After studying this chapter you will be able to

Checklist to Test Your Understanding
Checklist to Test Your Understanding
Checklist to Test Your Understanding
Checklist to Test Your Understanding
Checklist to Test Your Understanding
Test Your Understanding – I
(a)
Economic Transactions (b) Management/Employees (c) Creditor
(d)
Time-gap
(e) External (f) Free from bias
(g)
Identifying the transactions and communicating information
(h) Monetary
(i)
Chronological
Test Your Understanding - II
1.
Reliability, i.e. Verifiability, Faithfulness, Nutrality
2.
Relevance, i.e. Timeliness
3.
Understandability and Comparibility
Test Your Understanding - III
(a)
Government and other regulators
(b)
Management
(c)
Social responsibility groups
(d)
Lenders
(e)
Suppliers and Creditors
(f)
Customers
Test Your Understanding - IV
1. (ca. (ca. (a)
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22
Accountancy
Test Your Understanding - V
1.
` 5,00,000 2.
` 1,00,000,
3.
` 2,00,000 Mr. Reace, ` 1,50,000 5.
` 5,000 6.
` 5,000 7.
` 30,000 Mr. Ravi, ` 1,00,000 9.
` 35,000 Assets : debtors Liabilities : creditors drawings Revenues : sales expenses,
discount, salary Activity 1 : Tick (
ü) the appropriate one Items Current
Non-Current Current Non-Current
Assets Assets Liabilities Liabilities
Machinery
Sundry Creditors
Cash at Bank
Goodwill
Bills Payable
Land & Building
Furniture
Computer Software
Motor Vehicles
Inventory
Investments
Loan from Bank
Sundry Debtors
Patents
Air-Conditioners
Loose tools
2020-21