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Accountancy, XI

Answer all questions

1.What is trial balance? Explain its objectives?

  1. What is depreciation? Explain its need for providing depreciation?
  2. Define the term Non- Current Liabilities?
  3. What is trade discount?
  4. Which accounting principle states that all anticipated losses should be recorded but all anticipated profits should be ignored?
  5. What is accounting standard?
  6. Give two examples of capital expenditure?
  7. What is matching concept? Why should a business concern follow this concept?
  8. What are the qualitative characteristics of accounting information?
  9. What are source documents? State the elements of accounting voucher?
  10. Explain the principle states that the financial statements should disclose all significant information?
  11. State any five users of accounting information. Why do they need accounting information?
  12. What is meant by IFRS? Explain its objectives?
  13. Define Accounting? Explain the objectives of accounting?
  14. Briefly explain the following concepts of accounting:
  • Dual aspect concept
  • Revenue recognition concept
  • Money measurement concept
  1. Show the Accounting Equation on the basis of the following transactions and prepare a Balance Sheet on the basis of the last transaction:
  • Suman started business with cash Rs. 2,80,000.
  • Purchased goods for cash Rs. 85,000 and credit Rs. 55,000.
  • Bought furniture for cash Rs. 40,000.
  • Paid salaries Rs. 3,000.
  • Provide interest on capital Rs.5,000.
  • Withdrew cash for private use Rs. 4,800.
  • Sold goods (costing Rs. 52,000) for Rs. 50,000.
  • Received interest on investment Rs. 3,500.
  • Purchased machinery from Sunil & co. for Rs. 56,000.

 

 

  1. What are financial statements?

18 . Distinguish between capital expenditure and revenue expenditure?

  1. Define bill of exchange?

20.Define promissory note?

  1. Define the term Current Liabilities?
  2. How will you calculate due date of the bill.
  3. What is an error? Explain types of errors?
  4. What is rectification of errors?
  5. Difference between income statement and position statement?
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