{"id":146615,"date":"2023-05-21T11:49:00","date_gmt":"2023-05-21T06:19:00","guid":{"rendered":"https:\/\/www.kopykitab.com\/blog\/?p=146615"},"modified":"2023-09-01T10:29:16","modified_gmt":"2023-09-01T04:59:16","slug":"dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting","status":"publish","type":"post","link":"https:\/\/www.kopykitab.com\/blog\/dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting\/","title":{"rendered":"DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting (Updated For 2023)"},"content":{"rendered":"\n<p><img class=\"alignnone size-full wp-image-146994\" src=\"https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/11\/DK-Goel-Solutions-Class-11-Accountancy-Chapter-1-Meaning-and-Objectives-of-Accounting.jpg\" alt=\"DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting\" width=\"1200\" height=\"675\" srcset=\"https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/11\/DK-Goel-Solutions-Class-11-Accountancy-Chapter-1-Meaning-and-Objectives-of-Accounting.jpg 1200w, https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/11\/DK-Goel-Solutions-Class-11-Accountancy-Chapter-1-Meaning-and-Objectives-of-Accounting-768x432.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><strong>DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting:\u00a0<\/strong>Begin your Class 11 Accounts preparation with the DK Goel Solutions Class 11 Accountancy. The solutions of <span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;DK Goel Solutions Class 11 Accountancy Chapter 1 - Meaning and Objectives of Accounting&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:5053,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;10&quot;:2,&quot;11&quot;:0,&quot;12&quot;:0,&quot;15&quot;:&quot;Arial&quot;}\">DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting are well written and accurate, thanks to the subject matter experts.\u00a0<\/span><\/p>\n<p>Download your Free PDF of <span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;DK Goel Solutions Class 11 Accountancy Chapter 1 - Meaning and Objectives of Accounting&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:5053,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;10&quot;:2,&quot;11&quot;:0,&quot;12&quot;:0,&quot;15&quot;:&quot;Arial&quot;}\"><a href=\"https:\/\/www.kopykitab.com\/blog\/dk-goel-class-11-accountancy-solutions\/\" target=\"_blank\" rel=\"noopener\">DK Goel Solutions Class 11 Accountancy<\/a> Chapter 1 Meaning and Objectives of Accounting by using the link given in this blog. To know more, read the whole blog.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_47_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69dbeaf4b3174\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" 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of Accounting PDF\">Download DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting PDF<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.kopykitab.com\/blog\/dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting\/#access-solutions-of-dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting\" title=\"Access Solutions Of DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting\">Access Solutions Of DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.kopykitab.com\/blog\/dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting\/#higher-order-thinking-skills-hots-questions\" title=\"Higher-Order Thinking Skills (HOTS) Questions\">Higher-Order Thinking Skills (HOTS) Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.kopykitab.com\/blog\/dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting\/#value-based-questions\" title=\"Value-Based Questions\">Value-Based Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.kopykitab.com\/blog\/dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting\/#faqs-on-dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting\" title=\"FAQs on DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting\">FAQs on DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.kopykitab.com\/blog\/dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting\/#how-many-value-based-questions-are-there-in-dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting\" title=\"How many Value-Based Questions are there in DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting?\">How many Value-Based Questions are there in DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.kopykitab.com\/blog\/dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting\/#from-where-can-i-find-the-download-link-for-the-dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting-pdf\" title=\"From where can I find the download link for the DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting PDF?\">From where can I find the download link for the DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting PDF?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.kopykitab.com\/blog\/dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting\/#how-much-does-it-cost-to-download-the-dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting-pdf\" title=\"How much does it cost to download the\u00a0DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting PDF?\">How much does it cost to download the\u00a0DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting PDF?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.kopykitab.com\/blog\/dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting\/#can-i-access-the-dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting-pdf-offline\" title=\"Can I access the\u00a0DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting PDF Offline?\">Can I access the\u00a0DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting PDF Offline?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.kopykitab.com\/blog\/dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting\/#is-the-dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting-a-credible-source-for-class-11-accountancy-exam-preparation\" title=\"Is the\u00a0DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting a credible source for Class 11 Accountancy exam preparation?\">Is the\u00a0DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting a credible source for Class 11 Accountancy exam preparation?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.kopykitab.com\/blog\/dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting\/#how-many-hots-questions-are-asked-in-dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting\" title=\"How many HOTS questions are asked in DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting?