Showing posts with label class12-Accountancy. Show all posts
Showing posts with label class12-Accountancy. Show all posts

Sunday, 26 April 2020

CBSE Class 12 Accountancy - Chapter 2: ACCOUNTING FOR PARTNERSHIP FIRMS FUNDAMENTALS (Questions and Answers) (#eduvictors)(#cbsenotes)(#Class12Accountancy)

Chapter 2: ACCOUNTING FOR PARTNERSHIP FIRMS FUNDAMENTALS 

(Questions and Answers)
CBSE Class 12 Accountancy
CBSE Class 12 Accountancy - Chapter 2: ACCOUNTING FOR PARTNERSHIP FIRMS FUNDAMENTALS (Questions and Answers) (#eduvictors)(#cbsenotes)(#Class12Accountancy)


Q1: Define Partnership.

Answer: Section 4 of the Indian Partnership Act 1932 defines partnership as follows:
Partnership is the relations between two or more persons who have agreed to share the profits of a business carried on by all or any one of them acting for all.

In most respects a partnership is like a proprietorship except that more than one owner is involved. Like a proprietorship, for accounting purposes the partnership transactions must be kept separate from the personal activities of the partners. Partnerships are often used to organize retail and service-type businesses, including professional practices (lawyers, doctors, architects, and certified public accountants).


Q2: What are the essential features of Partnership?

Answer: Essential features of partnership are:
1. Two or More Persons
2. Agreement
3. Lawful Business
4. Mutual Agency
5. Sharing of Profit
6. Relationship of Mutual agency among the partners


Essential feature in details are:

Sunday, 12 April 2020

CBSE Class 12 - Accountancy - MCQs -COMPARATIVE & COMMON – SIZE STATEMENTS (#eduvictors)(#class12Accountancy)

CBSE Class 12 - Accountancy - MCQs -COMPARATIVE & COMMON – SIZE STATEMENTS 

CHAPTER: TOOLS FOR FINANCIAL STATEMENT ANALYSIS
CBSE Class 12 - Accountancy - MCQs -COMPARATIVE & COMMON – SIZE STATEMENTS (#eduvictors)(#class12Accountancy)


Financial statements are reports prepared by a company’s management to present the financial performance and position at a point in time. A general-purpose set of financial statements usually includes a balance sheet, income statements, statement of owner’s equity, and statement of cash flows.

The various tools used for analysis of financial statements are:
1. Comparative Statement: Financial Statements of two years are compared (Horizontal Analysis)
2. Common Size Statement: Figures of Financial Statements are converted in to percentage with respect to some common base
3. Ratio Analysis
4. Cash Flow Statement


COMPARATIVE & COMMON – SIZE STATEMENTS(MCQs)

1. The most commonly used tools for financial analysis are:
(A) Comparative Statements
(B) Common Size Statements
(C) Accounting Ratios
(D) All of the above

Saturday, 4 April 2020

CBSE Class 12: Accountancy - Chapter 1: Not For Profit Organisations (NPOs) Questions and Answers - (Part 2) (#eduvictors)(#cl12Accountancy)

Chapter 1: Not For Profit Organisations (NPOs) Part-2

CBSE Class 12: Accountancy - Chapter 1: Not For Profit Organisations (NPOs) Questions and Answers - (Part 2) (#eduvictors)(#cl12Accountancy)

Questions and Answers - (Part 2)
CBSE Class 12: Accountancy 


Q1: Define honorarium. How is it shown in income and expenditure account? 

Answer: It is the amount paid to the person(outsider) to reimburse the actual expenses incurred for delivering a lecture or giving his performance as an artist. It will be treated as revenue expenditure.

It is shown as expenses.

Q2: What is the format of Total Subscription/Income/Expense for CY?

Answer:

Wednesday, 25 March 2020

CBSE Class 12: Accountancy - Chapter 1: Not For Profit Organisations (NPOs) - Questions and Answers - (Part 1) (#eduvictors)(#class12Accountancy)

Chapter 1: Not For Profit Organisations (NPOs) 

CBSE Class 12: Accountancy - Chapter 1: Not For Profit Organisations (NPOs) - Questions and Answers - (Part 1) (#eduvictors)(#class12Accountancy)
Questions and Answers - (Part 1)
CBSE Class 12: Accountancy 


Q1: What is a Not For Profit Organisation (NPO)?

Answer: NPO's are voluntary organisations founded with objective of promoting art, culture, education and other social and charitable purpose without any intention of earning profit. They work for self interest.

e.g. Hospitals,colleges,schools,universities,religious organisations, culture institutions, professional accounting bodies i.e. ICAIICSI etc are generally run by NPOs.


Q2: What are the salient features of NPOs?

Answer:
   (i) Service motive
   (ii) Profit is not the criterion.
   (iii) Surplus not distributed among its members.
   (iv) Separate entity.
   (v) Unique names connect their working.
   (vi) Managed by elected persons.
   (vii) Major funds in the form of contribution and donations, etc.


Q3: Distinguish between Not for Profit Organisation and Profit Organisation.

Thursday, 27 February 2020

CBSE Class 12 - Accountancy- Sample Question Paper Set-2 (2019-2020)(#eduvictors)(#cbsepapers)

CBSE Class 12 - Accountancy- Sample Question Paper Set-2 (2019-2020)

CBSE Class 12 - Accountancy- Sample Question Paper Set-2 (2019-2020)(#eduvictors)(#cbsepapers)

In class 12th (and 11th), the basic objective of introducing accountancy subject is to acquaint students with basic accounting concepts and accounting standards. To develop the skills of designing need based accounting database.Accountancy is the practice of recording, classifying, and reporting on business transactions for a business. It provides feedback to management regarding the financial results and status of an organization.

