Explore topic-wise InterviewSolutions in .

Capital Receipts

Explanation: Those receipts, the benefits of which accrue to an organisation in the current year, as well as in the years to come, are termed as capital receipts. They are non-recurring in nature. For example, life membership fees, endowment receipts, donations and legacies etc.

False

Explanation: Receipts can be of capital or revenue nature. Both types of receipts are recorded on the receipt side, i.e. the debit side of the Receipts and Payments Account. However, while revenue receipts are recorded in Income and Expenditure Account, all capital receipts are shown in the Balance Sheet. For example, life membership fees, endowment fund, specific donations and legacies are capital receipts, whereas general donations and miscellaneous receipts are revenue receipts.

This statement is False.

In the Receipts and Payments Account, all receipts and payments transactions in cash or through the bank are recorded irrespective of the current year, previous year, or next year while in Income-Expenditure Account, only the current year’s incomes and expenses (Revenue) are recorded.

Recurring expenses are those expenses, benefit of which lasts for a maximum period of one year and is increased on purchase of goods or services, in order to carry out the main activity of the business.

This statement is False.

In the Income and Expenditure Account ‘Deficit’ means excess of expenditure over incomes.

i. ‘Not for Profit’ concern

ii. Subscription

iii. Receipts and Payments Account

iv. Trading

v. Balance Sheet

Excess of expenditure over income shown by Income and Expenditure Account is called Deficit for the financial year.

An expenditure which is incurred for carrying day-to-day business activities and maintaining fixed assets in working condition is called Revenue Expenditure.

For a sports club, expenditure on the purchase of sports machinery/equipment is a capital expenditure.

Explanation: Expenditure incurred on the purchase of fixed assets is regarded as capital expenditure. So, the purchase of sports machinery/equipment is a capital expenditure. Such expenses are recorded on the Assets side of the Balance Sheet. However, the depreciation charged on the equipment and machinery (or any other fixed asset) is a type of revenue expenditure and is, therefore, charged to the Income and Expenditure Account.

This statement is False.

Revenue Receipts means receipts which frequently takes place and which are recurring in nature.

This statement is False.

In ‘Not for Profit’ concern receipts includes revenue receipts as well as capital receipts of current year or of previous year or of next year, so we can say that all receipts are not the items of revenue income.

The fees which is paid by the persons who wish to become a member of the organisation are called Entrance Fees.

Those expenses, the benefits of which accrue to an organisation for more than one accounting year are known as deferred revenue expenditure. For example, in case of advertisement expenses, the benefits of advertisement accrue to an organisation for more than one year. Hence, such expenses are spread over the years in which the benefits accrue to the organisation. The current year expenses are debited to Income and Expenditure Account and the balance is shown under Assets side of the Balance Sheet.

Purchase of stationery is a revenue expenditure.

Explanation: Stationery is treated as consumable good, as it is used up during the year. The amount of stationery consumed during the year should be debited to Income and Expenditure Account. It is a type of revenue expenditure.

The amount consumed is calculated as,

Opening stock

Add: Purchases made during the year

Less: Closing stock

SymbIosis: Close association of two species living together to their mutual benefit

The process of breathing in air is called inspiration and that of breathing out air is called expiration.

My favourite dish is Briyani. I know it is yummy due to the spices in it. It is made with tasty spices, rice, meat (chicken, goat, prawn, or fish), vegetables or eggs. My mother uses garlic, ginger, curd, cumin seeds, pepper, chillies etc. She uses a little curd and lemon juice to get a tangy taste.

We add spices to food to balance nutrition and to keep us healthy.

(d) All except potato can be eaten raw.

(i) Insectivorous: A plant that eats insects 

(ii) Carnivorous: Animals that eat meat

i. (b) revenue

ii. (a) subscription

iii. (a) ‘Not for Profit’ concern

iv. (b) Receipts and Payments Account

v. (c) capital fund

Cinnamon not only adds great flavour to food, it also helps to preserve it. People from other parts of the world appreciated the fragrance and taste of cinnamon. They wanted it too and were willing to pay a good price for it. The Greeks, the Romans and Egyptians bought cinnamon from India. In the middle ages, the Venetians grew rich by taxing the cinnamon that was brought from India to Europe and the Meditteranean.

(3, 5,1, 2,4) 

3. In India, spices are the soul of food. 

5. When we think of spices, we think of tasty & healthy food. 

1. Many spices are added to keep us healthy. 

2. They add flavour to dishes. 

4. They add no fat and no calories.

The spices give the dish a special, savoury taste. It makes us want to eat more!

