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11 Accountancy TP Ch02 01 Accounting Terminology

This document provides an overview of key accounting terminology concepts for a class on the theory of accounting. It includes definitions and examples of common accounting terms like business transactions, events, accounts, capital, drawings, liabilities, assets, fixed assets, current assets, intangible assets, liquid assets, fictitious assets, trade receivables, and trade payables. It also includes two accounting challenges related to identifying revenue, income, tangible and intangible assets.

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65 views

11 Accountancy TP Ch02 01 Accounting Terminology

This document provides an overview of key accounting terminology concepts for a class on the theory of accounting. It includes definitions and examples of common accounting terms like business transactions, events, accounts, capital, drawings, liabilities, assets, fixed assets, current assets, intangible assets, liquid assets, fictitious assets, trade receivables, and trade payables. It also includes two accounting challenges related to identifying revenue, income, tangible and intangible assets.

Uploaded by

viraaj
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Class - XI Accountancy (Theory Base of Accounting)

Topic : Accounting Terminology


1.

What is meant by a business transaction?

[1]

2.

What is meant by Event give example?

[1]

3.

Give definition of Account.

[1]

4.

What is meant by Capital?

[1]

5.

Define the concept of drawings with examples.

[1]

6.

Give the meaning of Liability.

[2]

7.

What is meant by Internal and External Liabilities?

[2]

8.

Give any one definition of Assets.

[2]

9.

What are the fixed assets? Give example.

[2]

10.

What are the current assets? Give example.

[2]

11.

What is meant by Intangible assets? Give example.

[2]

12.

What are the Liquid Assets? Give example.

[2]

13.

What are Fictitious Assets? Give example.

[2]

14.

What is meant by Trade Receivables?

[2]

15.

What is meant by Trade Payables?

[2]

Accountancy Challenge
Challenge : 1
If Goods costing Rs.2,00,000 are sold for Rs.2,80,000. Out of which Rs.1,50,000 received in cash.
Identify the amount of Revenue and Income from the above information.

Challenge : 2
From the following identify the Tangible and Intangible Assets:
(a) Office Furniture
(b) Trademarks
(c) Land and Building
(d) Goodwill
(e) Patents
(f) Plant and Machinery

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