12TH ACCOUNTANCY - IMPORTANT VERY SHORT ANSWER - 2M
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1.What is meant by incomplete records?
2.What is a statement of affairs?.
3.State the meaning of not–for–profit organisation
4.Give four examples for capital receipts of not–for–profit organisation.
5. Give four examples for revenue receipts of not–for–profit organisation.
6.What is a partnership deed?
7. What is goodwill?
8. What is acquired goodwill?
9. What is meant by revaluation of assets and liabilities?
10.What is sacrificing ratio?
11. What is meant by retirement of a partner?
12. What is gaining ratio?
13. What is a share?
14. What is over-subscription?
15. List the tools of financial statement analysis
16. What is meant by accounting ratios?
17. What are accounting reports?
18. What is Accounting Information System (AIS)?
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12TH ACCOUNTANCY - IMPORTANT SHORT ANSWER
1. What are the limitations of incomplete records?
2. State the differences between double entry system and incomplete records.
3.Differentiate between statement of affairs and balance sheet.
4.State any six contents of a partnership deed
5. State any six factors determining goodwill.
6. Distinguish between sacrificing ratio and gaining ratio.
7. State the differences between preference shares and equity shares
8. Write a short note on (a) Authorised capital (b) Reserve capital
9. Briefly explain any three limitations of financial statements.
10. Explain the steps involved in preparing comparative statement
11. What are the pre-defined ledgers available in Tally.ERP 9
12. Explain any five applications of computerised accounting system