HSC Commerce: Marketing and Salesmanship 11th Standard - Maharashtra State Board Question Bank Solutions for Book Keeping and Accountancy

Select appropriate alternatives from those given below and rewrite the sentence.
_____________ is prepared to test arithmetical accuracy of Books of Accounts.

State whether the following statements are ‘True or False’ with reasons.
Balances of Nominal Accounts are carried forward to the next year.

Fill in the blank:
___________ accounts are closed by transferring its balances to Profit and Loss Account.

Complete the following table:

Answer in One Sentence:
What is Depreciation?

Give a word, term, or phrase which can substitute the following statement:
Statement of Assets & Liabilities.

Give a word, term, or phrase which can substitute the following statement:
The accounts prepared at the end of the accounting year to know the profit or loss and Financial position of business

Give a word, term, or phrase which can substitute the following statement:
An additional information provided below the Trial Balance.

Select the most appropriate alternatives given below and rewrite the sentence :
____________ is excess of assets over liabilities

Select the most appropriate alternatives given below and rewrite the sentence :
Outstanding expenses are shown on the ____________ side of Balance Sheet.

Select the most appropriate alternatives given below and rewrite the sentence :
______________ is a statement which shows the financial position of business on a specific date.

Select the most appropriate alternatives given below and rewrite the sentence :

State True or False with reasons :
In every adjustment atleast there are three effects.

State True or False with reasons :
Every item of Trial Balance has only one effect.

State True or False with reasons :
Goodwill is not a fictitious asset

Fill in the blank :
Income Receivable appears on __________ side of Balance Sheet.

Do you agree or disagree with the following statement :
Balance Sheet is a statement as well as an account.

Do you agree or disagree with the following statement :
Bank Overdraft is treated as an Internal Liability

Do you agree or disagree with the following statement:
Capital is excess of Liabilities over Assets.

Classify the following accounts under the types of Personal, Real and Nominal account:

Mr. Rohit’s capital A/c