Thursday 18 July 2019

I.Com 1st Year Accounting Notes - Important Questions of Accounting

I.Com 1st Year Accounting Notes - Important Questions of Accounting
Looking for the notes of icom accounting 11th class? If yes then you are at right page because here we have shared I.Com 1st Year Accounting Notes - Important Questions of Accounting.


1. Define Business?
 (Ans) Any activity undertaken for the purpose of earning profit is called Business.
 2. Define Trading?
 (Ans) A business in which goods are purchased and sold without any modification is called Trading
 3. Define Manufacturing?
 (Ans) A business in which goods are purchased and resold after some modification is called Manufacturing Define Serving?
 (Ans) A business in which services are purchased and sold is called Serving
 5. Define Trader?
 (Ans) A person who performs trading is called Trader 
6. What is Proprietor?
 (Ans) A person who invests the money or things in the business is called Proprietor
 7. Define Capital?
 (Ans) Proprietor money or things which he invests in the business is called Capital
 8. Define Drawings?
 (Ans) The cash and goods taken away from business by the owner for his personal or private use are called Drawing
9. Define Merchandise?
 (Ans) Buying or Purchases of goods for resale purpose are called 
10. Define Cash Purchase?
(Ans) Purchases of goods for cash are called Cash Purchase.
11. What are Credit Sales?
 (Ans) When goods are sold on account is called Credit Sales.
12. What is Cash Discount?
 (Ans) A discount which is allowed or received at the time of cash 16. receipts or payment on credit sales or purchases is called Cash Discount.
 13. What is Discount Allowed?
 (Ans) A discount which is allowed by seller to buyer at the time of 15. early receipts against credit sales is called Discount Allowed.
14. What is Discount Received?
 (Ans) A discount which is received by buyer from seller at the time of early payment against credit purchases is called Discount Received.
 15. Define Creditor?
 (Ans) A person from whom business purchase goods on credit is called Creditor
 16. Define Debtor?
 (Ans) A person to whom business sells goods on credit is called its Debtor
 17 What are Liabilities?
 (Ans) The debts or obligations/responsibilities due by business to its proprietor and others are called Liabilities 
18 What are Assets?
 (Ans) Assets are Tangible or Intangible resources from which expected future economic benefits are obtained are called Assets 
19. Give any two Types of Assets?
 (Ans) (i) Tangible Assets (ii) Intangible Assets. 
20. Define Tangible Assets and give their examples 
(Ans) Assets having their physical form are called Tangible Assets for eg Building, Land.
21 What is meant by Income?
 (Ans) Revenue received against expense is called Income.
 22 What is Book Keeping?
 (Ans) An art of recording business transactions in the books of account on a systematic manner is called Book Keeping 
23 What is accounting?
 (Ans) The art of recording, analyzing classifying, summarizing and reporting is called accounting
 24. Define Voucher?
 (Ans) Any written evidence in support of a business transaction is called Voucher
 25 Define Accrual Basis Accounting?
 (Ans) A system of accounting in which transactions are recorded when there are incurred for payment or receipt.
 26. What is Invoice?
 (Ans) A document given by the seller to the buyer for credit sales of goods is called Invoice.
 27 Define Freight Inward?
 (Ans) A freight paid on purchase of goods is called Freight Inward.
 28 Define Commission?
 (Ans) A remuneration for services performed by one person to another normally on the percentage basis is called Commission 
29. Define Wages?
 (Ans) A remuneration which is normally paid on the basis of work performed by one person for another is called Wages.
 30. What is Accounting Period?
 (Ans) A period which is determined for determination of profit &* lose of any business over its while life. Generally, it is of one year.
 31. What is Accounting Equation Theory?
 (Ans) A method by which the financial position of a business can be checked at glance is called Accounting Equation.
 32. What is Accounting Equation?
 (Ans) Assets Liabilities Owner's Equity 
33. Define Personal Accounts?
 (Ans) Accounts relating to persons firms or companies are called Personal Accounts.
 34. Define Real Accounts?
 (Ans) Accounts which keep records of properties or things owned by a business are called Real Accounts.
 35 Define Normal Accounts
 (Ans) All those things which keep the records of expenses gains and tosses are Nominal Accounts

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