\">How many HOTS questions are asked in DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"download-dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting-pdf\"><\/span>Download <span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;DK Goel Solutions Class 11 Accountancy Chapter 1 - Meaning and Objectives of Accounting&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:5053,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;10&quot;:2,&quot;11&quot;:0,&quot;12&quot;:0,&quot;15&quot;:&quot;Arial&quot;}\">DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting PDF<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/11\/1ch.pdf\" target=\"_blank\" rel=\"noopener\">DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting<\/a><\/p>\n<div id=\"example1\" style=\"text-align: justify;\">\u00a0<\/div>\n<p style=\"text-align: justify;\"><style>\n.pdfobject-container { height: 500px;}<br \/>\n.pdfobject { border: 1px solid #666; }<br \/>\n<\/style><\/p>\n<p style=\"text-align: justify;\"><script src=\"https:\/\/www.kopykitab.com\/_utility\/js\/pdfobject.min.js\"><\/script><br \/><script>PDFObject.embed(\"https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/11\/1ch.pdf\", \"#example1\");<\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"access-solutions-of-dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting\"><\/span>Access Solutions Of <span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;DK Goel Solutions Class 11 Accountancy Chapter 1 - Meaning and Objectives of Accounting&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:5053,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;10&quot;:2,&quot;11&quot;:0,&quot;12&quot;:0,&quot;15&quot;:&quot;Arial&quot;}\">DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong><span data-preserver-spaces=\"true\">Question 1<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Define Accounting.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Accounting can be defined as a process of reporting, recording, interpreting, and summarizing economic data. The introduction of accounting helps the decision-makers of a company to make effective choices by providing information on the financial status of the business. Today, accounting is used by everyone, and a good understanding of it is beneficial to all. Accountancy act as a language of finance.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 2<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Distinguish between debtors and creditors.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Debtors are the persons who owe an amount to the enterprise for the goods sold or service provided to them on credit, whereas, creditors are the person who is to be paid an amount by the enterprise for buying from then goods and services on credit.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 3<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">What is a cash discount?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">When a discount is allowed to the customer for making prompt payment, it is called a cash discount. It is always recorded in the books of account.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 4<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Distinguish between debtors and creditors.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Debtors are the persons who owe an amount to the enterprise for the goods sold or service provided to them on credit, whereas, creditors are the person who is to be paid an amount by the enterprise for buying from then goods and services on credit.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 5<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">How is the profit or loss of a specific term determined?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Profit or loss of a specific term determined by formulating loss account and trading and profit.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 6<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">How is the final position of a firm established?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The final position of a firm is established by a balance sheet.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 7<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Name the branch of commerce, which keeps a record of monetary transactions in a set of books.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Book-keeping is the branch of commerce, which keeps a record of monetary transactions in a set of books.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 9<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Give one point of distinction between book-keeping and accountancy.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Book-keeping objective is to keep a transaction of a business systematically, whereas, accounting determines the profit or loss and the financial status of a firm.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 10<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">What is the end product of financial accounting?\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The end product of accounting is the financial statement (i.e, profit and loss account and balance sheet) and reports which give information to users about the financial position and profitability of an enterprise.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 11<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Name any two users of accounting information.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The two users of accounting information are owners and Creditors.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 12<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Who are the internal users of accounting information?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The internal users of accounting information are people who are directly involved in managing and operating the business enterprise such as directors or partners, managers, and officers.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 13<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Who are the external users of accounting information?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The internal users of accounting information are potential investors, creditors, lenders, employee unions, customers, government, etc.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 14<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">State the nature of information required by investors.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The nature of information required by investors are regarding risks and return on investment in the business enterprise.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 15<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">What are the types of information required by long-term investors?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The type of information required by long-term investors are the creditworthiness and the ability of the enterprise to pay interest and the repayment of the loans.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 16<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">What are the information needs of management?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The information needs of management are timely information regarding sales, costs, profitability, etc. used for planning, controlling, and decision making.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 17<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Mention two advantages of accounting.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The two advantages of accounting are<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">(i) In provides a complete and systematic record<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">(ii) It provides information regarding profit or loss<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 18<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Write one limitation of accounting.