Maharashtra State BoardHSC Commerce (English Medium) 11th
Advertisement Remove all ads

Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board chapter 1 - Introduction to Book - Keeping and Accountancy [Latest edition]

Chapters

Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board chapter 1 - Introduction to Book - Keeping and Accountancy - Shaalaa.com
Advertisement Remove all ads
Advertisement Remove all ads

Chapter 1: Introduction to Book - Keeping and Accountancy

Exercises
Exercises [Pages 16 - 18]

Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board Chapter 1 Introduction to Book - Keeping and Accountancy Exercises [Pages 16 - 18]

Exercises | Q 1. 1) | Page 16

Answer in One Sentence:

What is Book-keeping?

Exercises | Q 1. 2) | Page 16

Answer in One Sentence:

What is meant by Goods?

Exercises | Q 1. 3) | Page 16

Answer in One Sentence:

What is Capital?

Exercises | Q 1. 4) | Page 16

Answer in One Sentence:

What is Drawings?

Exercises | Q 1. 5) | Page 16

Answer in One Sentence:

What is Goodwill?

Exercises | Q 2. 1) | Page 16

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

Recording of business transactions.

Exercises | Q 2. 2) | Page 16

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

Amount invested in business by the proprietor.

Exercises | Q 2. 3) | Page 16

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

A person to whom amount is payable.

Exercises | Q 2. 4) | Page 16

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

Exchange between two persons.

Exercises | Q 2. 5) | Page 16

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

Excess of expenses over income.

Exercises | Q 2. 6) | Page 16

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

A person whose assets are sufficient enough to meet business obligations.

Exercises | Q 2. 7) | Page 16

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

Book-keeping is providing all required financial information to the businessman.

Exercises | Q 2. 8) | Page 16

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

Property of any description owned by Proprietor.

Exercises | Q 2. 9) | Page 16

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

Assets which remain in the business for only for short time and can be converted into cash very easily.

Exercises | Q 2. 10) | Page 16

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

Allowance is given on catalogue price of goods

Exercises | Q 3. 1) | Page 17

Select the most appropriate alternative from the given below and rewrite the statement.

Surplus of income over expenses is ______________.

  • Profit

  • Deficit

  • Loss

  • Financial Statements

Exercises | Q 3. 2) | Page 17

Select the most appropriate alternative from the given below and rewrite the statement.

In ____________ basis of accounting, actual cash receipts and actual cash payments are recorded.

  • Accrual

  • Hybrid

  • Cash

  • Mercantile

Exercises | Q 3. 3) | Page 17

Select the most appropriate alternative from the given below and rewrite the statement.

Amount which is not recoverable from customer is known as ______________.

  • Bad Debts

  • Debts

  • Debtors

  • Doubtful debts

Exercises | Q 3. 4) | Page 17

Select the most appropriate alternative from the given below and rewrite the statement.

Accounts must be honestly prepared and they must disclose all material information is known as _________.

  • Entity Concepts

  • Dual Aspect Concept

  • Disclosure Concept

  • Cost Concept

Exercises | Q 3. 5) | Page 17

Select the most appropriate alternative from the given below and rewrite the statement.

A commodity in which a trader deals is known as _______________.

  • Goods

  • Income

  • Property

  • Expenditure

Exercises | Q 3. 6) | Page 17

Select the most appropriate alternative from the given below and rewrite the statement.

_________ means a reputation of a business valued in terms of money.

  • Trademark

  • Assets

  • Patents

  • Goodwill

Exercises | Q 3. 7) | Page 17

Select the most appropriate alternative from the given below and rewrite the statement.

Cash flow statement is prepared and presented for the period for which the profit and loss account is prepared

  • AS-3

  • AS-10

  • AS-6

  • AS-2

Exercises | Q 3. 8) | Page 17

Select the most appropriate alternative from the given below and rewrite the statement.

The immediate recognition of loss is supported by principle of __________.

  • Conservatism

  • Objective

  • Matching

  • Consistency

Exercises | Q 3. 9) | Page 17

Select the most appropriate alternative from the given below and rewrite the statement.

Brief explanation of an entry is called as _________.

  • Folio

  • Narration

  • Posting

  • Journalising

Exercises | Q 3. 10) | Page 17

Select the most appropriate alternative from the given below and rewrite the statement.

An act of exchange of things or services between the two parties is termed as______.

  • Ledger

  • Transfer

  • Transaction

  • Business

Exercises | Q 4. 1) | Page 17

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

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

  • True

  • False

Exercises | Q 4. 2) | Page 17

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

Conservatism means to follow the safe side.

