myclass24
myclass24your class. your pace.
Q&A BANK

every question.
answered.

721 answers across CBSE, ICSE, and State boards - Class 1 to 12, every subject.

CBSEICSEState
SUBJECT
CLASS

Filtered results

721 TOTAL
GeneralClass 11CBSE

What is an anchor of manager’s career?

Competency and efficiency are anchor of manager’s career.

GeneralClass 11CBSE

What is an anchor of entrepreneur’s career?

The anchor of entrepreneur’s career is creativity and innovation.

GeneralClass 11CBSE

What does the behaviour possess?

Behaviour that is purposeful and directed towards achieving a goal is said to possess motivation.

GeneralClass 11CBSE

What does the value reflect?

Values reflect the culture prevalent in that society.

GeneralClass 11CBSE

What do you mean by values?

Values are generalised concepts evolved by society to provide goal direction to all human activities.

AccountancyClass 11CBSE

What is meant by Assets? Also explain its types.

Assets – Assets are the economic resources of a business that can be usefully expressed in monetary terms. Assets give cash or benefits in future.Types:Fixed Assets – Fixed assets are those assets which are purchased for operating the business, not for resale. E.g. – land, building, machinery, patents etc.Current Assets – Current assets are those assets which are held in the business for short peri

AccountancyClass 11CBSE

Explain the following terms of Accounting: (a) Sales (b) Revenues (c) Profit (d) Gain (e) Loss (f) Discount (g) Drawings.

(a) Sales – Sales are the amounts earned by the firm by selling its goods to customers. Sales may be cash sales or credit sales.(b) Revenues – Revenues are the amounts earned by the business by selling goods or services to customers. Such as sales revenue, commission, interest, dividend, rent earned etc.(c) Profit – The excess of revenues of a period over its related expenses is profit. Profit increases the investment of the own

AccountancyClass 11CBSE

Describe the informational needs of external users.

Following are the informational needs of external users:Owners or Investors – They are the persons who have invested or want to invest money in the business. They are interested in knowing the profitability, financial position of business and future prospects.Suppliers or other Creditors – They advance money or goods to the business. They are interested in knowing the profitability and financial position of business to judge its paying ca

AccountancyClass 11CBSE

Explain any five advantages of Accounting.

Maintains Systematic Record – It helps in maintaining systematic records of business transactions.Assists Management – It helps management in decision making, planning and controlling.Facilitates Comparison – Accounting facilitates comparison of financial data of different years.Legal Evidence – Account books are treated as legal evidence in a court of law.Facilitates Taxation<

AccountancyClass 11CBSE

Explain any five limitations of Accounting.

Accounting has many advantages but it has some limitations also:Accounting is not fully exact / Influenced by personal judgment – Although most of the transactions are recorded on exact basis but some estimations are also made for calculating profit or loss. These estimations may be different from person to person and make the accounting results different.Accounting ignores qualitative elements – Accounting contains only the monetary aspe

AccountancyClass 11CBSE

Explain the following terms of Accounting: (a) Expenses (b) Expenditure (c) Debtors (d) Creditors (e) Voucher.

(a) Expenses – Expenses are the costs incurred by a business in the process of earning revenues during a particular period. E.g. – Rent, Wages, Depreciation etc.(b) Expenditure – Expenditure is the amount spent or liability incurred for acquiring assets, goods or services. It may be of two types – Capital Expenditure and Revenue Expenditure.(c) Debtors – Debtors are the persons or firms to whom goods or services have been sold o

AccountancyClass 11CBSE

State any five differences between 'Book-Keeping' and 'Accounting'.

BasisBook-KeepingAccounting(1) ScopeBookkeeping is concerned with identifying the financial transactions, measuring, recording and classifying them.Accounting is concerned with summarising the recorded transactions, interpreting the results.(2) ObjectiveThe objective of bookkeeping is to maintain systematic records of financial transactions.The objective of accounting is to ascertain net resu

AccountancyClass 11CBSE

Explain the following terms: (a) Purchases (b) Stock.

(a) Purchases – The term purchases is used for the purchase of goods. Goods are the things which are purchased for resale as it is or after processing. Purchases may be in cash or on credit.Total purchase = Cash purchase + Credit purchase(b) Stock – The term stock includes the value of those goods which are lying unsold on a particular date. Stock lying unsold in the beginning of an accounting period is known as opening stock. Stock lying unsold

AccountancyClass 11CBSE

Explain the following terms: (a) Liabilities (b) Capital.

(a) Liabilities – Liabilities are the obligations which are payable by the business to outsiders except owners. They are of two types:Long term liabilities – They are usually payable after a long period i.e. more than one year. E.g. – term loan, debentures etc.Current Liabilities – They are the obligations which are payable within a period of one year. E.g. – creditors, bills payable etc.(b) Capital</

AccountancyClass 11CBSE

'The role of accounting has changed over the period of time.' Do you agree? Explain.

Yes, we agree with the statement that the role of accounting has changed over the period of time.Earlier accounting had a very limited role and that too for the proprietor only.But today, accounting is a part of overall information system and provides information to various interested groups for different purposes, such as:For making economic decisionsFor judging managerial abilityFor activities affecting society etc.

AccountancyClass 11CBSE

Explain the qualitative Characteristics of accounting information. You are a senior accountant of XYZ Ltd. What steps would you take to make your company's financial statements understandable and decision useful?

Following are the qualitative characteristics of accounting information:Reliability – It should be completely free from personal bias and should be supported by documents.Relevance – Accounting information should be useful i.e. unimportant information should be avoided on the basis of principle of materiality.Understandability – Accounting information should be clear, brief, exact and easily understandable by the

AccountancyClass 11CBSE

Explain the relevant aspects of Accounting. Explain the Characteristics of Accounting.

Following are the relevant aspects/characteristics of Accounting:Economic Events – Economic events mean those transactions which are measurable in terms of money from a business point of view. These events may be external or internal.Identification, Measurement, Recording and Communication – Accounting identifies those economic events which are related to business and measures them in terms of money. They are recorded in a chronological o

AccountancyClass 11CBSE

Discuss the objectives of Accounting.

Objectives or functions of accounting are as follows:Maintenance of Business Records – Business involves numerous transactions, which cannot be remembered orally. This objective of accounting is to keep a systematic record of business transactions, which are financial in nature.Calculations of Profit or Loss – Another objective of accounting is to ascertain the profit earned or loss incurred by a business during an accounting period. It i

AccountancyClass 11CBSE

Who are internal users? What is their role? Enumerate their informational needs.

Management – Management primarily performs the functions of decision making, planning and controlling. Management needs information on cost of roles, profitability, financial position etc.

AccountancyClass 11CBSE

Describe the branches of accounting.

Following are the three branches of accounting:Financial Accounting – It involves recording financial transactions, summarizing and interpreting them and communicating the results to the interested users. So it involves preparation of final accounts.Cost Accounting – It involves ascertaining the cost of production to enable the management fix the price of the product and to ensure cost reduction.Management Accounting</str

STILL STUCK?

Get a tutor for just your question.

One-on-one help, verified tutors. Matched within 24 hours.

Get Started →