NCERT Solutions For Class 11 Financial Accounting - Recording of Transactions-I Short Answer Type Questions Q1. State the three fundamental steps in the accounting process. Answer : The fundamental steps in the accounting process are diagrammatically presented below. Q2. Why is the evidence provided by source documents important to accounting? Answer : The evidence … [Read more...]
NCERT Solutions For Class 11 Financial Accounting – Introduction to Accounting
NCERT Solutions For Class 11 Financial Accounting - Introduction to Accounting Short Answer Type Questions Q1. Define accounting. Answer: Accounting is a process of identifying the events of financial nature, recording them in Journal, classifying in their respective ledgers, summarising them in Profit and Loss Account and Balance Sheet and communicating the results to the … [Read more...]
NCERT Solutions For Class 11 Financial Accounting – Recording of Transactions-II
NCERT Solutions For Class 11 Financial Accounting - Recording of Transactions-II Short Answer Type Questions Q1. Briefly state how the cash book is both journal and a ledger? Answer : Transactions are recorded directly from source documents in the Cash Book, so there is no need to record transactions in the Journal book. Further, on the basis of the cash transactions … [Read more...]
NCERT Solutions For Class 11 Financial Accounting – Theory Base of Accounting
NCERT Solutions For Class 11 Financial Accounting - Theory Base of Accounting Short Answer Type Questions Q1. Why is it necessary for accountants to assume that business entity will remain a going concern? Answer : Going Concern Concept assumes that the business entity will continue its operation for an indefinite period of time. It is necessary to assume so, as it helps to … [Read more...]