Q1)What is commerce?
=> Commerce is an exchange of goods and services between two or more parties it also
includes all those process which are involved in bringing goods from place of origin to place
of consumption it is basically of four types
● business to consumer
● consumer to consumer
● business to business
● consumer to business
Q2) What are companies?
=> A company is a legal organisation partnership or firms which are registered under
companies act yah apne owner Se ekadam alag Hoti hai isey 2 person dwara bhi run Kiya
jata hai aur group ke dwara bhi company do types ke hote Hain.
● Public sector company:- minimum 7 members.
● Private company:- minimum 2 members. Company ke naam ke aage private limited
likha hota hai.
Q3) What is an audit?
=> Audit books aur accounts ke examination ko kahate Jo ki ek auditor dwara perform Kiya
jaata hai jise company appoint karti hai aur uske liye usey acchi khaasi fees bhi milti hai.
Isko perform karne ka yahi maqsad hota hai ki jo books and accounts prepare hua hai
company ka wo company ke balance sheet se match kar raha hai ya nahi agar koi error ho
toh usko find out karna reason ke saath.
Q4) What is a loan?
=> Loan ek amount of money hota hai Jo ki ek borrower kisi individual ya financial institution
se leta hai jiske liye usey ek terms and conditions sign karna hota hai jisme likha rehta hai
loan par rate of interest kya rahega loan ka repayment date kya hoga.
Loan facility avail karne liye person ko certain case me Collateral ke saath saath Valid
documents bhi provide karne honge.
Q5) What is an account?
=>Account ek bookkeeping device hai jo kisi company ki financial transactions ka record
rakhta hai Jaise assets, liability ,cash ,capital aur ye na sirf record rakhta hai balki unka
analysis bhi karta hai .
Ise ek accountant dwara banaya jaata hai aur har ek financial transactions ke liye ek
separate account Banta hai jise hum ledger bolte hai.
Q6) What is a business?
=>Business ek organisation hai jo ki kisi individual ya group of person dwara run Kiya ja
sakta hai jiska main Motive hota hai customer ko satisfy karna tatha profit earn Karna.
Business is basically an exchange of goods or services for money.
Q7) what is share?
=>The capital of a company is divided into different units and the smallest unit is called
share is mein har ek unit ownership batayega Jaise company ne 10000 units share market
me issue Kiya hai jis mein ki mere paas sirf 100 units shares hai iska matlab company per
meri 1 percent ki ownership hai.
Q8) what are debentures?
=>Debentures ek tarah ka loan hota hai jo company public se Issue Karti hai capital
generate karne ke liye.
Q9) What is capital?
=>Jo amount owner apne pass se lagate kisi business ko startup karne ke liye.
Q10) what are equity and preference shareholders?
=> Wo amount jo shareholders apne pass se lagata hai company ke shares me aur unko
voting rights bhi milti hai.
Preference shares me shareholders ko preference milti hai company ke dividend payments
par aur company ke dissolution ke time payment par.
Q11) What are debits and credits?
=>
● Debit kisi trial balance ya income statement ke left side mein dikhaya jata hai aur
credit right side mein dikhaya jata hai.
● Debit mein liabilities kam hoti hai assets badhti hai jabki credit mein assets kam hoti
hai aur liabilities badhati hai.
Q12) What are the golden rules of accounting?
=>
● Debit the receiver ,credit the giver.
● Debit what comes in credit what goes out.
● Debit all expenses and losses, credit income and gains.
Q13) what are liquid assets?
=> Liquid assets are such assets of a company that can be easily converted into cash within
a year or [Link] bhi company ko market mein cash ki jarurat Hoti hai to sabse pahle vah
Apne liquid assets ko hi becchti hai.
Q14) What is value added tax?
=> Value added tax was an indirect tax which was levied on every stage of production of
goods and services. ise 1 July 2017 se hata Diya gaya tha aur iske badle GST laya gaya
tha.
Q15) What is gratuity?
=> Gratuity ek tarah ka lump-sum payment hai Jo ek employer dwara employee Ko Diya jata
hai reward ke taur par kyon ki vah long time se service karta hai ya uski retirement per Diya
jata hai.
● Gratuity = 15/26 * (last salary * working tenure)
Q16) What is petty cash?