In class XII, Accounting for Not for Profit Organisations, Partnership Firms and companies are taught as a compulsory part. Students will also be given an opportunity to understand about Computerized Accounting System, as an optional course to Analysis of Financial Statements.

Here follows sample question paper on accountancy(released by Delhi Dir. of Education):

Class 12 - Accountancy Help Guides and Question Bank:
1. 15 Sample Question Paper Accountancy Class 12th CBSE 2019-2020
2. Oswaal CBSE Sample Question Papers Class 12 Accountancy Book (For March 2020 Exam)

Wednesday, 26 February 2020

CBSE Class 12 - Accountancy- Sample Question Paper Set-1 (2019-2020)(#eduvictors)(#class12papers)

CBSE Class 12 - Accountancy- Sample Question Paper Set-1 (2019-2020)

CBSE Class 12 - Accountancy- Sample Question Paper Set-1 (2019-2020)(#eduvictors)(#class12papers)

In class 12th (and 11th), the basic objective of introducing accountancy subject is to acquaint students with basic accounting concepts and accounting standards. To develop the skills of designing need based accounting database.Accountancy is the practice of recording, classifying, and reporting on business transactions for a business. It provides feedback to management regarding the financial results and status of an organization.

In class XII, Accounting for Not for Profit Organisations, Partnership Firms and companies are taught as a compulsory part. Students will also be given an opportunity to understand about Computerized Accounting System, as an optional course to Analysis of Financial Statements.

Here follows sample question paper on accountancy(released by Delhi Dir. of Education):

Class 12 - Accountancy Help Guides and Question Bank:
1. 15 Sample Question Paper Accountancy Class 12th CBSE 2019-2020
2. Oswaal CBSE Sample Question Papers Class 12 Accountancy Book (For March 2020 Exam)

Tuesday, 20 August 2019

Major Changes in CBSE Examination in 2020 For Class 10 and 12 (#eduvictors)(#cbse)

Major Changes in CBSE Examination in 2020 For Class 10 and 12


CBSE has made some changes in the examination pattern for class 10 and 12 in the academic
session 2019-20.

As per the new exam pattern, CBSE has given more weight to the school-based/internal assessment.

Please watch the video to get the idea of important changes that would happen in CBSE Examination in 2020 i.e. for academic session 2019-20



Thursday, 13 December 2018

Class 12 - Accountancy - Basics of Partnership - Short Questions and Answers (#cbsenotes)(#eduvictors)

Accountancy - Basics of Partnership - Short Questions and Answers

Class 12 - Accountancy - Basics of Partnership - Short Questions and Answers (#cbsenotes)(#eduvictors)

Q1: Define partnership.

Answer: When two or more persons enter into an agreement to carry on business and share its profit and losses, it is a case of partnership. The Indian partnership Act, 1932, defines Partnership as follows:
"Partnership is the relation between persons and who have agreed to share the profits of a business
carried on by all or any of them acting for all."


Q2(CBSE 2017): Does partnership firm has a separate legal entity ? Give reason in support of your answer.

Answer: As per law the partners and partnership firm have no separate legal entities.


Q3: What do you understand by 'partners', 'firm' and 'firms' name?

Answer: The persons who have entered in to a Partnership with one another are individually called 'Partners' and collectively 'a firm' and the name under which the business is carried is called 'the firm's name'.


Wednesday, 12 December 2018

CBSE Class 12 - Accountancy Sample Question Paper + Solution- (2018-19)(#cbsenotes)(#eduvictors)

CBSE Class 12 - Accountancy
 Sample Question Paper + Solution- (2018-19)

CBSE Class 12 - Accountancy  Sample Question Paper + Solution- (2018-19)(#cbsenotes)(#eduvictors)

The objective of most businesses is to earn a profit . Profit is the difference between the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services. accounting can be defined as an information system that provides reports to users about the economic activities and condition of a business. You could think of accounting as the “language of business.”

Here follows the class 12  Accountancy sample question paper along with marking scheme and answers help you in studies.

Wednesday, 10 October 2018

Grading System in CBSE For 10th & 12th (#eduvictors)

Grading System in CBSE For 10th & 12th

Grading System in CBSE For 10th & 12th (#eduvictors)

For awarding the grades, the Board shall put all the passed students in a rank order and will
award grades as follows:

  • A-1 Top 1/8th of the passed candidates
  • A-2 Next 1/8th of the passed candidates
  • B-1 Next 1/8th of the passed candidates
  • B-2 Next 1/8th of the passed candidates
  • C-1 Next 1/8th of the passed candidates
  • C-2 Next 1/8th of the passed candidates
  • D-1 Next 1/8th of the passed candidates
  • D-2 Next 1/8th of the passed candidates
  • E Failed candidates

Notes:

Monday, 19 June 2017

CBSE Class 12 Accountancy - -Syllabus (2017-18) (#cbseNotes)

Accountancy -Syllabus (2017-18)


CBSE Class 12 Accountancy

CBSE Class 12 Accountancy -Syllabus (2017-18) (#cbseNotes)

Here presents the prescribed syllabus for Class 12 Accountancy for the curriculum 2017-18.