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

This principle states that accounting procedures and methods should remain consistent from one year to another.

According to this principle, record all anticipated losses but ignore all anticipated gains. Industry practice.

This principle states that the financial statements should be prepared quickly at the end of the accounting period.

This principle is an exception to the principle of full disclosure.

Closing stock is always valued at market price. Justify for or against by citing two reasons.

Explain the principle of materiality.

Explain the principle of Timeliness.

“Principle of consistency is a modifying principle.” Comment.

Name and explain the accounting convention which says record all anticipated losses but ignore all anticipated gains.

Explain the Principle of Prudence.

Explain the principle of industry practice.

Explain the accounting conventions.

Discuss any five reasons as to why advertisements are criticised.

Name and explain the scope of Public Relations with reference to any two stakeholders who create an impact on the business organisation.

“It is a set-off tangible and physical attributes such as material colour, design, size, weight, etc., assembled in an identifiable form better seller offers to customers for sale.” What is it?

Bread and milk are which kind of products?

These products are used for further production of goods and services.

The asset which can only be perceived indirectly such as an insurance policy is called ______.

______ are products bought by individuals and organisations for further processing or for use in conducting a business.

The products bought after comparing quality, price, etc of different brands are known as ______.