CBSE > Class 11 > Accountancy | CBSE Board | Homework Help

Parameters of Comparison	Expense	Expenditure
Meaning	It is used when referring to past purchases, and also when talking about a single item purchased.	It is used when referring to a whole list of purchases or any form of disbursement.
Meaning (in terms of corporations)	Expenses are the strategic purchases made by companies to increase their revenue.	Expenditures are the final amounts on bills incurred due to the purchase of an asset by the corporation.
Frequency of occurrence	Expenses are seen to occur many times over a given period (such as a fiscal year of an organization).	Expenditures are final amounts, so they occur in lesser frequency over a specific period of a company.
Reason	Corporations make expenses so that they can make ordinary day to day purchases for the company.	Corporations make expenditures for significant assets and things concerning revenue.
Examples	Expenses for an organization include employee salaries and healthcare benefits. For citizens, it includes rent and food purchases.	For corporations – capital investments and investment of shares. For citizens, it includes mortgages and property investments.
Time frame	When looking at financial accounts, expenses are always compiled for a small term due to the higher number of times they occur.	In financial accounts, expenditures are compiled for a longer-term due to the lower number of occurrences.

0Thank You

ANSWER

Thee column cash book

Posted by Aman Kumar 8 years, 6 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

Paper

Posted by Ankit Kumar 8 years, 6 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

What is tally?

Posted by Alex Aysu 8 years, 6 months ago

CBSE > Class 11 > Accountancy

1 answers

Tanya Singla 8 years, 6 months ago

Tally is one of the most popular accounting software in India provided by Tally Solutions. It helps in preparing and maintaining accounts of an entity in electronic form.

1Thank You

ANSWER

Account equation

Posted by Chandan Pal 8 years, 6 months ago

CBSE > Class 11 > Accountancy

1 answers

Sujal Mahajan 8 years, 6 months ago

Assets = Capital + Liabilities

0Thank You

ANSWER

What is Opening entry?

Posted by Sachin Sheoran 8 years, 6 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

Why capital is written in liability side

Posted by Priyanka Kamal 8 years, 6 months ago

CBSE > Class 11 > Accountancy

1 answers

Adeel Timol 8 years, 6 months ago

We do accounting from view point of the business, capital gives by the owner is sort of loan given by the owner to the business therefore, its a liability of the business. Hence, we show capital at liability side.

1Thank You

ANSWER

What do you mean by ledger

Posted by Happy H 8 years, 6 months ago

CBSE > Class 11 > Accountancy

1 answers

Anjali Pandey 8 years, 6 months ago

Ledger is a principal book of accounting system which contains all the accounts that is assets, liabilites,revenue and expenses. All the tranactions recorded in books of original entry are transferred to ledger .This proces of transferring journal entry to individual accounts is called posting.

1Thank You

ANSWER

The book in which all accounts are maintained is known as

Posted by Anjali Pandey 8 years, 6 months ago

CBSE > Class 11 > Accountancy

2 answers

Muskan Jain 8 years, 6 months ago

Income tax act is very specific when it comes to maintenance of books of accounts for professionals and non professionals. In this article we will discuss provisions of income tax act 1961 related to requirement of books of accounts to be maintained by a professional for income tax purpose. Section 44AA of income tax act 1961 specifies that every person carrying on following professions are required to maintain such books of accounts and other documents as may enable the assessing officer of income tax department to compute total income. In certain cases, CBDT has compulsorily specified to maintain books of accounts as per rule 6F of income tax rule. Let us discuss these provisions. Professions as specified in section 44AA; Legal Medial Engineering Architectural Technical consultancy Interior decoration Film Artist Authorized representative Company Secretary Information technology These professionals are specifically required to maintain books of accounts as required in Section 44AA for income tax purpose. Section 44AA also talks about the timing of requirements to maintain books of accounts. Profession for section 44AA has been divided into Specified professions and non Specified professions. Specified professions are those who are coming under the list that we have listed above i.e. legal or medical or engineering etc. If your profession is not within the above list then that will be treated as non specified profession. Please remember CBDT can from time to time edit

1Thank You

Lakshay Garg 8 years, 6 months ago

Ledger

3Thank You

ANSWER

Accountancy

Posted by Shanawaz Shaikh 8 years, 6 months ago

CBSE > Class 11 > Accountancy

1 answers

Anjali Pandey 8 years, 6 months ago

Accountancy is concerned with the recording, classifying and summarising of financial transactions and events and interpreting the results thereof and communicating the results to interested users of accounting.

0Thank You

ANSWER

What is posting?

Posted by Sonia Mavar 8 years, 6 months ago

CBSE > Class 11 > Accountancy