(English Medium) ICSE Class 10 - CISCE Important Questions for Commercial Applications

Ledger is also called the ______.

Justify the following:

Every transaction is recorded in at least three accounts.

Define the term Book-keeping.

The retirement of manager of the company cannot be recorded in the book of accounts, because it is not possible to estimate the financial effect of retirement. Which accounting principle would be applicable for the above statement?

Explain the concept of The Dual Aspect Principle.

Income and Expenditure Account is a ______ account.

The objective of preparing a ______ account is to find out the cash position of the organization.

Income and expenditure contain only ______ items.

What is a Balance Sheet?

Write any two uses of the Balance Sheet?

Write any two features of the Receipt and Payment Account.

Justify either for or against by giving a reason for the following statement. ‘Income and Expenditure account shows the opening and closing balances of cash in hand and cash at bank.’

State any three points of difference between ‘Receipts and Payment Account’ and ‘Income and Expenditure Account’.

______ depicts the Capital fund of the organization.

Give any two uses of Income and Expenditure Account.

What are the features of a Balance Sheet?

The closing balance of this account shows surplus/deficit ______.

Explain any two features of Income and Expenditure account.

State five uses of Receipts and Payments account.

Explain five uses of Balance Sheet.