=> Petty cash is cash that is reserved for very small amounts of expenses that occur often
like tea, coffee, cake, chocolate, and travelling expenses.
Q17) What are subsidies?
=> Subsidy is financial help provided by the government to low income individuals or a family
in the form of cash or tax exemption.
For example:- subsidy provided by the government on household cylinders.
Q18) what are bills of exchange?
=> Bills of exchange ek agreement hai do parties ke beech jisme ek order Diya jaata hai kisi
third party ko specific amount pay karne ke liye kisi specific date par agar trade ke time cash
payment nahi ho paata hai.
Bills of exchange jyadatar international trade mein use hota hai kyunki us mein currency ka
Issues rahata hai.
Q19) What is the maturity date?
=> Maturity date is the due date or the last for any specific payment.
Q20) What is insurance?
=> An insurance is a contract between an insurer or the insurance company and the insured
person in which the company promises to pay the decided amount for any event to occur for
which the insurance is made and in return the insured person has to pay a monthly premium
to the insurance company.
Q21) Who is an agent?
=> An agent is a representative of a person who is entitled to perform all those activities
involved in a business on behalf of a person who appoints him.
In short an agent is a third person between two parties involved in a contract.
Q22) What is a partnership?
=> Partnership is an agreement between two or more parties to run a specific business and
they are entitled to share profit in the ratio of working capital and they are also entitled to get
ownership of their firm. A partner can be working or sleeping.
Q23)What is amortisation of loan?
=>Samay dar samay apne liye Gaye loan ko ghatana timely payment karke.
Q24) what is a contingent liability?
=> A contingent liability is basically a potential loss that may occur in the future depending
on the outcomes of a specific event.
Jaise aapne koi product per guarantee di h to ye possible hai ki guarantee period se pahle hi
wo product kharab ho jaayegi tab us mein aapke company ko loss hoga.
Contingent liability ko balance sheet mein nahin dikhaya jata balki ise balance sheet ke
footnotes mein dikhaya jata hai.
Q25) what are gross and net working capital?
=> Net Working capital current assets aur current liabilities ka difference hota hai yah
company ki liquidity measure Karta aur uski financial status batata hai.
Agar net working capital high hai ya bahut jyada Low hai to company ka financial status
theek nahin hai to isliye yah moderate hona chahiye.
Q26) What are double entry systems and single entry systems?
=>
● Single entry method book keeping ka woh method hai jo ek side ke accounting per
rely Karta hai ek financial information ko maintain karne ke liye aur yah less accurate
hota hai.
● Double entry system ek method hai recording karne ka transactions ko Jahan har EK
business transaction ke liye entry do bar hoti hai debit aur credit ke form mein.
Q27) What is a ledger?
=> Ledger day today accounting transactions ka record rakhta hai aur har different
accounting transaction ke liye separate account banaya jaata hai jaise depreciation a/c,Plant
and machinery a/c , salary a/c etc.
Isme accuracy bhi check ki jaati hai.
Q28) What are journals?
=> Journal day today hone wale accounting transaction ka detailed record rakhta hai aur
isme accuracy nahi check ki jaati kyunki iske aage ledger banta hai usme humlog accuracy
check karte hai.
Q29) What is a voucher?
=> Voucher ek document hai jis mein hum kisi bhi transactions ke evidence Ko dikha sakte
hain yah ek tarah ka backup document hai accounts payable ke liye.
Q30) what is accrued income?
=> Aisi income Jo humne kamai toh hai parantu abb takk humein receive nahi hui hai tatha
ye aage chal kar humein receive honi hai isliye ye humare liye ek asset hai.
Jaise humne kuch shares khareede the jispar aage chalkar humein dividend milna hai jiska
ex date announce ho gaya hai parantu abb takk humein Mila nhi hai.
Q31)What are bad debts?
=> Jab Bank customer ko loan deta hai aur use na to principal aur na hi interest milane wala
hota hai tab Bank use loan amount ko bad debts ghoshit kar deta hai.
Q32) What is a trial balance?
=> Trial Balance ek aisa report hai jisme sare books and account ke closing balance ko
darshaya jaata hai aur iske through humlog balance sheet ke errors ko find karte hai.
Ye ledger ke balance se Banta hai.
Trial balance me left side saare debit transactions likhe jaate hai aur right side me saare
Credit transactions likhe jaate hai aur dono ko balance karna hota hai.