  • True

  • False

Exercises | Q 4. 3) | Page 17

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

The double entry system is based on “Dual Aspect” concept.

  • True

  • False

Exercises | Q 4. 4) | Page 17

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

Bank overdraft is an asset of the business.

  • True

  • False

Exercises | Q 4. 5) | Page 17

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

Solvent person is a person whose assets are more than his liabilities.

  • True

  • False

Exercises | Q 4. 6) | Page 17

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

Cash discount does not appear in the books of accounts.

  • True

  • False

Exercises | Q 4. 7) | Page 17

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

A transaction is concerned with money or money’s worth

  • True

  • False

Exercises | Q 4. 8) | Page 17

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

Accounting is the language of business.

  • True

  • False

Exercises | Q 4. 9) | Page 17

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

In civilization, accounting was done by owners.

  • True

  • False

Exercises | Q 4. 10) | Page 17

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

Book-keeping is useful to find out all tax liabilities.

  • True

  • False

Exercises | Q 5. 1) | Page 18

Do you agree or disagree with the following statements :

Accounting is useful only to the owner.

  • agree

  • disagree

Exercises | Q 5. 2) | Page 18

Do you agree or disagree with the following statements :

Book-keeping is an art, science and profession.

  • Agree

  • Disagree

Exercises | Q 5. 3) | Page 18

Do you agree or disagree with the following statements :

Bills Payable is an asset of the business.

  • Agree

  • Disagree

Exercises | Q 5. 4) | Page 18

Do you agree or disagree with the following statements :

In Book-keeping and Accountancy, only non-monetary transactions are recorded.

  • Agree

  • Disagree

Exercises | Q 5. 5) | Page 18

Do you agree or disagree with the following statement:

The Assets which give long-term benefit to the business are Fixed Assets.

  • Agree

  • Disagree

Exercises | Q 6. 1) | Page 18

Complete the following sentence:

Revenue arising as a result of business transactions is known as ____________

Exercises | Q 6. 2) | Page 18

Complete the following sentence:

Excess of gross profit over operating expenses is______

Exercises | Q 6. 3) | Page 18

Complete the following sentence:

An expenditure which is basically revenue in nature but benefit of which is not exhausted within one year is called as ____________

Exercises | Q 6. 4) | Page 18

Complete the following sentence:

The amount deducted by the seller from the list price of goods at the time of sale is ____________

Exercises | Q 6. 5) | Page 18

Complete the following sentence:

A person to whom business owes money for the goods or services is known as ____________

Advertisement Remove all ads

Chapter 1: Introduction to Book - Keeping and Accountancy

Exercises
Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board chapter 1 - Introduction to Book - Keeping and Accountancy - Shaalaa.com

Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board chapter 1 - Introduction to Book - Keeping and Accountancy

Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board chapter 1 (Introduction to Book - Keeping and Accountancy) include all questions with solution and detail explanation. This will clear students doubts about any question and improve application skills while preparing for board exams. The detailed, step-by-step solutions will help you understand the concepts better and clear your confusions, if any. Shaalaa.com has the Maharashtra State Board Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board solutions in a manner that help students grasp basic concepts better and faster.

Further, we at Shaalaa.com provide such solutions so that students can prepare for written exams. Balbharati textbook solutions can be a core help for self-study and acts as a perfect self-help guidance for students.

Concepts covered in Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board chapter 1 Introduction to Book - Keeping and Accountancy are Book-keeping-An Introduction, Importance of Book-keeping, Difference Between Book-keeping and Accountancy, Accountancy, Basis of Accounting System - Cash Basis, Basis of Accounting System - Accrual Or Mercantile Basis, Basis of Accounting System - Mixed Or Hybrid Basis, Qualitative Characteristics of Accounting Information, Basic Accounting Terminologies, Accounting Concepts, Conventions and Principles, Accounting Standards (AS) and International Financial Reporting Standards IFRS.

Using Balbharati 11th solutions Introduction to Book - Keeping and Accountancy exercise by students are an easy way to prepare for the exams, as they involve solutions arranged chapter-wise also page wise. The questions involved in Balbharati Solutions are important questions that can be asked in the final exam. Maximum students of Maharashtra State Board 11th prefer Balbharati Textbook Solutions to score more in exam.

Get the free view of chapter 1 Introduction to Book - Keeping and Accountancy 11th extra questions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board and can use Shaalaa.com to keep it handy for your exam preparation

Advertisement Remove all ads
Share
Notifications

View all notifications


      Forgot password?
View in app×