Ask questions which are clear, concise and easy to understand.

Please Wait.. Editor is Loading..

List of books for 11th class commerce 

Posted by Sonika Garg (Jun 09, 2017 8:09 p.m.) (Question ID: 5801)

  • Add Comment
    Please Wait.. Editor is Loading..
  • Answers:
  • Accounts--NCERT, DK Goel or TS grewal or IF you can Tackle then TULSIAN book

    Economics-- Arihant publication or jain and ohri(vk publication) or HImalya publication

    Business studies--NCERT only...

    english--ncert and oxford 

     

    Answered by swami jee (Jun 09, 2017 10:24 p.m.)
    Thanks (1)
  • Add Answer
    Please Wait.. Editor is Loading..

Difference between Cash basis accounting and Accrual basis of accounting.

Posted by Akshaya N (Jun 08, 2017 8:33 p.m.) (Question ID: 5766)

  • Add Comment
    Please Wait.. Editor is Loading..
  • Answers:
  • Under the cash basis of accounting:

    • Revenues are reported on the income statement in the period in which the cash is received from customers.
    • Expenses are reported on the income statement when the cash is paid out.

    Under the accrual basis of accounting:

    • Revenues are reported on the income statement when they are earned—which often occurs before the cash is received from the customers.
    • Expenses are reported on the income statement in the period when they occur or when they expire—which is often in a period different from when the payment is made.
    Answered by Payal Singh (Jun 09, 2017 5:49 a.m.)
    Thanks (0)
  • Add Answer
    Please Wait.. Editor is Loading..

Difference between IFRS and Accounting Standards. any 5 points

Posted by Akshaya N (Jun 08, 2017 8:32 p.m.) (Question ID: 5765)

  • Add Comment
    Please Wait.. Editor is Loading..
  • Answers:
    • IAS stands for International Accounting Standards, while IFRS refers to International Financial Reporting Standards.
    • IAS standards were published between 1973 and 2001, while IFRS standards were published from 2001 onwards.
    • IAS standards were issued by the IASC, while the IFRS are issued by the IASB, which succeeded the IASC.
    • Principles of the IFRS take precedence if there’s contradiction with those of the IAS, and this results in the IAS principles being dropped.
    Answered by Payal Singh (Jun 09, 2017 5:51 a.m.)
    Thanks (0)
  • Add Answer
    Please Wait.. Editor is Loading..

what are the funcitons and importace of the following

  1. cancelled cheque
  2. pay in slip
  3. Draft slip
  4. cash memo
  5. invoice and bill
  6. voucher
Posted by govind gulia (May 22, 2017 5:18 p.m.) (Question ID: 5432)

  • Add Comment
    Please Wait.. Editor is Loading..
  • Answers:
  • Add Answer
    Please Wait.. Editor is Loading..

What is the difference between accounting and accountancy?

 

Posted by Shagun Vishwakarma (May 19, 2017 8:24 a.m.) (Question ID: 5371)

  • Add Comment
    Please Wait.. Editor is Loading..
  • Answers:
  • Accountancy is work done by accountant: the work or profession of an accountant

    Accounting is the activity, practice, or profession of maintaining the business records of a person or organization and preparing forms and reports for tax or other financial purposes.

    Answered by Naveen Sharma (May 19, 2017 9:14 a.m.)
    Thanks (0)
  • Add Answer
    Please Wait.. Editor is Loading..

Name the financial statement in which the balance of suspense account will be shown

 

Posted by Vishu Jaiz (Mar 17, 2017 2:03 p.m.) (Question ID: 3986)

  • Add Comment
    Please Wait.. Editor is Loading..
  • Answers:
  • Add Answer
    Please Wait.. Editor is Loading..

What is  accounting standards? And revenue?

Posted by Sita Kadian (Mar 08, 2017 8:23 p.m.) (Question ID: 3317)

  • Add Comment
    Please Wait.. Editor is Loading..
  • Answers:
  • Ans. Accounting standards are authoritative standards for financial reporting and are the primary source of generally accepted accounting principles (GAAP). Accounting standards specify how transactions and other events are to be recognized, measured, presented and disclosed in financial statements.