Q33) what are cash books and what are their types?
=> Cashbook mein generally cash transactions ki recording Hoti hai aur ise journal aur
ledger ke through banaya jata [Link] bache huye balance ko carried down karke new date
ke liye brought down Kiya jata hai.
● Single column:- daily basis update but only one column is there.
● Double column :- discount Ka अलग columns hota hai.
● Triple column:- isme Bank ke transactions ka alag column hota hai.
● Petty cashbook:- small amounts of extra expenses ko record karte hai.
Q34) what is contra entry?
=> Yah ek prakar ki entry hoti hai jo double entry system per kam Karti hai ismein har ek
entry dusre entry ke effect ko null karti hai.
Jaise hum ek Maal beche to uska entry kar diye parantu kuchh din baad cheque bounce Ho
Gaya to purani entry mitane ke bajay hum ek contra entry kar dete Hain.
Q35) what is the liquidity ratio?
=> Liquidity ratio wo ratio hota hai jis se company identify kar sakti hai ki uska assets kitni
jaldi cash mein convert ho jaega if liquidity is more company is in good position. liquidity ratio
ke char types hote hain current ratio ,quick ratio,cash ratio ,net working capital.
Q36) What is the annual general meeting?
=> Annual general meeting saal mein ek baar Hoti hai jismein company dwara financial
statement ka adoption hota hai shareholders dwara auditor ka appointment hota hai aur
director ka removal tathaa appointment hota hai.
Q37) what is MOA?
=> Memorandum of association ek legal document he company's act ke antagarat Jo
company ke formation dauran banaya jaata hai aur isme company ke saare objectives and
goals ke baare me likha hota hai.
Q38) What is AOA ?
=>Articles of association ek document hota hai jisme company ke internal proceedings aur
rules and regulations ke baare me likha hota hai aur ye MOA ke anadar hi aata hai.
Q39) WHAT IS NON PROFIT ORGANISATION?
=> Non profit organisation ek aisi organisation hai Jo profit ke liye nahin kam karti hai iska
main motive hota hai social welfare aur inko government se tarah tarah ke tax exemption bhi
milte hai.
Ye organisations un logo ki madat karti hai Jo arthik roop se saksham nahi hai unko
healthcare,School aur other necessities provide karke.
Q40) What is the balance of trade?
=> Balance of trade basically ek difference hai country dwara kiye gaye ke exports or
imports ka. A positive trade balance shows trade surplus while a negative trade balance
shows trade deficit.
Q41) What is the balance of payment?
=> Balance of payment ek country dwara rest of the world ke saath kiye gaye saare
economic transaction ke systematic record ko bolte hai.
Q42) what are cash flows and fund flows?
=> Ek particular period me cash kitna aa raha hai aur cash kitna jas Raha hai kisi company
ka usko analysis karne ke liye ek statement prepare karte hai jise humlog cashflow
statement bolte hai.
fund flow statement ko basically isliye banaya jaata hai taaki companies compare kar sake
apne current year financial position ko previous year se aur Jo changes ho rahe hai unko
analyse kar paaye.
Q43) what are the errors that does not appear in the balance sheet?
=>
● Error of omission ek aisi error jisme goods ki purchasing ya sale Hui hai par
accountant ne likhi hi nahi. Jaise ram ko ₹2000 ka goods udhar per bech Diya per
uska entry likhna bhul gaye.
● Compensatory error:- isme ek error dusre errors ke effect Ko neutralise Karta hai.
Jaise Ram ke account ko rs 50 se debit karna tha parantu Rs 500 se debit kar diye
parantu Mohan ki account ko rs 500 se debit karna tha parantu rs 50 se debit kar
diya yani ye error ek dusre ke effect ko null kar Diya aur balance sheet m bhi ye pata
nahi chalega kyunki net amount me koi difference nhi h.
● Error of principle:- Aisa error jismein capital nature ke expenditure ko revenue nature
ka man lete hain jaise building rs 2 lakh ka purchase Kiya to humne building account
ko debit karna tha parantu ham repair account ko debit kar Diye.
Q44) Why profit is shown on the liability side?
=> Ek business jab bhi koi organisation ya individual open karta hai toh owner ki identity
business se separate rehti hai isliye Jo profit business me earn hota hai wo owner ke liye toh
asset hai parantu company ke liye wo liability hai ki usey uss profit ko owner ko lautna hai.
