Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board chapter 9 - Final Accounts of a Proprietary Concern [Latest edition]

Answer in One Sentence:
What is a Trading A/c?

Answer in One Sentence:
What do you mean by Profit & Loss A/c?

Answer in One Sentence:
Why Balance Sheet is prepared?

Answer in One Sentence:
State the meaning of Final Accounts?

Answer in One Sentence:

What is Net Profit?

Answer in One Sentence:

What do you mean by Gross Profit?

Answer in One Sentence:
State the meaning of Accrued Income?

Answer in One Sentence:
State the meaning of Outstanding Expenses?

Answer in One Sentence:
What is Depreciation?

Answer in One Sentence:
What do you mean by Prepaid Expenses?

Give a word, term, or phrase which can substitute the following statement:
Expenses paid before it is due.

Give a word, term, or phrase which can substitute the following statement:
Income due but not yet received

Give a word, term, or phrase which can substitute the following statement:
 Carriage paid on sale of goods.

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:
Account prepared to know Net Profit or Net Loss.

Give a word, term, or phrase which can substitute the following statement:
Value of goods remaining unsold at the end of the year

Give a word, term, or phrase which can substitute the following statement:
The provision made to compensate the loss on account of likely debts.

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 amount spent on promoting sale of goods.

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 :
Discount earned is transferred to credit side of ___________ account

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 :
Outstanding expenses are shown on the ____________ side of Balance Sheet.

Select the most appropriate alternatives given below and rewrite the sentence :
Interest on Drawing is credited to __________ Account.

Select the most appropriate alternatives given below and rewrite the sentence :
Debit balance of Trading Account means ______,.

Select the most appropriate alternatives given below and rewrite the sentence :
Carriage Inward is debited to __________ Account

Select the most appropriate alternatives given below and rewrite the sentence :
Excess of credit over to debit in Profit and Loss Account indicates ________

Select the most appropriate alternatives given below and rewrite the sentence :
Closing stock is always valued at cost or market price which is __________

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 :
Income due but not received is a liability.

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

State True or False with reasons :
Credit balance of Profit and Loss A/c shows net profit

Fill in the blank:
Gross Profit is transferred to ___________ Account.

Fill in the blank :
Debit Balance of Trading Account indicates ___________

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

Fill in the blank :
Interest on Bank Loan is debited to _________  A/c

Fill in the blank :
Profit and Loss account is prepared to find out ___________ results of the business.

Fill in the blank :
All indirect / operating expenses are transferred to ________ account.

Fill in the blank :
Interest of proprietor's drawing is credited to _________ account.

Fill in the blank :
An excess of debit over credit in the Profit & Loss A/c represents the __________.

Fill in the blank :
All direct expenses are transferred to __________ account.

Fill in the blank :
Balance Sheet is __________ of assets & liabilities.

Find the odd one :

Find the odd one :

Find the odd one :

Find the odd one :

Find the odd one :

Do you agree or disagree with the following statement :
Reserve for bad debts is created by debiting Profit and Loss Account.

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 :
Indirect Expenses are debited to Trading 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.