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Chapters
2: Ownership Structures - Sole Proprietorship and Joint Hindu Family Business
3: Ownership Structures - Partnership
4: Ownership Structures - Joint Stock Company
5: Ownership Structures - Cooperative Society
6: Public Sector Enterprises
7: Functioning of a Commercial Organisation
8: Communication in a Commercial Organisation
9: Ways of Communicating
10: Tools of Communication
▶ 11: Nature and Terminology of Accounting
12: Accounting Records
13: Natural Resources
14: Depletion of Resources
15: Practices for Conservation of Resources
16: Industrial Pollution and Degradation of Environment
![C. B. Gupta solutions for कमर्शियल ऐप्लिकेशन [अंग्रेजी] कक्षा ९ आयसीएसई chapter 11 - Nature and Terminology of Accounting - Shaalaa.com](/images/commercial-applications-english-class-9-icse_6:a8c313becfb946c8815ff7559b43feac.jpg "C. B. Gupta solutions for कमर्शियल ऐप्लिकेशन [अंग्रेजी] कक्षा ९ आयसीएसई chapter 11 - Nature and Terminology of Accounting")
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Solutions for Chapter 11: Nature and Terminology of Accounting
Below listed, you can find solutions for Chapter 11 of CISCE C. B. Gupta for कमर्शियल ऐप्लिकेशन [अंग्रेजी] कक्षा ९ आयसीएसई.
C. B. Gupta solutions for कमर्शियल ऐप्लिकेशन [अंग्रेजी] कक्षा ९ आयसीएसई 11 Nature and Terminology of Accounting EXERCISES [Pages 133 - 135]
Objective Type Questions:
Which of the following is not salient features of accounting?
Accounting is both an art and a science.
Accounting records transactions and events of a financial nature only.
Classifying means the process of grouping the entries or transactions of one nature at one place.
If the transaction cannot be measured in terms of money, then also it should be recorded.
Book-keeping and accountancy are ______ to each other.
complementary
supplementary
reflection
none of these
Without accountancy, book-keeping is meaningless because mere recording of transactions does not show the results of business.
True
False
Which of the following is not an objective of accounting?
To maintain records of business.
Calculation of Profit or Loss.
Depiction of Financial Position.
Business firm are not interested to know whether it has earned a profit or suffered a loss during a period of time.
Statement I: Owners need accounting information to know the profitability and financial soundness of their investment.
Statement II: Creditors require accounting information to assess the credit worthiness and repaying capacity of the firm.
Only I is correct.
Only II is correct.
Both I and II are correct.
Both I and II are wrong.
In order to borrow funds from banks and financial institutions, a business firm has to submit its final accounts.
True
False
Statement I: When a nominal account is debited, it means money has been spent or lost.
Statement II: When an account relating to some asset is debited, it means the quantity of value of that asset has increased.
Only I is correct.
Only II is correct.
Both I and II are correct.
Both I and II are wrong.
______ means the amount which the business firm owes to outsiders.
Liability
Capital
Assets
None of these.
______ means the amount which the proprietor or owner has invested in the firm or can claim from the firm.
Assets
Liability
Capital
None of these.
______ are used for production and supply of goods or services.
Fixed Assets
Current Assets
Liquid Assets
Wasting Assets
Assertion (A): The accounting equation is Assets = Liabilities + Capital.
Reasoning (R): This equation represents the fundamental relationship between a company’s resources, debts, and ownership.
A is true but R is false.
A is false but R is true.
Both A and R are true and R explains A.
Both A and R are true but R does not explain A.
Which of the following scenarios indicates a contingent liability?
Payment of utility bills.
Lawsuit filed against the business, pending a court decision.
Salaries payable to employees.
Purchase of inventory on credit.
A company pays ₹ 5,000 in advance rent. What type of account is impacted, and how?
Prepaid Rent Account (Real, Dr).
Prepaid Rent Account (Nominal, Cr).
Prepaid Rent Account (Real, Cr).
Prepaid Rent Account (Personal, Dr).
Nominal accounts reflect the financial position of a business at a given point in time.
True
False
Statement I: Capital is shown on the liability side of a balance sheet because it represents the owner’s claim on business assets.
Statement II: Capital increases when the business makes a profit.
Both I and II are correct.
I is correct, but II is incorrect.
II is correct, but I is incorrect.
Both I and II are incorrect.
A business owner withdraws ₹ 20,000 in cash for personal use. Which account will be affected?
Drawings Account (Dr), Cash Account (Cr).
Cash Account (Dr), Drawings Account (Cr).
Capital Account (Dr), Drawings Account (Cr).
Expense Account (Dr), Cash Account (Cr).
Which of the following actions impacts the nominal accounts of a business?
Selling goods on credit.
Recording depreciation on machinery.
Purchasing a building for cash.
Transferring profits to the capital account.
Fictitious assets like preliminary expenses represent actual resources available to the business.
True
False
Which of the following entries will result in an increase in both assets and liabilities?
Owner brings additional capital into the business.
Bank loan taken and credited to the bank account.
Purchase of goods on credit.
Purchase of furniture by cash.
Statement I: Capital is shown on the liability side of a balance sheet because it represents the owner’s claim on business assets.
Statement II: Capital increases when the business makes a profit.
Both I and II are correct.
I is correct, but II is incorrect.
II is correct, but I is incorrect.
Both I and II are incorrect.
Short Answer Questions.
Define accounting.
Why is book-keeping considered the foundation of accounting?
Enumerate the main objectives of accounting.
Why is accounting important for maintaining financial health?
“Accounting is an art as well as a science.” Comment.
Define the following accounting term:
Asset
Define the following accounting term:
Liability
Define the following accounting term:
Capital
Define the following accounting term:
Expense
Define the following accounting term:
Revenue
What are contingent liabilities?
Explain the significance of debit in accounting.
Explain the significance of credit in accounting.
Long Answer Questions.
What is accounting?
What are the main features of accounting?
Give two differences between book-keeping and accounting.
Discuss the need and relevance of accounting.
Explain the basic terms used in accounting.
Describe the rules of debit.
Describe the rules of credit.
Explain the limitations of accounting.
Discuss various types of ledger accounts.
“Accounting is the process of collecting, classifying, analysing and reporting business transactions.” Explain.
Project Work.
Visit any small firm in your city which uses single entry system of accounting. Know from the owner the books he maintains and the problems faced by him.
C. B. Gupta solutions for कमर्शियल ऐप्लिकेशन [अंग्रेजी] कक्षा ९ आयसीएसई 11 Nature and Terminology of Accounting QUESTION BANK [Pages 135 - 136]
Enumerate the main objectives of accounting.
What is Capital Account?
What is drawings account?
Explain why only financial transactions are recorded in accounting.
Evaluate how financial transaction limitations impact the overall accuracy of a business’s financial position?
Explain the term ‘transaction’.
What is the accounting equation?
Describe the users of accounting information.
A business owner withdraws ₹ 25,000 for personal use. Which accounts are impacted?
Examine the role of personal, real, and nominal accounts in accounting. How do they collectively ensure comprehensive financial recording?
Solutions for 11: Nature and Terminology of Accounting
C. B. Gupta solutions for कमर्शियल ऐप्लिकेशन [अंग्रेजी] कक्षा ९ आयसीएसई chapter 11 - Nature and Terminology of Accounting
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