Flowers, leaves, roots, bark, seeds and bulbs.

Black pepper also known as ‘Black gold’ was the most prized spice traded from the Kerala coast. Indians have been using black pepper for a very long time. Farmers began growing it in around 5000 years ago and exported it to North and West Asia. The trade soon spread to Greece, Rome, Europe, China and in the Islamic empire. Recipes from rich Roman households show the value of the spice in ancient Rome. The Romans sent 120 ships a year from Egypt to trade with India for Black pepper.

Correct answer is (b) perfume

Correct answer is (c) India

Apart from delicious food, spices also bring to mind adventures. Many of the most exciting voyages and modem history were made to conquer the spice trade and the race to become its master. The colonization of the America and Asia had its roots in spice trade. In 1492, Columbus went West to find India and pepper, but ran into America and the Chilli’.- Vasco-dogama, six years later, went around Africa to reach Kozhikode, the home of pepper. These voyages ended the very profitable trade that the Arabs and Romans had built up over the centuries. They set the stage for a new world.

a. Black pepper also known as ‘Black gold’ was the most prized spice traded from the Kerala coast.

b. Farmers began growing it in around 5000 years ago.

c. Recipes from rich Roman households show the value of the spice in ancient Rome.

d. The Romans sent 120 ships a year from Egypt to trade with India and bring back enormous quantities of pepper

Answer is (d) it is not possible to find AB 

Answer is (a) 1880

Answer is (d) Not defined

Answer is (D) A = 0 or B = 0

Mineral oil or petroleum is found in the strata of stratified rocks which contain limestone, shale, etc. Mineral oil was formed when large quantities of animals and vegetation got buried under the earth containing sedimentary rocks and remained there for thousands of years.

The heat and pressure of the interior portion of the earth converted the buried matter into viscous liquid containing hydrocarbons i.e., mineral oil. When tectonic movement took place in the earth, it pushed this liquid to the higher strata of earth. Some part of liquid also got pushed towards the seafloor.

1. Atomic age,

2. minerals,

3. inorganic,

4. igneous,

5. sedimentary

Mineral oil or petroleum is found in the strate of stratified rocks which contain limestone, shale, etc. Mineral oil was formed when large quantities of animals and vegetation got buried under the earth containing sedimentary rocks and remained there for thousands of years. The heat and pressure of the interior portion of the earth converted the buried matter into viscous liquid containing hydrocarbons i.e., mineral oil. When tectonic movement took place in the earth, it pushed this liquid to the higher strata of earth. Some part of liquid also got pushed towards the sea floor.

Remedies for preserving minerals:

1. Use of proper technology: Wastage of minerals can be reduced by making use of proper and advanced technology for extracting minerals.
2. Recycling: The scrap of minerals like iron, copper, aluminum and tin should be recycled and reused.
3. Alternate use of minerals: Alternatives should be found out for minerals which exist in less quantity. For example, making use of solar energy instead of electricity, aluminum instead of copper, CNG instead of petrol, etc.
4. Use of Non-conventional means: The use of non-conventional sources like water, solar, wind, biogas, etc. should be increased.
5. Sustainability: Attempts should be made to maintain the purity of the environment so that the coming generations can have a clean environment. Attempts should be made for pollution-free environment.
6. Proper planning: Once the mineral reserves are properly estimated, planning should be done for utilizing them effectively and efficiently. This step is very important to preserve and enhance the minerals.

Requirements of primitive man were limited. He worked only to sustain his life. Man conquered the heights of evolution and technological development. Minerals play a very large role in the human progress. In stone age, man used stones for hunting but now he is traveling into space. The use of minerals has tremendously increased after the industrial revolution.

With time new inventions and developments keep on taking place in all the fields. Every day there is some or the other product coming up in the world. All these inventions and discoveries result in producing products to cater the demand. We use a lot of gadgets, vehicles, services, etc. compared to the past. All these involve use of minerals. Hence, we pan say that modem age is mineral age.

Electricity was invented during the industrial revolution. Electricity is used for industrial purpose and that for domestic purposes. At industrial level, it is used to run the industries, machines, transportation, etc. At domestic level it is used for running various household gadgets like fans, televisions, radios, washing machines, refrigerators, tube lights, etc.

