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In both, single entry system and a double entry system, accounting records are maintained due to a common objective. State the objective.

Anything in the real world with independent existence is called as _______

The gross decrease in economic benefits for business are called?

What do you understand by trade discount and cash discount?

From the following balances extracted from the books of M/s Ahuja:

$\begin{array}{cc}& \text{Amt. (Rs.)}\\ \text{Opening stock}& 25,000\\ \text{Credit purchases}& 7,50,000\\ \text{Cash purchases}& 3,00,000\\ \text{Credit sales}& 12,00,000\\ \text{Cash sales}& 4,00,000\\ \text{Wages}& 1,00,000\\ \text{Salaries}& 1,40,000\\ \text{Closing stock}& 30,000\\ \text{Sales return}& 50,000\\ \text{Purchases return}& 10,000\end{array}$

Calculate the amount of -
(i) Cost of goods available for sale

(ii) Cost of goods sold during the year

(iii) Gross profit

'Accounting software is an integral part of the computerised accounting system', Explain. Briefly list the generic considerations before sourcing accounting software.

To record a repair or maintenance expense of a machine in your records, the ___ account is ___ by the amount of the expense in a journal entry.

When there is only one entry in an account on the credit side, then what shall be the balance of that ledger account?

If the profit before manager's commission is Rs. 80,000 in the company ABC Ltd. & the manager is entitled to a commission of 5% after deducting the manager's commission, the amount of commission shall be:

What do you mean by Legacy?

If there is a compensating error in books, then the totals of debits & credits shall not tally in the Trial Balance. Is this Correct?

Discuss the various branches of accounting.

Following transactions have occurred. Find the total expenditure to be carried to Repair expenditure.

`- Rs 500 paid for installation of machinery was debited to wages account

`- Rs 5000 paid for extension of building was debited to repairs account

`- Rs 2000 paid for repair of an existing machine was debited to machinery account

Complete
the following work sheet:

Briefly explain the benefit of maintaining a Bills Payable Book and state how is its posting is done in the ledger?

Net loss is shown in the balance sheet as ________.

Give the performa of a Bills Receivable Book.

Describe
the purpose for the preparation of trial balance.

Explain in brief any four limitations of accounting.

A company whose accounting year is the calendar year, purchased on 1st April, 2014 machinery costing Rs. 30,000. On 1st June, 2016 one third of the machinery which was installed on 1st April, 2014 became obsolete and was sold for Rs. 3,000. Show how the machine account would appear in the books of the company, it being given that machinery was depreciated by fixed installment at 10% per annum.

The following are the meaning listed in the dictionary against the phrase `take on’. In which meaning is it used in the third paragraph of the account:

Which type of e-business transactions (scope) are highlighted in the following cases ?

(i) Complaint lodged by a customer at the company's call centre.

(ii) Withdrawal of money from ATM.

(iii) Employees send their daily report through e-mail to company office

(iv) Sale of used books through Quiker.com

(v) Conducting surveys to determine customers preference.

Complete the following worksheet

(i) If a firm believes that some of its debtors may default, it should act on this by making sure that all possible losses are recorded in the books. This is an example of the ___ concept.

(ii) The fact that a business is separate and distinguishable from its owner is best exemplified by the ___ concept.

(iii) Everything a firm owns, it also owns out to somebody. This coincidence is explained by the ___ concept.

(iv) The ___ concept states that if the straight-line method of depreciation is used in one year, then it should also be used in the next year.

(v) A firm may hold stock which is heavily in demand. Consequently, the market value of this stock may be increased. Normal accounting procedure is to ignore this because of ___

(vi) If a firm receives an order for goods, it would not be included in the sales figure owing to ___

(vii) The management of a firm is remarkably incompetent, but the firm's accountants cannot take this into account while preparing the book of accounts because of ___ concept.

When goods are returned by customer, which account is debited?

The sale of equipment costing Rs16,000 with accumulated depreciation of Rs13,400 and sale price of Rs4,000 would result in a:

Benefits of preparing Bank Reconciliation Statement includes __.

Prepare Trail Balance from the following information:

Bank overdraft Rs.28,000,Cash in hand Rs.4,000,Purchase return Rs.8,000,Sundry expenses Rs.24,000,Sales return Rs.16,000,Salaries Rs.16,000,Purchases Rs.56,000,Sales Rs.88,000,Creditors Rs.24,000,Debtors Rs.16,000,Stock (opening) Rs.20,000,Machinery Rs.40,000,Capital Rs.44,000.

State the
causes of difference occurred due to time lag.

Write two points of distinction between bills of exchange and promissory note.

Mr. Ravi has bought goods worth Rs 5,00,000 from our company & issued a cheque on the same day. 10 days later, when the cheque was presented, there were insufficient funds in his account. What happens to the cheque?

The total amount of credit sales can be derived from _____ account.

Accounting information refers to the financial statements. The information provided by these statements can be categorised into various types. Briefly describe them.

Explain the development of and role of accounting.

Language syntax is checked by which software?

An accountant of a firm,maintaining its books under accrual basis,does not want to account salaries amounting to Rs.20,000 for the month of March 2016,on the grounds,that it was not paid.The firm closes its books on 31st March every year.Is the accountant correct in doing so?