    Revenues are the assets earned by a company's operations and business activities. In other words, revenues include the cash or receivables received by a company for the sale of its goods or services. The revenue account is an equity account with a credit balance.

    Answered by Naveen Sharma (Mar 09, 2017 11:28 a.m.)
    Thanks (0)
  • Add Answer
    Please Wait.. Editor is Loading..

What is demand bill? And what is cash Memo?

Posted by Sita Kadian (Mar 08, 2017 12:02 p.m.) (Question ID: 3287)

  • Add Comment
    Please Wait.. Editor is Loading..
  • Answers:
  • Ans. Demand bill is a bill of exchange which must be paid when payment is asked for.

    Cash Memo is a document that a seller passes to a buyer at the time of a specific purchase of goods or services. It is the equivalent of an invoice and is only used to record transactions that are paid for using cash, rather than bank transactions or checks.

    Answered by Naveen Sharma (Mar 08, 2017 7:52 p.m.)
    Thanks (2)
  • Add Answer
    Please Wait.. Editor is Loading..

WHAT WILL THE EFFECT OF CHARITY IN TRADING A/C AND PROFIT AND LOSS A/C?

Posted by Ayan Basak (Mar 02, 2017 6:01 p.m.) (Question ID: 2915)

  • Add Comment
    Please Wait.. Editor is Loading..
  • Answers:
  • Add Answer
    Please Wait.. Editor is Loading..

journal entry purchases return

 

Posted by Sugam Kapoor (Feb 22, 2017 11:49 a.m.) (Question ID: 2439)

  • Add Comment
    Please Wait.. Editor is Loading..
  • Answers:
  • Purchase return is always credited

    Answered by Richa Aggarwal (Feb 23, 2017 6:05 p.m.)
    Thanks (0)
  • Add Answer
    Please Wait.. Editor is Loading..

give any two examples of current assets

Posted by Abhishek Jaat (Feb 22, 2017 8:32 a.m.) (Question ID: 2429)

  • Add Comment
    Please Wait.. Editor is Loading..
  • Answers:
  • Stock

    trade receivable 

    Cash

     

    Answered by Riya Girdhar (Feb 22, 2017 9:12 a.m.)
    Thanks (0)
  • Add Answer
    Please Wait.. Editor is Loading..

what are the differences between balance sheet and trial balance?

Posted by ajit mohanty (Feb 21, 2017 10:33 p.m.) (Question ID: 2418)

  • Add Comment
    Please Wait.. Editor is Loading..
  • Answers:
  • Ans.  The differences are following:

    1. Statement of debit and credit balances were taken from general ledger is known as Trial Balance. Statement of assets and equity & liabilities is known as Balance Sheet.
    2. Trial Balance does not include closing stock while the Balance Sheet does not include opening stock.
    3. Trial Balance checks the arithmetical accuracy in the recording and posting while balance sheet is prepared to determine the financial position of the company on a specific date
    4. Trial Balance is prepared after posting into ledger whereas Balance Sheet is prepared after the preparation of Trading and Profit & Loss Account.
    5. The Balance Sheet is the part of the Financial Statement while Trial Balance is not a part of the Financial Statement.
    6. Balances of all personal, real and nominal account are shown in the trial balance. On the contrary, Balance sheet shows the balances of personal and real account only.
    7. The trial balance is prepared at the end of each month, quarter, half year or the financial year. Conversely, the balance sheet is prepared at the end of each month.
    8. The trial balance is prepared for internal use only, however, the balance sheet is prepared for both internal and external use, i.e. to inform outside parties about the financial condition of the entity.
    Answered by Naveen Sharma (Feb 21, 2017 11:18 p.m.)
    Thanks (0)
  • Add Answer
    Please Wait.. Editor is Loading..

What is capital expenditure and revenue expenditure

 

Posted by Abhishek Dora (Feb 18, 2017 8:53 a.m.) (Question ID: 2277)

  • Add Comment
    Please Wait.. Editor is Loading..
  • Answers:
  • An expenditure which neither creates assets nor reduces liability is called Revenue Expenditure, e.g., salaries of employees, interest payment on past debt, subsidies, pension, etc.

