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The advantages of Book – keeping are: 

1. Transactions are recorded systematically in chronological order in the book of accounts. Thus, book – keeping provides a permanent and reliable record for all business transactions.

2. Book – keeping is useful to get the financial information.

The main objectives of book – keeping are: 

1. To have a complete and permanent record of all business transactions in chronological order and under appropriate headings. 

2. To facilitate ascertainment of the profit or loss of the business during a specific period. 

3. To facilitate ascertainment of financial position. 

4. To know the progress of the business. 

5. To find out the tax liabilities. 

6. To fulfill the legal requirements.

The limitations of Book-keeping are: 

1. Only monetary transactions are recorded in the book accounts. 

2. Effects of price level changes are not considered.

The correct answer is : (a) 1977

(b) Book – keeping

The advantages of book-keeping are:

1. Transactions are recorded systematically in chronological order in the book of accounts. Thus, book-keeping provides a permanent and reliable record for all business transactions. 

2. Book – keeping is useful to get the financial information.

3. It helps to have control over various business activities. 

4. Records provided by business serve as a legal evidence in case of any dispute. 

5. Comparison of financial information of different business units is facilitated. 

6. Book – keeping is useful to find out the tax liabilities.

MP = 0, when TP is maximum.

(a) Book – keeping

TP starts declining when MP is negative.

Answer is C. Five

ministry (Parliament)

Correct Answer is huge

Correct Answer is private

Private sector

The TICEL park is Bio park.

The largest contribution to GSDP in Tamil Nadu comes from Services.

SPIC is located in Tuticorin.

In human development index, TN is ranked Seventh.

The tribesmen decided to drive away Edie from their village forever.

The message of the story ‘Cheetah’s Tears’ is that, like human beings, even animals have feelings. They love their young ones and can cry when they lose them.

1. Cheetahs usually live in open forests.

2. Presently, the cheetahs are found mainly in Africa.

Volume displaced by the pebble = 0.82 – 0.75

= 0.07 L

= 70 mL

Mass of the pebble = 150 g

\(\therefore\) Density of pebble = \(\frac{Mass}{Volume}\) = \(\frac{150}{70}\) = 2.14 g mL^-1

Volume displaced by the pebble

= (0.82 – 0.75) L

0.07 L = 70 mL.

Mass of the pebble = 150 g

Therefore, density of the pebble is,

Density = \(\frac{Mass}{Volume}\)

= \(\frac{150}{70}\)

= 2.14 g mL^–1

Promotional function means RBI tries to create banking awareness among people, encourages branch expansion in rural areas and promotes setting up of cooperative banks in the interest of people.

Positive slope.

1. Dayabhaga and 

2. Mitakshara

Under the Indian Majority Act, person who has not completed 18 years of age is a minor.

(i) Market demand for foreign exchange 

(ii) Market supply of foreign exchange.

The persons who enter into partnership are individually called ‘Partners’.

1. Without order of court. 

2. By order of court.

The Joint Hindu Family Business is a distinct form of organisation peculiar to India. Joint Hindu Family Firm is created by the operation of law. It does not have any separate and distinct legal entity from that of its members.

According to Prof. Haney, “The relations which exist between persons, competent to make contracts, who agree to carry on a lawful business in common with a view to private gain”.

Flexible exchange rate is determined by demand for and supply of a given currency in foreign exchange market.

(i) No need to hold foreign exchange reserve. 

(ii) Optimum resource allocation.

(i) Tax Revenue 

(ii) Non-tax Revenue

1. Governed by Hindu Law : The business of the Joint Hindu Family is controlled and managed under the Hindu law.

2. Membership by Birth : The membership of the family can be acquired only by birth. As soon as a male child is born in the family, that child becomes a member.

3. Liability : Except the Karta, the liability of all other members is limited to their shares in the business.

The members of the Joint Hindu Family business are called Coparceners. It is regulated by the provisions of Hindu Law. According to Hindu Succession Act, 1956, a Coparcener will have a share in the Coparcenaries property after the death of the Co – parcener.

A secret partner is one whose association is not known to the general public. Other than this distinct feature, he is like rest of the partners in all respects.

(i) Fluctuations in figure exchange rate. 

(ii) Encourages speculation.

Fixed exchange rate is the rate which is officially fixed in terms of fold or any other currency by the govt. or adjusted only frequently.

(i) Revenue Receipts 

(ii) Capital Receipts

(i) Stability in Exchange rate. 

(ii) No scope for speculation.

It is an annual statement of the estimated Receipts and Expenditures of the Government over the fiscal year which runs from April –1 to March 31.

(i) Need to hold foreign exchange reserves. 

(ii) No automatic adjustment in the ‘Balance of Payments.’

Every partner is jointly and severally liable for all acts of the firm. It means that in case the assets are inadequate for meeting the claims of creditors, even their personal properties should be made available. The creditors can recover their claims from all the partners.

Surplus Balance of Trade.

Negative slope.

The Karta is not only liable to the extent of his share in the business but his separate property is equally attachable and amount of debt can be recovered from his personal property.

1. In a joint family firm, only Karta has the implied authority to enter into a contract for debts and pledge the property of the firm for the ordinary purpose of the business of the firm.

2. The Karta is the senior most male member of the family. The members of the family have full faith and confidence in Karta. Only Karta is entitled to deal with outsiders. But other members can deal with outsiders only with the permission of Karta.

3. Except the Karta, the liability of all other members is limited to their shares in the business. The Karta is not only liable to the extent of his share in the business but his separate property is equally attachable and amount of debt can be recovered from his personal property.