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Basic Accounting Terms - Introduction Part 2 : Class 11 Video Lecture - Commerce
FAQs on Basic Accounting Terms - Introduction Part 2 : Class 11 Video Lecture - Commerce
| 1. What are the basic accounting terms? |  |
Ans. Basic accounting terms refer to the fundamental concepts and principles used in accounting. Some of the common basic accounting terms include assets, liabilities, equity, revenue, expenses, debit, credit, balance sheet, income statement, and cash flow statement.
| 2. What is the difference between assets and liabilities in accounting? | |
Ans. Assets are resources owned by a company that have monetary value and can be used to generate future economic benefits. On the other hand, liabilities are obligations or debts of a company that arise from past transactions and require future settlement in the form of assets or services. In simple terms, assets represent what a company owns, while liabilities represent what a company owes.
| 3. How are revenues and expenses different in accounting? | |
Ans. Revenues are the amounts earned by a company from its primary business activities, such as selling goods or providing services. Revenues increase the company's equity and are typically recognized when goods are delivered or services are rendered. On the other hand, expenses are the costs incurred by a company in its normal business operations. Expenses decrease the company's equity and are recognized when the related goods or services are consumed or used up.
| 4. What is the purpose of a balance sheet in accounting? | |
Ans. A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time. It presents the company's assets, liabilities, and equity, showing the relationship between these three elements. The balance sheet helps investors, creditors, and other stakeholders assess the company's liquidity, solvency, and financial health. It also helps in evaluating the company's ability to meet its short-term and long-term financial obligations.
| 5. How does a cash flow statement differ from an income statement in accounting? | |
Ans. A cash flow statement and an income statement are two different financial statements that provide different perspectives on a company's financial performance.
An income statement shows the company's revenues, expenses, and net income or loss over a specific period. It reflects the company's profitability and its ability to generate income from its core business activities.
On the other hand, a cash flow statement focuses on the company's cash inflows and outflows during a specific period. It shows how cash is generated and used by the company, including operating activities, investing activities, and financing activities. The cash flow statement helps in assessing the company's cash position, its ability to generate cash, and its cash flow management.
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Dec 19, 2024 Last updated |
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