Financial Statements - I
Nagaland Board · Class 11 · Accountancy
Flashcards for Financial Statements - I — Nagaland Board Class 11 Accountancy. Quick Q&A cards covering key concepts, definitions, and formulas.
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What is a stakeholder in business context? Give examples of internal and external stakeholders.
Answer
A stakeholder is any person associated with the business who has monetary or non-monetary stakes. Internal stakeholders include owners and managers (inside the business). External stakeholders include…
Distinguish between Capital Expenditure and Revenue Expenditure with examples.
Answer
Capital Expenditure: Benefits more than one accounting period, increases earning capacity, non-recurring (e.g., purchasing furniture, machinery). Revenue Expenditure: Benefits only current accounting …
What are Deferred Revenue Expenditures? How are they treated?
Answer
Deferred Revenue Expenditures are revenue expenditures that benefit more than one accounting period (e.g., heavy advertising expenditure). Though revenue in nature, they are treated like capital expen…
Distinguish between Capital Receipts and Revenue Receipts with examples.
Answer
Capital Receipts: Create obligation to return money or involve sale of fixed assets (e.g., additional capital, loans, sale of old machinery). Revenue Receipts: No obligation to return, not from sale o…
What are the two main financial statements prepared by a business? State their purposes.
Answer
1. Trading and Profit & Loss Account: Shows financial performance (profit earned or loss sustained during accounting period). 2. Balance Sheet: Shows financial position (assets, liabilities, and capit…
List the main items that appear on the DEBIT side of Trading Account.
Answer
1. Opening Stock, 2. Purchases (less returns), 3. Wages, 4. Carriage Inwards/Freight Inwards, 5. Fuel/Water/Power/Gas, 6. Packaging material and packing charges (for small containers), 7. Other direct…
List the main items that appear on the CREDIT side of Trading Account.
Answer
1. Sales (less returns/return inwards), 2. Closing Stock (if any). These items represent the revenue from basic operational activities of buying and selling goods.
What is Gross Profit? Write the formula to calculate Gross Profit.
Answer
Gross Profit is the profit from basic operational activities (buying and selling). Formula: Gross Profit = Sales - (Purchases + Direct Expenses) OR Gross Profit = Sales - Cost of Goods Sold. If negati…
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