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The accounts are prepared based on historical costs, and as such, the figures given in the financial statements do not show the effect of changes in the price level.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 19<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Write the name of two qualitative characteristics of accounting information.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The name of two qualitative characteristics of accounting information are reliability and comparability.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 20<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Which qualitative characteristic of accounting information requires the use of a common unit and format of reporting?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The qualitative characteristic of accounting that requires the use of a common unit and format of reporting is comparability.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 21<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">\u2018Accounting information should be verifiable and free from personal Bias\u2019. Name the qualitative characteristics of accounting information denoted by this statement.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The qualitative characteristic of accounting information denoted by this statement is reliability.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 22<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Name the two functions of accounting.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The two functions of accounting are.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">(i) Maintaining systematic accounting records<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">(ii) Preparation of financial statement<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 23<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">What is the traditional function of accounting?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The traditional function of accounting is to record financial transactions<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 24<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Explain the characteristics of Accounting.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">A few characteristics of Accounting are.<\/span><\/p>\n<ul>\n<li><strong><span data-preserver-spaces=\"true\">Accounting is an art as well as science- <\/span><\/strong>Accounting can be defined as an art as it has a technique to pre-determine objects. It records, classifies, and summarizes all the transactions of a company, to determine the net profit and financial status of the business. Secondly, it can also be compared to science as it is an organized body that is based on a particular principle and accounting standard.<\/li>\n<li><strong><span data-preserver-spaces=\"true\">Recording of Financial Transaction only-\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0In accounting, only transactions or items related to the financial character are recorded.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Recording in terms of Money-<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0\u00a0In business, anything that is not related to money does not record in accounting.\u00a0<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Classifying-<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0Once the recording is done in a journal or any subsidiary book, the transactions are then classified. Here classification means segregating one type of transaction in one place and separate accounts. The book in which each type of transaction is recorded according to its nature is known as Ledger.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Summarizing-<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0It is a process where all the classified transactions are presented in such a way that it is understandable and useful to the management and other users.\u00a0<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Interpretation of the Results-<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0Accounting summarizes the result of a company in such a way that it gives full and detailed information about the profits and financial status of a company to the bank, employees, investors, creditors, etc.\u00a0<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Communicating-<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0Accounting also gives a progress report of a company to the users and examines them according to their requirements.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"higher-order-thinking-skills-hots-questions\"><\/span><span data-preserver-spaces=\"true\">Higher-Order Thinking Skills (HOTS) Questions<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong><span data-preserver-spaces=\"true\">Question 1<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">What is the traditional function of accounting?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The traditional function of accounting is a recording of a financial transaction.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 2<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Is the basic objective of book-keeping to maintain systematic records or to ascertain net results of operations of a financial transaction?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The basic objective of book-keeping to maintain systematic records or to ascertain the net results of operations of a financial transaction is to maintain systematic records of financial transactions.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 3<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Recording financial transactions and preparing financial statements are the only objectives of accounting. Do you agree?\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">No, besides these two, accounting has the objective of providing useful information to the management and communication of financial information to the users.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 4<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">What is the first step in the accounting process?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The first step of the accounting process is the recording of transactions in the books of accounts.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 5<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">What is the last step of the accounting process?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The last step of the accounting process is communicating the final results to the users who analyzes them as per their requirement.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 6<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">On 1st Jan. 2015, Mr Vadera was appointed as marketing manager in a company with \u20b950,000 per month salary. Explain whether this case will be registered in the book of accounts.