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Class XI-XII Tuition (PUC)

Accountancy

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Answered on 14 Feb CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Double entry system of accounting is based on the principle of 'dual aspect'. Explain.

Priyanka Vijayananth

For every debit, there must be a corresponding credit of equal amount and for every credit, there must be a corresponding debit of equal amount.
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Answered on 14 Feb CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Why should a business follow the consistency principle?

Priyanka Vijayananth

The aim of consistency principle is to preserve the comparability of financial statements. The rules, practices, concepts and principles used in accounting should be continuously observed and applied year after year. Comparisons of financial results of the business... read more
The aim of consistency principle is to preserve the comparability of financial statements. The rules, practices, concepts and principles used in accounting should be continuously observed and applied year after year. Comparisons of financial results of the business among different accounting period can be significant and meaningful only when consistent practices were followed in ascertaining them. read less
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Answered on 14 Feb CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Explain materiality concept.

Priyanka Vijayananth

Under this concept, all relatively relevant information should be disclosed in the financial statements. Unimportant and immaterial information are either left out or merged with other items.
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Answered on 14 Feb CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Under which concept, Owner of business is treated as creditor to the extent of his capital?

Priyanka Vijayananth

Separate Entity concept.
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Answered on 14 Feb CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Financial statements of an entity are prepared at regular intervals in accordance with which accounting concept?

Priyanka Vijayananth

Accounting period concept.
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Answered on 14 Feb CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

According to which concept, each accounting transaction has at least two effects?

Priyanka Vijayananth

Dual aspects concept.
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Answered on 14 Feb CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Which accounting convention takes into account all prospective losses but leaves all prospective Profits?

Priyanka Vijayananth

Convention of Conservatism.
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Answered on 14 Feb CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

What is meant by Pay-in-slip?

Priyanka Vijayananth

Pay-in-slip is a form available in banks and is used to deposit money into a bank account.
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Answered on 14 Feb CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

What is meant by a Debit Note?

Priyanka Vijayananth

A debit note is prepared by the buyer and it contains the date of of the goods returned, name of the supplier, details of the goods returned and reasons for returning the goods.
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Answered on 14 Feb CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

What is meant by Accounting Conventions?

Priyanka Vijayananth

An accounting convention consists of the guidelines that arise from the practical application of accounting principles.
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