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Unit-1 Business Nature and Purpose

  Unit-1 Business Nature and Purpose Very Short Answer Type Questions (01 Mark) Answer in one word/one sentence Q.No.1The reward received for taking a skin called- Answer - A reward a businessman receives after bearing the risk of the business is known as  profit . Q.No.2The activities which are done to earn income are called- Answer - An activity which results in the generation of income or money is called an  economic activity . Q.No.3What is the treatment by a doctor in a hospital called? Answer - The treatment that a doctor provides in a hospital is called a  medical procedure or therapy Q.No.4What are the Activities not done for the purpose of earning money called? Answer - Activities that are not done for the purpose of earning money are called non-economic activities.  Q.No.5What are the Activities done for the purpose of earning money called? Answer - Activities done to earn money are called economic activities. S...
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Class 11 Solution Chapter 9 Ledger

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  Class 11 Solution Chapter 9 Ledger Chapter 9 Ledger TS Grewal Class 11 Solutions Question.1.  What is a Ledger? Answer.1     Meaning of a Ledger: Earlier, we discussed the term Account. In an account, transactions of one nature are posted or summarized. All the accounts put together constitute a 'Ledger'. A Ledger may be defined as a "book or register which contains, in a summarized and classified form, a permanent record of all transactions." It is the most important book of accounts, since, the Trial Balance is drawn from it and from the Trial Balance, and Financial Statements are prepared. Hence, the Ledger is called the Principal Book.   Question.2. What do you mean by posting? Answer.2   Posting or posting the Entries means: The process of transferring the information contained in a Journal to a Ledger is called Posting. The following procedure is followed for posting the debit and credit aspects of the transaction recorded in a Journal: ...
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