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">No, the appointment will not be recorded because it has not resulted in any change in the financial position of the firm (It will be recorded only when the salary is paid)<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 7<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">A company follows a practice of giving the figures for the previous year along with the figures of the current year. Now the accountant of the firm wants to discontinue this practice. Do you justify this decision?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">No, the comparability of current year figures with that of the previous year is a qualitative characteristic of financial information. Discontinuation of this practice will result in the discontinuation of a good practice being followed by the firm.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 8<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Give two examples of transactions that are not recorded in accounting.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The two examples of transactions that are not recorded in accounting are (i) Resignation by the general manager (ii) Value of human resources.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 9<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">A firm has received a large order to supply the goods. Will it be recorded in the books?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">No, only the receipt of an order has not resulted in any change in the financial position of the firm.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"value-based-questions\"><\/span><span data-preserver-spaces=\"true\">Value-Based Questions<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong><span data-preserver-spaces=\"true\">Question 1<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">What is the value involved in giving the figures of the previous year along with the figures of the current year in financial statements?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Giving the figures for the previous year along with the figures of the current year facilitates a comparison of current performance with past performance.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 2<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Mr Ganpati, the proprietor of a business, sold his residential house of \u20b950 lac. Will it be recorded in the books of account?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">No, personal dealings of the proprietor are not recorded in the books of the firm. However, if he invests this amount in the business it will be treated as additional capital introduced by the proprietor, and then it will be recorded in the books of the firm.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 3<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">What is the value involved in giving explanatory notes with the financial statements?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Explanatory notes explain the information given in financial statements which makes them more useful and understandable.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 4<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">The principal of a public school interviewed candidates for the selection of an accountancy teacher. Miss Arun was selected and was given an appointment letter wherein her salary was stated as \u20b930,000 per month. Will it be recorded in the books of accounts?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">No, only the selection of a teacher is not financial. It will be recorded when the salary is disbursed.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 5<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">What is the value involved in adopting the same method of depreciation year after year?\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The value involved in adopting the same method of depreciation year after-after is comparability. Comparability is possible when a firm adopts the same method of depreciation year after year.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 6<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Miss Priti, an electronic goods dealer, gifted a washing machine valued \u20b925,000 to her friend Suruchi. Will it be recorded in the books of account?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Yes, it will be treated as drawings of Miss. Priti and will be recorded in the books.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 7<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">How is accounting influenced by personal judgment?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Accounts has to exercise his judgment in respect of various items. For example, it is extremely difficult to predict with any degree of accuracy the actual useful life of an asset which is needed for calculating depreciation. The same is true about the method of valuation of stock and making provisions for doubtful debts.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 8<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Mr Vishwanath established a travel agency. Over the travel agency earned a high reputation. Mr Vishwanath Considers the value of goodwill of his travel agency at \u20b950 lakhs. He wants to record the value of the goodwill in the books of accounts. Can he do so?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">No, only the purchased goodwill can be recorded in the books of accounts. As per accounting standard 26 (Intangible assets), self-generated goodwill is not recorded in the books of accounts because consideration in money or money\u2019s worth has not been paid for it.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 9<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Lan and buildings are shown at 10 lakhs in the balance sheet of the business owned by Mr Yuvraj. However, as per the certificate of a government-approved valuer, the realizable value of land and building is \u20b9200 lakhs. Mr Yuvraj wants to show the land and building at this value in his books. Can he do so?\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">No, accounts are maintained on the concept of historical cost (i.e., the original cost). According to this concept, an asset is recorded in the books of accounts at the price at which it was acquired.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 10<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">What is meant by qualitative information?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Qualitative aspects of business units are those aspects which cannot be expressed in monetary terms, such as changes in management, the reputation of the business, cordial management-labour relations, firm\u2019s ability to develop new products, the efficiency of management, a satisfaction of firm\u2019s customers, etc<\/span><strong><span data-preserver-spaces=\"true\">.\u00a0<\/span><\/strong><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 11<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">What is meant by \u2018window dressing\u2019 in accounting?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Window dressing refers to the practice of manipulating accounts so that the financial statements may disclose a more favourable position than the actual position. For example, the purchases made at the end of the year may not be recorded or the closing stock may be over-valued.