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

With the help of examples, explain how consumption can be reduced by using the 5 R's.

What is Indirect Labour Cost?

What are indirect expenses?

Give an example of indirect expenses.

What do you mean by office and administrative overhead?

Explain the following:

Material Cost

How can ethical environmental consciousness can be developed?

It is a summary of all incomes and expenses of the current accounting year. It is prepared to know the surplus or deficit during the accounting year.

The closing balance of this Account shows surplus or deficit for the year.

This account is equivalent to the Profit and Loss Account of a business concern.

It serves as the basis for preparing the Balance Sheet of a non-trading organisation.

It contains only revenue items.

If the total of ______ side is greater than the total of ______ side, it is called 'surplus' or 'excess of income over expenditure'. 

On the other hand, if the total of ______ side is greater than the total of ______ side, it is known as 'deficit' or 'excess of expenditure over income'.

Sale by description is suitable for ______.

Sales promotion is ______ in nature.

Explain the term surplus in Income and Expenditure Account. 

Explain the term deficit in Income and Expenditure Account.

Why and by whom is an Income and Expenditure Account prepared?

It is one of the methods of selling.