CHSE accountancy previous year questions 12th class odisha
Download all the previous year questions
Just click on the Download button
2020: Download
2019: Download
2018: Download
2017: Download
2016 and 2015: Download
___________Answers____________
Chse accountancy 2019 answer: Download
Chse accountancy 2018 answer: Download
Chse accountancy 2017 answer:
Chse accountancy 2016 and 2015 answer:
CHAPTERWISE IMPORTANT QUESTIONS
1.Define Non-for-Profit Organization.
Answer: The Non-for-Profit Organization is an organisation which does not intend to make any profit and are exempted from paying tax. These organizations are basically formed for religious, educational, cultural, charitable, public service to the public or special cause. The Non-for-Profit organisation is also known as a Non-Profit Organization.
2.Mention the important features of Income and Expenditure Account
Answer: The important features of Income and Expenditure Account are:
Income and Expenditure Account is a nominal account
It does not record any capital items
Revenue expenditure of current year is recorded on the Debit side and all the revenue receipts of current year on the Credit side.
Only current period items are recorded.
3.Explain three features of Not-for-Profit Organization.
Answer: The features of the Not-for-Profit Organization are.
Service- Its objective is to render service to any individual or a group or work for a cause without any expectation of return or profit.
Separate legal entity- The organisation is established as a trust or a charitable society. Therefore, it does not have an individual or group of an individual as an owner but belongs to society. It exists as a separate entity.
Source of Income: The source of income for a non profit organisation are donations, grants by government,memberships etc.
Chapter 2- Accounting for Partnership Firms- Fundamentals
4.Define Partnership.
Answer:A partnership agreement is an agreement between two or more individuals who sign a contract to start a profitable business together. In the Partnership agreement, the partners are equally responsible for the debt of an organisation. Even if one person withdraws his/her partnership, they are liable for an already existing debt, and future liability if they do not provide with proper notice of retirement. Sometimes, a partnership can also exist without signing any scripted agreement, in such cases law that regulates partnership would apply.
5.Explain the importance of partnership agreement
Answer: A partnership agreement is vital to keep away the disagreement, confusion or any changes that might occur in the course of business tenure. Below are a few points that describe why a partnership agreement is essential:
To form distinguished roles and responsibilities for each partner.
To avoid tax problems, the tax status shows that the partner is dispensing profits to each partner based on accounting practice and acceptable tax.
To avoid liability and legal issue, if there is any with any of the partners.
It helps to deal with any lifestyle or circumstance changes of any partners. They usually deal with buy-out agreement with individual partners.
To surpass non-compete agreements and conflict of interest with partners.
To overrule the state law
Chapter 3- Goodwill- Nature and Valuation
6.Define Goodwill.
Answer: Goodwill is an intangible asset which places an enterprise at an advantageous position due to which an enterprise is able to earn higher profits without putting extra effort.
7.Give two features of goodwill.
Answer: The two features of goodwill are
It is an intangible asset. It does not have any physical existence
It helps in earning higher profits
7.What is the need for valuation of goodwill?
Answer: The need for valuation of goodwill arises.
When there is a change in the profit-sharing ratio
When a new partner is admitted
When a partner retires or dies
When a partnership firm is sold as a going concern
When two or more firms/partners amalgamates
When a partnership firm is converted into a company
Chapter 4- Change in Profit – Sharing Ratio Among the Existing Partners
8.Define Sacrificing ratio.
Answer: Sacrificing ratios is the ratio in which one or more partners of a company sacrifice their share of profit in favour of one or more partners of the firm.
9.How sacrificing the share of each partner is calculated.
Answer: The sacrificing share of each partner is calculated as follows:
Sacrificed Share= Old Share – New Share
10.Define Gaining ratio.
Answer: Gaining ratios is the ratio in which one or more partners gain a share of profit as a result of sacrificed share in profits by one or more partners of a company.
Chapter 5- Admission of a Partner
11.Define admission of partners.
Answer: Admission of a partner is a mode of reconstituting the firm because, with the admission of a partner, the existing agreement ends and new agreement among all the partners comes into force.
12.What is a new profit-sharing ratio?
Answer: A new profit-sharing ratio is a ratio which all partners along with fresh or incoming partner, will distribute future profit and loss of the business.
Chapter 6- Retirement/Death of a Partner
13.Explain Retirement of a partner.
Answer: Retirement of partner refers to retiring from the partnership, i.e., ceasing to be a partner of the enterprise. A partner may retire from the firm anytime in the following scenarios:
If there exists an agreement to that effect
If all the partners agree to his retirement
sharing ratio
14.What is Gaining Ratio?
Answer: Gaining Ratio is such type of ratio in which partners have agreed to gain their share of profit from the other partners of the firm.
Chapter 7- Dissolution of Partnership Firm
15.Define the new profit sharing ratio.
Answer: New pprofsharing ratio is the ratio by which existing partner and new partner will share proits and losses of the firm.
16.What does Dissolution of Firm mean?
Answer: Dissolution of Firm means closure of the enterprise and end of the business association among all the partners.
17.What are the modes of Dissolution of Firm?
Answer: The modes by which a Firm can be dissolved are:
Mutual agreement
Compulsory dissolution
By notice
The occurrence of an event
Dissolution by court
Your content is amazing. This is genuinely a good post please keep sharing your information with us.you have good knowledge about this. Thanks for sharing your knowledge with us.
ReplyDeleteaccounting software singapore
Thank you for taking the time to post this blog. I am pleased with your work after reading this post. This is very useful for us. Keep sharing such blogs. Accountancy Services For Business in Cary
ReplyDeleteBasically, you should never feel rushed in making a decision. An auto transport company tends to transport an item that is generally of high value. accountancy firm Sheffield
ReplyDeleteNice information, You have provided very important and essential data for us. It is valuable and informative for everyone. Keep posting always. I am very thankful to you. Thanks once again for sharing it. company Formation Services in India
ReplyDeleteClearly, It is an engaging article for us which you have provided here about accountancy. This is a great resource to enhance knowledge about it. Thank you. Fiduciary Financial Advisor Dtc
ReplyDeleteBut if you make $1 too much, the affordable plans are suddenly going to become very expensive and can cost thousands of dollars more over the course of a year. plus cbd capsules + energy
ReplyDelete