Commerce Exam > Commerce Videos > Crash Course for Commerce > Class 11 Accounts | Basic Accounting terms Chapter 2 | Term 1 video 1 Commerce King
Class 11 Accounts | Basic Accounting terms Chapter 2 | Term 1 video 1 Commerce King Video Lecture | Crash Course for Commerce
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FAQs on Class 11 Accounts - Basic Accounting terms Chapter 2 - Term 1 video 1 Commerce King Video Lecture - Crash Course for Commerce
| 1. What is the meaning of basic accounting terms in Class 11 Accounts? |  |
Ans. Basic accounting terms in Class 11 Accounts refer to the fundamental concepts and vocabulary used in accounting. These terms include assets, liabilities, equity, revenue, expenses, debit, credit, journal entries, balance sheets, income statements, etc. Understanding these terms is crucial for grasping the principles and techniques of accounting.
| 2. How are assets and liabilities different in accounting? | |
Ans. In accounting, assets refer to the resources owned by a business that have economic value and can be measured in monetary terms. These can include cash, inventory, property, equipment, etc. On the other hand, liabilities are the obligations or debts that a business owes to external parties. These can include loans, accounts payable, mortgages, etc. The main difference between assets and liabilities is that assets represent what a business owns, while liabilities represent what a business owes.
| 3. What is the importance of journal entries in accounting? | |
Ans. Journal entries are a vital part of accounting as they record the financial transactions of a business in chronological order. These entries help in maintaining an accurate and systematic record of all the business transactions. Journal entries serve as the basis for preparing financial statements, analyzing financial performance, and detecting errors or discrepancies in the accounting records. They provide a clear audit trail and ensure transparency in the financial reporting process.
| 4. How are revenue and expenses recorded in accounting? | |
Ans. Revenue in accounting refers to the income generated by a business through its regular operations, such as sales of goods or services. It is recorded as a credit entry in the books of accounts. On the other hand, expenses represent the costs incurred by a business to generate revenue. These can include salaries, rent, utilities, raw materials, etc. Expenses are recorded as debit entries in the books of accounts. The difference between revenue and expenses determines the net income or net loss of a business.
| 5. What is the purpose of a balance sheet in accounting? | |
Ans. The balance sheet is a financial statement that provides a snapshot of a business's financial position at a specific point in time. It presents the assets, liabilities, and equity of a business and helps in assessing its solvency and liquidity. The balance sheet follows the accounting equation: Assets = Liabilities + Equity. It is used by investors, creditors, and other stakeholders to evaluate the financial health and performance of a business. The balance sheet helps in making informed decisions regarding investments, loans, and overall financial management.
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Nov 09, 2024 Last updated |
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