There are mainly three forms of electricity. They are:

1. Thermal electricity,
2. Hydroelectricity and
3. Nuclear electricity.

Coal, mineral oil, natural gas, etc are conventional sources of producing electricity. Electricity produced through flowing water or rivers and dams is an example of hydroelectricity whereas electricity produced through atomic minerals is an example of nuclear electricity. Minerals are scarce in comparison to their usage. Hence, it is extremely important to switch to non-conventional sources of energy like solar energy, wind energy, tidal energy and geothermal energy to produce power.

Copper is used since primitive times. In fact, it was the first metal to be used by man. Copper has quite good mixing property which makes it a very important metal. When copper is mixed with tin it becomes bell metal. Similarly when copper is mixed with zinc it becomes brass.

Uses: Copper is good conductor of electricity. So, it is used in making electric wires, telephone, radio, television, etc. It is also used in making coils of refrigerators and air conditioner. Copper is also used in insecticides, explosive, colored glass, coins and in printing.

Producing states: Copper is produced mainly by Jharkhand, Madhya Pradesh and Rajasthan. Copper is also found in Sikkim and Andhra Pradesh, Bihar, Karnataka, Maharashtra, Tamil Nadu, Himachal Pradesh and Uttarakhand.

Limestone is a sedimentary rock which mainly consists of calcium carbonate.

Uses:

1. Limestone is largely used in producing – cement.
2. It is also used for melting iron, in chemical industry, in making soda ash, soap, colours and chemicals, building construction, paper and for refining sugar.

Producing regions:

1. Andhra Pradesh, Rajasthan, Madhya Pradesh, Gujarat and Tamil Nadu produce about 70% of India’s limestone.
2. Chhattisgarh, Karnataka, Maharashtra, Himachal Pradesh are other states producing limestone.
3. Jamnagar, Kachchh, Amreli and Kheda districts are major limestone producing regions of Gujarat.
4. Limestone is also produced in Banaskantha, Mahesana, Sabarkantha, Vadodara Panchmahal, Bharuch, Narmada, Surat, Bhavnagar and Rajkot.
5. The rocks found in Jamnagar district contain about 97% lime.

India ranks first in the world mica production. It is fire resistant and a bad conductor of electricity. So, it is used in making electrical goods such a electric motors, dynamo, radio, telephone, cars, steamers, etc. Producing regions: Bihar, Jharkhand, Andhra Pradesh and Rajasthan sire major producers of mica in India. Mica is also found in Karnataka, West Bengal and Tamil Nadu. India is a large producer of a type of mica called muscovite mica.

Iron is the base mineral or say base metal for industrial development of modern world. It is one of the highest used minerals in the world. It is used in making things as small as small pins to gigantic machines, cars, trucks, ships, railway, bridges, buildings and weapons. Iron is cheap, strong as well as durable and is available in almost all the countries. Moreover, it can easily get mixed with other minerals to produce new minerals. Owing to its abundant availability, extremely wide use and ease of getting mixed with other minerals it is considered as one of the most important mineral.

Coal, mineral oil, natural gas and atomic minerals are energy resources.

The type of minerals that is available from the interior of the earth depends on how the crust of the earth originated.

Minerals are the base for the existence and development of human use of minerals. Today, every nation wants to increase its export as a part of economic development. For this it keeps on extracting more and more minerals from the earth to produce goods and then export them to earn foreign exchange. If this is not stopped or planned well, our mineral resources will soon end.

Muscovite type of mica is found in India in large quantity.

The rocks in Jamnagar district contains about 97% lime content.

The matter formed due to inorganic process and which contains a specific chemical composition is called a mineral. Minerals can be also defined as the solid, liquid or gaseous matter which is formed due to specific abiotic process within the rocks in the interior of the earth, has a certain chemical composition, homogeneous constitution and specific atomic structure. Thus, minerals are formed due to abiotic processes which took place in the interior of the earth since the infinite time. It exists in all the three physical forms i.e, solid, liquid and gaseous.

For example, iron, manganese, gold, silver, etc. are solid minerals. Mercury, petroleum, etc. are liquid minerals whereas natural gas is a gaseous mineral. From usage point of view, minerals can be classified as metallic minerals, non-metallic minerals and energy resource minerals. The type of mineral that can be found in the earth depends on how the crust of the earth originated. For example, metallic minerals like iron, copper, zinc, gold, silver, etc. are found in igneous rocks. Minerals used in producing energy and minerals such as diamonds are found in metamorphic rocks.