(English Medium) ICSE Class 10 - CISCE Question Bank Solutions

Briefly discuss any five advantages of e-commerce over traditional commerce.

It is an account prepared to know the net profit/loss. It is also a nominal account and represents second stage.

______ provides information about the net profit earned or net loss suffered by the business during a given accounting period.

Net profit/loss is transferred from ______.

Abnormal Losses such as stock destroyed by fire, goods lost intransit, loss on sale of fixed assets are recorded on the ______ side of the ______.

Office rent, office lighting, office salaries, insurance, postage and telegrams, stationery and printing, audit fees, legal expenses are recorded on the ______ side of the ______.

Storage expenses, carriage outwards, salaries of sales staff are recorded on the ______ side of the ______.

Carriage outwards are recorded the ______ side of the ______.

The difference of the two sides of this account is either net profit or net loss.

In case, the total of the debit side is greater than the total of the credit side, the difference represents ______.

What is the purpose of a Profit and Loss Account?

Distinguish between a Trading Account and a Profit and Loss Account.

Explain the needs of the Profit and Loss Account.

Main objectives of industrial relations are ______.

RBI is ______.

Which of the following is a Commercial Bank?

The ______ of a country serves as the leader of the banking system and the money market.

It acts as the bankers' bank.

It carries out the country's monetary policy.

______ is the apex institution of the country's monetary and banking structure where as ______ is one of the organs of the money market.