Q45) How can both sides of the balance sheet be equalled?
=> Jab bhi ham accounting karte Hain to ek equation ko dimag me lete hue chalte hai
(assets = Equity + liability) aur isi basis par accounting chalti hai jitni aapke paas assets hai
aur jitna equity aur liability aapko pay karna hai yah equal hona chahiye agar equal nahin
hoga to hamare errors nikalne shuru ho jaenge.
Q46) what is FEMA?
=> FEMA stands for foreign exchange management act yah ek aisa act hai jo foreign
currency ko store karta hai aur uske exchange ko execute karta hai .
Q47) what are the different types of banking?
=>
● Retail banking:- isme daily basis me retail customers ke saath dealing hota hai loans
, deposits se related.
● Commercial banking:- yah commercial purpose ke liye banaya Gaya hai yah large
amount mein Paise investors ko commercial purpose ke liye provide karti hai.
● Investment Banking:- ye investment purpose ke liye banaya Gaya h.
Inme Jo deposits aata hai usko invest Kiya jaata hai aur return liya jaata hai.
● Neo Banking:- online banking facility jiska koi physical branch nahi hota saare kaam
digitally hote hai.
Q48) What are Syndicate loans?
=> Syndicate loans matlab jab ek organisation kisi bade Bank ke pass large amount of loan
lene ke liye jaati hai parantu uss Bank ke pass utne Paise nahi hota ki us organisation ko
loan de sake to wah bank annya bank se tie up karke organisation ko loan de deti hai .isme
primary Bank Syndicate Bank hoga aur Sara paperwork vahi dekhega.
Q49) why is capital shown on the liability side?
=> Company ka capital liability side mein isliye darshata hai kyunki hum aur company ek
separate entity hai aur ham Jo capital company mein lagate Hain vah hamare liye to assets
hai par company ke liye vah liability hai kyon ki usey hamare liye profit generate karna hai.
Q50) What is the difference between accounting and bookkeeping?
=>
● Bookkeeping transactions ko record Karta hai jabki accounting sare transactions ka
analysis Karta hai .
● Bookkeeping Se hi accounting banti hai
● bookkeeping mein short term ka record hota jabki accounting mein long term ka
record hota hai .
● Accounting mein accountant ko high salary pay karni padti hai jabki bookkeeper ko
Low salary pay karni padti hai.
Q51) What are notice money and term money?
=> notice money jab koi bhi commercial bank dusre commercial bank se 2 se 14 din ke liye
loan leta hai aur term money jab 15 din se 1 saal ke liye leta hai.
Q52) What are the different types of capital?
=>
● Authorised capital company ki wo capital hoti hai jisme uski authority hoti hai aur wo
apne mou me likh dete hai wo amount jitna capital invest karegi.
● Issues capital wo capital hoti hai jisko wo market me issue karte hai aur public use
khareedti hai.
● Subscribed capital wo capital hoti hai company ki Jitna log subscribe karte hai issued
capital me se.
● Subscribed capital ka wo part jispe logo ka jo amount hota hai application
money,allotment money aur call money Jo receive ho jaata hai usey hum bolte hai
paid up capital.
Q53) Types of financial statements?
=>There are 3 types of financial statements
● Balance sheet
● Cash flow statement
● Income statement (P$L statement and trading P$L account)
Q54)What is a trading account?
=> Trading account ko humlog gross profit ya gross loss nikalne ke liye banate hai isme
opening and closing stocks hota hai aur saare operational income or expenses ko dikhaya
jaata hai.
Gross profit nikalne ke baad ise p$l account me bhej Diya jaata hai.
Q55) What is a p$l statement?
=> Isme trading account dwara nikale Gaye profit ya loss hote hai aur iske alawa non
operating income aur expenses record hote hai.
Isko humlog net profit nikalne ke liye banate hai.
● Net profit:- Debit side
● Net loss:- credit side
Q56) Serialwise accounting?
1. journal entry
2. Cashbook
3. Ledger
4. Trial balance
5. Financial statements
Trading account
P$l account
Balance sheet
Q57) Difference between reserves and Provision?
=> reserve profit se Banta hai jabki provision hone wale liability ke liye banate hai.
