TextBook Solutions
- In case specific fund is maintained, the expenses exceeding the amount of the fluids, should be recorded on: (b) Debit side the Income and Expenditure Account 2
- In the Income and Expenditure Account all revenue receipts are entered on: (c) Right-hand side 2
- In Income and Expenditure A/c all revenue expenses are entered on: (b) Left-hand side 2
- The task of preparing Income and Expenditure A/c and the Balance Sheet commences after the preparation of the: (d) Cash A/c option d is correct 1
- In Receipts and Payments A/c, cash in hand or at the bank is put on: (a) Credit side (b) Left-hand (b) Left-hand side 2
- No cash transaction will be excluded from: (a) Balance Sheet (b) Profit & Loss A/c (c) Receipts and Payments 2
- If the credit side of Receipts and Payments A/c exceeds the debit side, the balance represents: (c) Bank overdraft 2
- Cash received by converting an asset into cash is reflected in: (b) Receipts and Payments A/c 2
- Subscription outstanding for the year 2018-19 is Rs.2500. Answer: (C) Rs. 2,500 The Income and Expenditure Account is made on the accrual basis, so it shows only the income that belongs to the curre... 1
- Entrance fees received amounted to Rs.50,000. In this 25% is to be capitalized. Mention the amount to be shown D. 37,500 correct option is D 2
- If 10% Interest on Investment appearing in the Receipts side is B. 70,000 option b is corect 2
- The Main purpose of Not-for- Profit organisation is B. to serve the society 2
- If Income is Rs.16,000 and deficit debited to Capital Fund is Rs.4,300 then Expenditure is: C. 20,300 option c is correct 2
- Which of the following is prepared to find out the income of a trading concern? C. Profit and Loss a/c 2
- What is the basic function of the process of environment scanning? Spotting and generating ideas is the most important function in the process of environment scanning. 1
- How do hobbies help in generating business idea? If any individual is master/talented in any skills (hobbies) and are ready to teach others with passion then he can easily convert his/her h... 1
- What do you mean by market driven idea or demand driven ideas? If the idea is generated through the market research. Such studies gives an entrepreneur information about trends of demand, supply consumer... 1
- “Creativity is a continuous activity for the entrepreneur”. Explain. As creativity is a continuous activity for the entrepreneurs they keep on disturbing markets and keeps on challenging large established busi... 1
- What do you understand by created opportunities? Opportunity lies in our surroundings. Successful entrepreneurs are always looking for opportunities to help others by providing creative sol... 1
- What do you understand by market research? Market research is a process of working on various trends in market, it gives an organized effort to gathering information about target mark... 1
- What do you understand by supply position? Supply position is the complete picture of quantities of the product made available in the market by all the existing players. 1
- What should an entrepreneur do, “if the opportunity looks promising”? When the opportunity looks promising, an entrepreneur should look into the environmental factors before choosing the best opportunity. 1
- When is the illumination period starts for an entrepreneur? Illumination starts when an entrepreneur re-surfaces the idea in realistic way and entrepreneur comes out with viable plan to give practical... 1
- Why creativity is important to entreprneurs? Creativity is important to entrepreneurs because it is the first stage in the process of innovation, providing the stimulus for opportunity... 1