HSC Commerce (English Medium) 11th Standard - Maharashtra State Board Question Bank Solutions for Book Keeping and Accountancy

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Book Keeping and Accountancy
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Which account is credited when depreciation is charged on the asset?

[0.07] Depreciation
Chapter: [0.07] Depreciation
Concept: Depreciation

Answer in One Sentence:

What is Book-keeping?

[0.01] Introduction of Book-keeping and Accountancy
Chapter: [0.01] Introduction of Book-keeping and Accountancy
Concept: Book-keeping-An Introduction

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Answer in One Sentence:

What is meant by Goods?

[0.01] Introduction of Book-keeping and Accountancy
Chapter: [0.01] Introduction of Book-keeping and Accountancy
Concept: Book-keeping-An Introduction

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

Recording of business transactions.

[0.01] Introduction of Book-keeping and Accountancy
Chapter: [0.01] Introduction of Book-keeping and Accountancy
Concept: Book-keeping-An Introduction

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

Amount invested in business by the proprietor.

[0.01] Introduction of Book-keeping and Accountancy
Chapter: [0.01] Introduction of Book-keeping and Accountancy
Concept: Book-keeping-An Introduction

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

Art and science of recording business transactions.

[0.01] Introduction of Book-keeping and Accountancy
Chapter: [0.01] Introduction of Book-keeping and Accountancy
Concept: Book-keeping-An Introduction

State whether the following statement is true or false with reasons:

Book-keeping and accounting are one and the same thing.

[0.01] Introduction of Book-keeping and Accountancy
Chapter: [0.01] Introduction of Book-keeping and Accountancy
Concept: Book-keeping-An Introduction

Do you agree or disagree with the following statements :

Book-keeping is an art, science and profession.

[0.01] Introduction of Book-keeping and Accountancy
Chapter: [0.01] Introduction of Book-keeping and Accountancy
Concept: Book-keeping-An Introduction

Write one word/term or phrase which can substitute the following statement.

Method of Accounting which records both aspects of the transaction.

[0.02] Meaning and Fundamentals of Double Entry Book-keeping
Chapter: [0.02] Meaning and Fundamentals of Double Entry Book-keeping
Concept: Study of Double Entry Book-keeping System

Write one word/term or phrase which can substitute the following statement.

Person who invented the Double Entry System.

[0.02] Meaning and Fundamentals of Double Entry Book-keeping
Chapter: [0.02] Meaning and Fundamentals of Double Entry Book-keeping
Concept: Study of Double Entry Book-keeping System

Write one word/term or phrase which can substitute the following statement.

Scientific system of recording business transactions.

[0.02] Meaning and Fundamentals of Double Entry Book-keeping
Chapter: [0.02] Meaning and Fundamentals of Double Entry Book-keeping
Concept: Study of Double Entry Book-keeping System

Select the most appropriate alternatives from the given below and rewrite the statement:

International Accounting day is observed on ______

[0.02] Meaning and Fundamentals of Double Entry Book-keeping
Chapter: [0.02] Meaning and Fundamentals of Double Entry Book-keeping
Concept: Study of Double Entry Book-keeping System

State whether the following statement is True or False with reasons:

Every debit has equal and corresponding credit.

[0.02] Meaning and Fundamentals of Double Entry Book-keeping
Chapter: [0.02] Meaning and Fundamentals of Double Entry Book-keeping
Concept: Study of Double Entry Book-keeping System

Fill in the blank:

Increase in asset is debited and decrease in asset is ______

[0.02] Meaning and Fundamentals of Double Entry Book-keeping
Chapter: [0.02] Meaning and Fundamentals of Double Entry Book-keeping
Concept: Study of Double Entry Book-keeping System

Fill in the blank:

Every transaction has ______ effect.

[0.02] Meaning and Fundamentals of Double Entry Book-keeping
Chapter: [0.02] Meaning and Fundamentals of Double Entry Book-keeping
Concept: Study of Double Entry Book-keeping System

Fill in the blank:
___________ is the document on the basis of which the entry is recorded in journal.

[0.06] Bank Reconciliation Statement
Chapter: [0.06] Bank Reconciliation Statement
Concept: Accounting Documents

Fill in the blank:
___________ is the document on the basis of which the entry is recorded in journal.

[0.03] Journal
Chapter: [0.03] Journal
Concept: Accounting Documents

Fill in the blank:
There are _______ parties to a cheque

[0.06] Bank Reconciliation Statement
Chapter: [0.06] Bank Reconciliation Statement
Concept: Accounting Documents

Fill in the blank:
There are _______ parties to a cheque

[0.03] Journal
Chapter: [0.03] Journal
Concept: Accounting Documents

Fill in the blank:
The _______ cheque is more safe than other cheques as it cannot be encashed on the counter of the bank.

[0.06] Bank Reconciliation Statement
Chapter: [0.06] Bank Reconciliation Statement
Concept: Accounting Documents
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