g., "To sales" , "By purchases" etc.

4. The page number of the jornal from where the entry is transferred is to be writeen in the Folio Column.

5. The date of transactions is to be written in the date column.

-Answered by nisha sheikh On 12 August 2020:10:29:14 AM


Question 17. Asked on :12 August 2020:10:23:38 AM

 What is ledger posting?

-Added by nisha sheikh Accountancy » Accounts

Answer:

Shruti Srivastva
The process of transfering the information contained in a journal to a ledger. 

-Answered by Shruti Srivastva On 29 August 2020:05:48:40 PM


Question 18. Asked on :12 August 2020:10:19:43 AM

 What do you mean by ledger? 

-Added by nisha sheikh Accountancy » Accounts

Answer:

nisha sheikh

 A kledger may be deined as a " book or register which contains in a summarized and classified form, a permanent record of all transactions".

-Answered by nisha sheikh On 12 August 2020:10:21:04 AM


Question 19. Asked on :12 August 2020:10:15:05 AM

 Write the process o journalising?

-Added by nisha sheikh Accountancy » Accounts

Answer:

nisha sheikh

Process of journalising:

Step 1. Ascertain what accounts are affected  in the transaction .

Step 2 .Ascertain the nature of the account .

Step 3 . Apply the rules of debit and credit to each type of account.

Step 4 . Pass the entry.

-Answered by nisha sheikh On 12 August 2020:10:16:11 AM


Question 20. Asked on :12 August 2020:10:13:35 AM

 What is journal entry ?

-Added by nisha sheikh Accountancy » Accounts

Answer:

Shruti Srivastva

An entry done in a journal. 

-Answered by Shruti Srivastva On 29 August 2020:05:49:32 PM


Question 21. Asked on :12 August 2020:10:10:48 AM

 What do you meant by journalising?

-Added by nisha sheikh Accountancy » Accounts

Answer:

Shruti Srivastva
The process of recording a transaction in a journal. 

-Answered by Shruti Srivastva On 29 August 2020:05:50:20 PM


Question 22. Asked on :12 August 2020:10:09:09 AM

 In which order transactions are recorded?

-Added by nisha sheikh Accountancy » Accounts

Answer:

Shruti Srivastva

A chronological order. 

-Answered by Shruti Srivastva On 29 August 2020:05:51:02 PM


Question 23. Asked on :12 August 2020:09:57:50 AM

 Define journal?

-Added by Sehnaaz Sheikh Accountancy » Accounts

Answer:

nisha sheikh

 A journal is a book of original entry / prime entry  wherein transactions are first recorded beore being posted to the ledger .

-Answered by nisha sheikh On 12 August 2020:10:01:30 AM


Question 24. Asked on :12 August 2020:09:52:23 AM

 Write the importance of cost of capital?

-Added by Sehnaaz Sheikh Accountancy » Accounts

Answer:

Sehnaaz Sheikh

 1. Capital budgeting decision largely depends on the cost of capital of each source.

2. Cost of capital helps to take decision regarding capital sturcture. 

3. It helps to evaluate the financial perormance of the firm .


-Answered by Sehnaaz Sheikh On 12 August 2020:09:53:23 AM


Question 25. Asked on :12 August 2020:09:49:53 AM

 Write the full form of NOI?

-Added by Sehnaaz Sheikh Accountancy » Accounts

Answer:

Shruti Srivastva
Net Opreating Income approach. 

-Answered by Shruti Srivastva On 29 August 2020:05:51:45 PM


Question 26. Asked on :12 August 2020:09:42:41 AM

 What is capital Rationing?

-Added by Sehnaaz Sheikh Accountancy » Accounts

Answer:

Sehnaaz Sheikh

 Capital Rationing is the term usually coined to denote such a condition in which the business enterprises are not able to accept all the projects on account of external or internal fund constraints 

-Answered by Sehnaaz Sheikh On 12 August 2020:09:45:37 AM


Question 27. Asked on :12 August 2020:09:29:55 AM

 What are the objectives of financial management?

-Added by Sehnaaz Sheikh Accountancy » Accounts

Answer:

Shruti Srivastva
(i) Profit maximisation. 

(ii) Wealth maximisation. 

-Answered by Shruti Srivastva On 29 August 2020:05:52:17 PM


Question 28. Asked on :12 August 2020:09:24:04 AM

 What do you mean by financial management?

-Added by Sehnaaz Sheikh Accountancy » Accounts

Answer:

Sehnaaz Sheikh

 Financial management is concerned with investment , financing and dividend decisions in relation to objectives of the company . financial management is concerned with the eficient procurement and utilization of the funds.

-Answered by Sehnaaz Sheikh On 12 August 2020:09:26:10 AM


 

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