11. Give any two examples of revenues.
12. What is Double entry system of accounting?
13. What do you mean by compound voucher?
14. State the rules of debit and credit of capital.
15. Name any two methods of preparing the trial balance.
16. What do you mean by rectification of errors?
17. Give two examples of Capital Expenditure.
18. Why do you prepare Trading and Profit and loss Account?
Answers
Answer:
11. Examples of revenue accounts include: Sales, Service Revenues, Fees Earned, Interest Revenue, Interest Income. Revenue accounts are credited when services are performed/billed and therefore will usually have credit balances.
12. Double-entry bookkeeping, in accounting, is a system of book keeping where every entry to an account requires a corresponding and opposite entry to a different account. The double-entry system has two equal and corresponding sides known as debit and credit.
13. Compound Voucher: Voucher which records a transaction that entails multiple debits/credits and one Credit/debit is called compound voucher. Complex Voucher: Accounting voucher prepared for transactions with multiple debits and multiple credits are known as complex vouchers.
14. Debit what comes in, Credit what goes out. Second: Debit all expenses and losses, Credit all incomes and gains. Third: Debit the receiver, Credit the giver.
15. Top 2 Methods of Preparing Trial Balance (With Specimen)
Top 2 Methods of Preparing Trial Balance (With Specimen)Total Method: In this method, ledger accounts are not balanced. They are totaled.
Top 2 Methods of Preparing Trial Balance (With Specimen)Total Method: In this method, ledger accounts are not balanced. They are totaled.Balance Method: Under this method, the closing balances of ledger accounts are tabulated in a separate statement. The brought down balances are brought to this statement.
16. Rectification of errors is referred to as the procedure of revising mistakes made in recording transactions. These mistakes can occur while posting entries to ledger accounts, classifying accounts, carrying balance forward, etc.
17. Examples of capital expenditures
Examples of capital expendituresBuildings (including subsequent costs that extend the useful life of a building)
Examples of capital expendituresBuildings (including subsequent costs that extend the useful life of a building)Computer equipment.
Examples of capital expendituresBuildings (including subsequent costs that extend the useful life of a building)Computer equipment.Office equipment.
Examples of capital expendituresBuildings (including subsequent costs that extend the useful life of a building)Computer equipment.Office equipment.Furniture and fixtures (including the cost of furniture that is aggregated and treated as a single unit, such as a group of desks)
18. Trading and profit and loss accounts are useful in identifying the gross profit and net profits that a business earns. The motive of preparing trading and profit and loss account is to determine the revenue earned or the losses incurred during the accounting period
Explanation:
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