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

Answer in One Sentence:

What is Book-keeping?

Answer in One Sentence:

What is meant by Goods?

Answer in One Sentence:

What is Capital?

Answer in One Sentence:

What is Drawings?

Answer in One Sentence:

What is Goodwill?

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

Recording of business transactions.

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

Amount invested in business by the proprietor.

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

A person to whom amount is payable.

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

Exchange between two persons.

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

Excess of expenses over income.

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

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

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

Art and science of recording business transactions.

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

Property of any description owned by Proprietor.

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.

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

Allowance is given on catalogue price of goods

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

Surplus of income over expenses is ______________.

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.

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

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

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 _________.

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

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

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

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

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

According to ______ cash flow statement is prepared and presented for the period for which the profit and loss account is prepared.

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

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

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

Brief explanation of an entry is called as _________.

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______.

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

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

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

Conservatism means to follow the safe side.

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

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

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

Bank overdraft is an asset of the business.

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

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

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

Cash discount does not appear in the books of accounts.

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

A transaction is concerned with money or money’s worth

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

Accounting is the language of business.

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

In civilization, accounting was done by owners.

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

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

Do you agree or disagree with the following statement:

Accounting is useful only to the owner.

Do you agree or disagree with the following statements :

Book-keeping is an art, science and profession.

Do you agree or disagree with the following statements :

Bills Payable is an asset of the business.

Do you agree or disagree with the following statements :

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

Do you agree or disagree with the following statement:

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

Complete the following sentence:

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

Complete the following sentence:

Excess of gross profit over operating expenses is______

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 ____________

Complete the following sentence:

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

Complete the following sentence:

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