Sample of Accounting Project Work — Flashcards
ICSE · Class 11 · Accountancy
44 flashcards for Sample of Accounting Project Work (ICSE Class 11 Accountancy) to test yourself on key terms and facts.
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What is the total mark weight of Paper II Project Work in this chapter topic?
Answer
Paper II Project Work carries 20 marks in total. Two projects are completed from any topic covered in Theory.
How are marks divided for each project?
Answer
Each project is marked out of 10 marks: Overall format 1 mark, Content 4 marks, Findings 2 marks, and Viva-voce based on the project 3 marks.
What is a journal?
Answer
A journal is a book of original entry in which all the business transactions are recorded in chronological order, that is, datewise. It is the first place where transactions are recorded before postin…
What is ledger?
Answer
A ledger is a principal book that contains all the accounts of the business. It is called the book of final entry because journal entries are posted into it for classification and final account-wise r…
What is J.F. and what is L.F.?
Answer
J.F. stands for journal folio, which means the page number of the journal from which posting is made to the ledger. L.F. stands for ledger folio, which means the page number of the ledger account wher…
What is posting?
Answer
Posting is the process of transferring entries from the journal to ledger accounts. It connects the chronological record with the classified record.
What does debit balance of a personal account indicate?
Answer
A debit balance of a personal account indicates that the person is a debtor of the firm.
What does debit balance of a real account indicate?
Answer
A debit balance of a real account indicates the value of an asset.
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