    An expenditure which either creates an asset (e.g., school building) or reduces liability (e.g., repayment of loan) is called capital expenditure.

     

    Answered by Manish Gandhi (Feb 18, 2017 5:59 p.m.)
    Thanks (0)
  • Add Answer
    Please Wait.. Editor is Loading..

What is net profit ??

Posted by Richa Aggarwal (Feb 14, 2017 9:51 p.m.) (Question ID: 2123)

  • Add Comment
    Please Wait.. Editor is Loading..
  • Answers:
  • Ans. Net profit, often referred to as net income, is the amount of money a company has left after all expenses, including taxes, have been subtracted from total revenue. Net profit is reported on a company's income statement and is one of the key indicators of the success or failure of a company's business operation during a given time period.

    The actual formula for calculating net profit is:

    Net Profit = Total Revenue - Total Expenses

    Answered by Naveen Sharma (Feb 15, 2017 12:09 p.m.)
    Thanks (0)
  • Add Answer
    Please Wait.. Editor is Loading..

define DBMS?

Posted by sneha raturi (Feb 12, 2017 10:29 p.m.) (Question ID: 2061)

  • Add Comment
    Please Wait.. Editor is Loading..
  • Answers:
  • A database management system (DBMS) is a computer software application that interacts with the user, other applications, and the database itself to capture and analyze data. A general-purpose DBMS is designed to allow the definition, creation, querying, update, and administration of databases.

    Answered by ajit mohanty (Feb 21, 2017 10:39 p.m.)
    Thanks (0)
  • Ans.  DBMS: It is a computerized Record keeping system (software) that allows access to data contained in a database. The DBMS makes possible to share the data in the database among multiple users.

    Answered by Naveen Sharma (Feb 13, 2017 12:46 p.m.)
    Thanks (1)
  • Add Answer
    Please Wait.. Editor is Loading..

How to calculate opening balance in non profit organisation?

Posted by Nishant Raj (Jan 23, 2017 11:24 p.m.) (Question ID: 1580)

  • Add Comment
    Please Wait.. Editor is Loading..
  • Answers:
  • Add Answer
    Please Wait.. Editor is Loading..

imagine that you are doing a business , record all the transactions in journal, ledger , trial balance and financial statement , which will happen in an accounting period

Posted by Gagan Deep Kaur (Dec 28, 2016 12:33 p.m.) (Question ID: 903)

  • Complete the question...

    Posted by Richa Aggarwal (Jan 23, 2017 5:16 p.m.)
  • Add Comment
    Please Wait.. Editor is Loading..
  • Answers:
  • Add Answer
    Please Wait.. Editor is Loading..

Accounting provides information about the profitably and financial soundness of aa concern. In addition, it provides various other valuable information also. However, accounting has certain limitations? Explain the limitations which is concerned with the manipulation of accounts

 

Posted by Anmol Aggarwal (Dec 27, 2016 10:05 a.m.) (Question ID: 882)

  • Add Comment
    Please Wait.. Editor is Loading..
  • Answers:
  • Add Answer
    Please Wait.. Editor is Loading..

how do prepare finacial statment?

 

Posted by Prakul Rana (Dec 02, 2016 8:20 p.m.) (Question ID: 675)

  • Add Comment
    Please Wait.. Editor is Loading..
  • Answers:
  • Add Answer
    Please Wait.. Editor is Loading..

(financial accounting-1)

Posted by Bishal Kumar (Oct 09, 2016 9:11 a.m.) (Question ID: 356)

  • Add Comment
    Please Wait.. Editor is Loading..
  • Answers:
  • Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financialstatement such as an income statement or a balance sheet.

    Answered by P.S. Aditya (Oct 11, 2016 4:35 p.m.)
    Thanks (0)
  • Add Answer
    Please Wait.. Editor is Loading..

Sponsored Links

Download Mobile App

banner

Subscribe by E-mail

For Latest News and Updates from myCBSEguide.com
Enter your email address:

Connect via Facebook

Sponsored Links