Question

Describe the generally accepted principles of accountancy. Why product costing in an organization is important? Describe different types of costing. 

25 Apr 2023
Answer :
Word Count : 448

The generally accepted principles of accountancy include:

  1. Business Entity Principle: This principle states that the business and the owner are separate entities and should be accounted for separately.

  2. Money Measurement Principle: This principle states that only the transactions that can be expressed in monetary terms should be recorded.

  3. Cost Principle: This principle states that all transactions should be recorded at their original cost, and not at their current market value.

  4. Dual Aspect Principle: This principle states that every transaction has two _________ ________ __________ _______ __________.
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Related Questions

Fill in the blanks with the correct form of the verb given in brackets.

The cars_______ parked on the street ahead. (is / are)

 The carpet _________a lot of stains. (has / have)

The Trade Union Members’ Meeting  _______ being
held in the Conference Room. (is / are)

 Fifteen years ________ a very long time! (is / are)

 Neither her father nor her mother _______ very tall. (is / are)

Either this woman or that man _________ stolen the watch. (has / have)

At the party, everyone _________ well dressed. (was / were)

Baked beans and toast ________my favorite dish for breakfast. (is / are)

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Describe the generally accepted principles of accountancy. Why product costing in an organization is important? Describe different types of costing. 

Write an article on any two of the following
 Power/ Role of Media
 Women Empowerment
 Increasing Poverty in India

Punctuality is a necessary habit in all public affairs of a civilized society – Without it nothing could ever be concluded, everything would be in a state of chaos. Only in a sparsely populated rural
community is it possible to disregard it. In ordinary living there can be some tolerance of unpunctuality. The intellectual, who is working on some abstruse problem, has everything coordinated
and organized for the matter in hand. He is therefore forgiven, if late for the dinner party. But people are often reproached for unpunctuality when their only fault is cutting thing fine. It is hard for energetic, quick-minded people to waste time, so they are often tempted to finish, a job before setting out to keep an appointment. If no accidents occur on the way, like punctured tyres, diversion of traffic, sudden descent of fog, they will be on time. They are often more industrious, useful citizens than those
who are never late. The over-punctual can as much be a trial to others as the unpunctual. The guest who arrives half an hour too soon is the greatest nuisance. Some friends of my family had this
irritating habit. The only thing to do was to ask them to come half an hour later than the other guests. Then they arrived just when we wanted them.

If you are catching a train, it is always better to be comfortably early than even a fraction of a minute too late. Although being early, may mean wasting a little time, this will be less than if you miss the train and have to wait an hour or so for the next one. And you avoid the frustration of arriving at the very moment when the train is drawing out of the station and being unable to get on it. An even a harder situation is to be on the platform in good time for a train and still to see it go off without you. Such an experience be fell a certain young girl the first time she was travelling alone.

She entered the station twenty minutes before the train was due, since her parents had impressed upon her that it would be unforgiveable to miss it and cause the friends with whom she going to stay to make two journeys to meet her. She gave her luggage to a porter and showed him her ticket. To her horror he said that she was too hours too soon. She felt in her handbag, for the piece of paper on which her father had written down all the details of the journey and gave it to the porter. He agreed that a
train did come into the station at the time on the paper and that it did stop, but only to take on water, not passengers. The girl asked to see a timetable, felling sure that her father could not have made such a mistake. The porter went to fetch one and arrived back with the stationmaster, who produced it with a flourish and pointed out a microscope ‘o’ beside the time of the arrival of the train at his station. The little ‘o’ indicated that the train only stopped for water. Just at the moment the train came into the station, the girl, tears streaming down her face, begged to be allowed to strip into the guard’s van. But the stationmaster was adamant; rules could not be broken. And she had to watch that train disappeartowards her destination while she was left behind.

Questions 2x5=10
 a. Why is punctuality a necessary habit?
 b. Why is the intellectual forgiven if he is late?
 c. Who does the writer refer to as ‘industrious useful citizen’?
 d. How did the writer deal with the ‘over punctual’ friend?
 e. What request did the girl make to the guard and why didn’t he oblige?

Please see the following table: 

Foreign words Origin Meaning
ad hoc Latin  unplanned
ad infinitum Latin Endlessly
bete noire French something that you hate or find annoying
bona fide Latin genuine or real
carte blanche French complete power to do exactly as you wish
faux pas French socially embarrassing action or mistake
status quo Latin situation that exists at a particular time without any changes
rendezvous  French any type of meeting
aficionado Spanish a person who likes a particular sport, activity or subject very much and knows a lot about it
chic French very fashionable and elegant

Now complete these sentences with suitable expressions from the above table:

She was perfectly dressed and looked very _____________.

 You will need a ___________ document from your organization stating your tenure of work with them.

 Her is an_____________ appointment. She is presently under observation.

The Darjeeling tea is regarded by____________ as the very best in the world.

 If you have no understanding of another’s culture, you could easily make a ________________
which could be extremely embarrassing.

If you cannot resolve the _________ issue the will continue.

They set up a ____________ at a faraway resort where nobody would disturb them.

He was given ____________ to deal with the matter as he found suitable.

My particular ______________ is people smoking in public places even after the ban.

You cannot stay in a foreign country _________ on a visitor’s visa.

Write a short conversation/ dialogue of about 5 turns on any two of the following:

i) Your grandfather is going to retire on 31st of March 2023. Ask permission from
your boss to attend his farewell party.
ii) You are called to deliver lecture on English speaking in a group of
students. Write briefly about your speech.
iii) Express your regards & concern for your friend who is leaving your company & do
write the response of others too

Complete the sentences with who, whom, which, that and     to whom:
 The receptionist at the desk...................................... I spoke was very helpful.

 The hotel has a large conference hall in............................. workshops can be held.

 I can give you the name of the HR Manager...............................I deal with.

 We drew a short-list of candidate’s.....................CVs were very good.

 We’ve got a machine .......................prints in color.

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