Introduction to Book - Keeping | Aster Classes

Complete the following sentence

1.Revenue arising as a result of business transactions is known as ____________

SOLUTION

Revenue arising as a result of business transactions is known as Income

2.Excess of gross profit over operating expenses is______

SOLUTION

Excess of gross profit over Operating expenses is operating profit.

3.An expenditure which is basically revenue in nature but benefit of which is not exhausted within one year is called as ____________

SOLUTION

An expenditure which is basically revenue in nature but the benefit of which is not exhausted within one year is called as deferred revenue expenditure.

4.The amount deducted by the seller from the list price of goods at the time of sale is ____________

SOLUTION

The amount deducted by the seller from the list price of goods at the time of sale is a trade discount.

5.A person to whom business owes money for the goods or services is known as ____________

SOLUTION

A person to whom business owes money for the goods or services is known as the creditor.

Do you agree or disagree with the following statements

1Accounting is useful only to the owner.

  • agree
  • disagree

2.Book-keeping is an art, science and profession.

  • Agree
  • Disagree

3.Bills Payable is an asset of the business.

  • Agree
  • Disagree

4.In Book-keeping and Accountancy, only non-monetary transactions are recorded.

  • Agree
  • Disagree

5.Totalling of Journal or Ledger is called as casting.

  • Agree
  • Disagree

Select the most appropriate alternative from the given below and rewrite the statement.

1.Surplus of income over expenses is ______________.

  1. Profit
  2. Deficit
  3. Loss
  4. Financial Statements

2.In ____________ basis of accounting, actual cash receipts and actual cash payments are recorded.

  1. Accrual
  2. Hybrid
  3. Cash
  4. Mercantile

3.Amount which is not recoverable from customer is known as ______________.

  1. Bad Debts
  2. Debts
  3. Debtors
  4. Doubtful debts

4.Accounts must be honestly prepared and they must disclose all material information is known as _________.

  1. Entity Concepts
  2. Dual Aspect Concept
  3. Disclosure Concept
  4. Cost Concept

5.A commodity in which a trader deals is known as _______________.

  1. Goods
  2. Income
  3. Property
  4. Expenditure

6._________ means a reputation of a business valued in terms of money.

  1. Trademark
  2. Assets
  3. Patents
  4. Goodwill

7.Cash flow statement is prepared and presented for the period for which the profit and loss account is prepared

  1. AS-3
  2. AS-10
  3. AS-6
  4. AS-2

8.The immediate recognition of loss is supported by principle of __________.

  1. Conservatism
  2. Objective
  3. Matching
  4. Consistency

9.Brief explanation of an entry is called as _________.

  • Folio
  • Narration
  • Posting
  • Journalising

10.An act of exchange of things or services between the two parties is termed as______.

  1. Ledger
  2. Transfer
  3. Transaction
  4. Business

Balbharati Solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board

Chapter 1: Introduction to Book – Keeping and Accountancy

Answer in One Sentence:

1.What is Book-keeping?

SOLUTION

Book-keeping is the science and art of correctly recording in the books of accounts, all those business transactions that result in the transfer of money or money’s worth

2.What is meant by Goods?

SOLUTION

The term Goods refers to merchandise, commodities, articles, or things in which a trader trades.

3.What is Capital?

SOLUTION

The total amount invested in the business by the owner is called Capital. Excess of assets over the liabilities is known as Capital.

4.What is Drawings?

SOLUTION

The amount of cash or value of goods, assets, etc. withdrawn from the business by the owner for personal use is known as Drawings.

5.What is Goodwill?

SOLUTION

Goodwill means the aggregate of those intangible attributes of a business which contributes to its superior earning capacity over a normal return on investments.

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