HSC Commerce (English Medium) ११ वीं कक्षा - Maharashtra State Board Question Bank Solutions for Book Keeping and Accountancy

Complete the following sentence:

Depreciation = `"Cost of asset - _____________"/"Estimated Working Life of the Asset"`

Complete the following sentence:

In Fixed Instalment System the amount of depreciation is ______ every year.

Complete the following sentence:

The amount spent on installation of Machinery is a ______ expenditure.

Complete the following sentence:

______ is the value which an asset realises at the end of its useful life.

Complete the following sentence:

Depreciation Account is a ______ account.

Select appropriate alternatives from those given below and rewrite the sentence.
Total of Purchase book is _________ to Purchase Account.

State whether the following statements are ‘True or False’ with reasons.
The process of recording a transaction in the Journal is called Posting.

State whether the following statements are ‘True or False’ with reasons.
A cash withdrawal from the business by the trader should be credited to Drawings A/c.

Answer in One Sentence:

What is Net Profit?

Answer in One Sentence:
State the meaning of Outstanding Expenses?

Answer in One Sentence:
What do you mean by Prepaid Expenses?

Give a word, term, or phrase which can substitute the following statement:
Expenses paid before it is due.

Give a word, term, or phrase which can substitute the following statement:
Income due but not yet received

Give a word, term, or phrase which can substitute the following statement:
 Carriage paid on sale of goods.

Give a word, term, or phrase which can substitute the following statement:

Account prepared to know Net Profit or Net Loss.

Give a word, term, or phrase which can substitute the following statement:
The provision made to compensate the loss on account of likely debts.

Give a word, term, or phrase which can substitute the following statement:
An amount spent on promoting sale of goods.

Select the most appropriate alternatives given below and rewrite the sentence :
Discount earned is transferred to credit side of ___________ account

Interest on Drawing is credited to __________ Account.

Excess of credit over to debit in Profit and Loss Account indicates ________