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 12<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">The huge loss occurred due to the strike of the employee. Will it be recorded?\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">No, because only those transactions and events are recorded in financial accounting and the effect of which can be measured in terms of money.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 13<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">If the accounting information is not presented, which of the qualitative characteristics of the accounting information is violated?\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">If the accounting information is not presented, then the understandability characteristics of the accounting information is violated.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 14<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Confidence trust that the reported information is a reasonable representation of the actual items and events, that have occurred, depicts which qualitative characteristic of accounting information.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">It depicts the reliability characteristic of accounting information.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 15<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Identify the value being violated in the case of window dressing.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The values being violated in the case of window dressing are. <\/span><strong><span data-preserver-spaces=\"true\">\u00a0<\/span><\/strong><\/p>\n<p><strong><span data-preserver-spaces=\"true\">(i) Honesty \u2013\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">By not showing the true and fair view of the result of operations and financial position of the enterprises, management is not honest towards the users of financial statements<\/span><strong><span data-preserver-spaces=\"true\">.<\/span><\/strong><\/p>\n<p><strong><span data-preserver-spaces=\"true\">(ii) Transparency \u2013\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Business has violated the value of transparency.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 16<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Which value is most important for a good accountant?\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">A good accountant is honest and shrewd. He must ensure that all transactions are recorded in the books of accountants, and there should be no hiding of facts. Sometimes, pressure may be put on him to hide certain facts in accounts to evade tax or any other purpose. But he should behave honestly and shrewdly.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 17<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">The accountant of the firm found an error in the books of account but neither he rectified the error nor disclosed it to the management fearing that it will risk his job. Which value has been violated by the accountant?\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">The accountant has violated the value of honesty and trust.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Question 18<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Accounting records business transactions and events that are of financial nature. Do you consider it a limitation of accounting?<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Answer:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Yes, it is a limitation of accounting because there are events that have a vital bearing on the profitability of the firm and such events are ignored.<\/span><\/p>\n<p>This is the complete blog on <span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;DK Goel Solutions Class 11 Accountancy Chapter 1 - Meaning and Objectives of Accounting&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:5053,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;10&quot;:2,&quot;11&quot;:0,&quot;12&quot;:0,&quot;15&quot;:&quot;Arial&quot;}\">DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting. To know more about the <a href=\"https:\/\/www.cbse.gov.in\/\" target=\"_blank\" rel=\"noopener\">CBSE<\/a> Class 11 Accountancy Exam, ask in the coments.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"faqs-on-dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting\"><\/span>FAQs on <span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;DK Goel Solutions Class 11 Accountancy Chapter 1 - Meaning and Objectives of Accounting&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:5053,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;10&quot;:2,&quot;11&quot;:0,&quot;12&quot;:0,&quot;15&quot;:&quot;Arial&quot;}\">DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Here are the most frequently asked questions on DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting.<\/p>\n\n\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-question-1635840656756\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"how-many-value-based-questions-are-there-in-dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting\"><\/span>How many Value-Based Questions are there in DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>There are 18 Value-Based Questions in DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of 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class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"how-many-hots-questions-are-asked-in-dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting\"><\/span>How many HOTS questions are asked in DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>There are 9 HOTS questions asked in the DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting:\u00a0Begin your Class 11 Accounts preparation with the DK Goel Solutions Class 11 Accountancy. The solutions of DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting are well written and accurate, thanks to the subject matter experts.\u00a0 Download your &#8230; <a title=\"DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting (Updated For 2023)\" class=\"read-more\" href=\"https:\/\/www.kopykitab.com\/blog\/dk-goel-solutions-class-11-accountancy-chapter-1-meaning-and-objectives-of-accounting\/\" aria-label=\"More on DK Goel Solutions Class 11 Accountancy Chapter 1 Meaning and Objectives of Accounting (Updated For 2023)\">Read more<\/a><\/p>\n","protected":false},"author":243,"featured_media":146994,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":""},"categories":[73410],"tags":[77624,77623,77622],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/posts\/146615"}],"collection":[{"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/users\/243"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/comments?post=146615"}],"version-history":[{"count":5,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/posts\/146615\/revisions"}],"predecessor-version":[{"id":376279,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/posts\/146615\/revisions\/376279"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/media\/146994"}],"wp:attachment":[{"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/media?parent=146615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/categories?post=146615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/tags?post=146615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}