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Basic Accounting Terms Introduction: Learn the important MCQ questions for Class 11 Accountancy Chapter 2 of Basic Accounting Terms with the latest CBSE syllabus. For better understanding of MCQs and short questions in an easy way, you can watch the video explanation. 👉 Download One Mark Notes 👉 Download Questions & Answers Notes 👉 Click Here to Watch YouTube Video (MCQs & Short Answer Questions) 👉 Click Here to Watch YouTube Video - CBSE Chapter 2 Basic Accounting Terms Very Short Answer-Type Questions: 1. What is meant by Cash Transaction? Ans: Cash transaction is a financial transaction or event that is settled immediately in cash. 2. What is meant by Credit Transaction? Ans: Credit transaction is a financial transaction or event that is not settled immediately, i.e., is agreed to be settled later. 3. Briefly explain Expenditure. Ans. Expenditure is the amount spent or liability incurred for acquiring assets, goods or services.  4. What are Assets...

Basic Accounting Terms Introduction: Learn the important MCQ questions for Class 11 Accountancy Chapter 2 of Basic Accounting Terms with the latest CBSE syllabus. For better understanding of MCQs and short questions in an easy way, you can watch the video explanation. 👉 Download One Mark Notes 👉 Download Questions & Answers Notes 👉 Click Here to Watch YouTube Video (MCQs & Short Answer Questions) 👉 Click Here to Watch YouTube Video - CBSE Chapter 2 Basic Accounting Terms Multiple Choice Questions: I. Select the correct alternative: 1) Capital is ____________ a) Internal Liability b) External Liability c) Internal as well as External liability d) None of these Ans:  a) Internal Liability 2) Goods taken by the proprietor for personal use is__________ a) Sale b) Drawings c) Purchase d) None of these Ans:  b) Drawings 3) Amount received or receivable against sale of goods is ______ a) Revenue Receipt b) Capital Receipt c) Sometimes revenue...

  Introduction to Accounting Introduction: In this article, you will find comprehensive study materials for CBSE Class 11 Accountancy Chapter 1: Introduction to Accounting , including theory notes, MCQs, and questions & answers to help you understand the chapter and prepare effectively for examinations. 👉  Download MCQs, Questions & Answers Notes 👉 MCQs Mock Test 👉 Click Here to Watch YouTube Video (MCQs & Short Answer Questions) 👉 Click Here to Watch YouTube Video - CBSE Chapter 1 Introduction to Accounting I. Multiple Choice Questions (MCQs): (i) Bookkeeping and Accounting (a) means the same and are used interchangeably. (b) does not mean the same and are not used interchangeably. (c) means both (a) and (b). (d) None of the above. Ans: (b) does not mean the same and are not used interchangeably. (ii) Which of the following is not a sub-field of accounting? (a) Bookkeeping (b) Management Accounting (c) Financial Accounting (d) Cost Accounting Ans: (a) Bookkee...