Easy to Understand TS Grewal Class 12 Solutions 2021-22

TS Grewal Class 12 Solutions 2021-22 provide clear and simple explanations for every chapter. Helpful for understanding all subjects with easy-to-follow answers.

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TS Grewal solutions for Class 12 are a great way to help students prepare for their exams. These solutions cover all chapters of the book and explain them in simple language. They are helpful for understanding different concepts and for solving questions that are often asked in exams. The solutions are available for all subjects that are included in the curriculum. The book is designed to help students prepare and perform better in their board exams. Let’s explore the questions and answers that will help you get a clearer idea of the subjects and solve your doubts.

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Accountancy

Question: What is the basic principle of accounting?

Answer: The basic principle of accounting is the double-entry system, where every transaction affects two accounts – one as a debit and the other as a credit.

Question: Define 'Assets' in accounting.

Answer: Assets are resources owned by a business that are expected to bring future economic benefits, like cash, machinery, and property.

Question: What is a 'Liability'?

Answer: Liabilities are the obligations or debts a business owes to others, such as loans or accounts payable.

Question: Explain the difference between current and non-current assets.

Answer: Current assets are expected to be converted into cash within one year, like inventory and receivables. Non-current assets are long-term assets, such as property and equipment.

Question: What is the meaning of 'Revenue' in accounting?

Answer: Revenue refers to the income earned by a business from its regular activities, such as sales of goods or services.

Question: How is a journal different from a ledger?

Answer: A journal is the book of initial entries where transactions are recorded in chronological order, while a ledger is the book where transactions are categorized into individual accounts.

Question: What is a Trial Balance?

Answer: A Trial Balance is a statement that lists all the balances of the accounts in the general ledger to ensure that total debits equal total credits.

Question: Define 'Capital Expenditure'.

Answer: Capital expenditure refers to funds used by a business to acquire or upgrade physical assets like property, buildings, or equipment.

Question: Explain 'Revenue Expenditure'.

Answer: Revenue expenditure is the cost incurred for the daily operations of a business, such as rent, wages, or utility bills.

Question: What is the 'Profit and Loss Account'?

Answer: The Profit and Loss Account is a financial statement that shows a company’s revenue, costs, and expenses during a specific period to determine its profit or loss.

Question: What are 'Accounts Receivable'?

Answer: Accounts receivable refers to the money owed to a business by customers for goods or services delivered on credit.

Question: Explain the term 'Accounts Payable'.

Answer: Accounts payable are the amounts a business owes to its suppliers for goods or services received on credit.

Question: What is a 'Bank Reconciliation Statement'?

Answer: A Bank Reconciliation Statement is a document that compares a company's bank balance with its accounting records to identify any discrepancies.

Question: What are 'Depreciation' and its types?

Answer: Depreciation is the reduction in the value of an asset over time. The two common types are straight-line depreciation and declining balance depreciation.

Question: Define the term 'Partnership'.

Answer: A partnership is a business arrangement where two or more individuals share the profits and liabilities of the business.

Question: What is the difference between 'Fixed Capital' and 'Variable Capital' in a partnership?

Answer: Fixed capital refers to the amount invested in a business for the long-term, while variable capital changes according to business needs.

Question: What is the purpose of the 'Income Statement'?

Answer: The income statement provides a summary of a company’s revenues, expenses, and profits or losses over a specific period.

Question: How do you calculate 'Gross Profit'?

Answer: Gross profit is calculated by subtracting the cost of goods sold from total revenue.

Question: What is meant by 'Net Profit'?

Answer: Net profit is the final profit of a company after subtracting all operating expenses, taxes, and interest from the gross profit.

Question: What is a 'Cash Flow Statement'?

Answer: A Cash Flow Statement shows the inflow and outflow of cash and cash equivalents during a specific period, helping to evaluate a company’s liquidity.

Question: What are the main objectives of financial accounting?

Answer: The main objectives of financial accounting are to provide financial information to stakeholders, ensure proper recording of transactions, and help in decision-making.

Question: What is meant by the term 'Goodwill' in accounting?

Answer: Goodwill is an intangible asset that arises when a business acquires another for a price greater than the fair value of its identifiable assets and liabilities.

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Business Studies

Question: What is 'Business Environment'?

Answer: Business environment refers to the external and internal factors that affect the operations of a business, such as economic conditions, competition, and government regulations.

Question: Define 'Entrepreneurship'.

Answer: Entrepreneurship is the process of starting and managing a new business, taking on financial risks in the hope of making a profit.

Question: What is the importance of 'Planning' in business?

Answer: Planning is important as it helps in setting objectives, determining resources, and guiding the business towards achieving its goals.

Question: Explain 'Organization Structure'.

Answer: Organization structure defines the formal framework of authority and responsibilities within a company, outlining how roles and tasks are divided.

Question: What are 'Marketing Objectives'?

Answer: Marketing objectives are the goals a company sets to achieve in its marketing efforts, such as increasing brand awareness or improving sales.

Question: What is 'Market Segmentation'?

Answer: Market segmentation is the process of dividing a broad consumer or business market, typically consisting of existing and potential customers, into sub-groups of consumers.

Question: Define 'Product Life Cycle'.

Answer: The product life cycle refers to the stages a product goes through from introduction to growth, maturity, and eventual decline.

Question: What is the role of 'Finance' in a business?

Answer: Finance is essential in business as it helps in managing the funds required for business activities and growth, ensuring proper cash flow.

Question: What is the importance of 'Human Resource Management'?

Answer: Human resource management focuses on recruiting, training, and maintaining an effective workforce, ensuring that employees are motivated and productive.

Question: Explain the concept of 'Corporate Social Responsibility' (CSR).

Answer: CSR is the practice of businesses taking responsibility for the impact of their activities on society and the environment, beyond just profit-making.

Question: What is 'Communication' in business?

Answer: Communication in business refers to the exchange of information between various stakeholders, including employees, customers, and suppliers, to ensure smooth operations.

Question: What is 'Business Ethics'?

Answer: Business ethics refers to the moral principles and values that guide the behavior of individuals and organizations in the business world.

Question: What is the role of 'Leadership' in a business?

Answer: Leadership involves guiding and inspiring a group towards achieving common goals, making important decisions, and setting the business's overall direction.

Question: What is the 'Marketing Mix'?

Answer: The marketing mix, also known as the 4Ps, consists of product, price, place, and promotion strategies to effectively market a product or service.

Question: Define 'Consumer Protection'.

Answer: Consumer protection refers to laws and practices designed to safeguard buyers from unfair practices, fraud, and harm by businesses.

Question: What is the difference between 'Leadership' and 'Management'?

Answer: Leadership focuses on inspiring and motivating people, while management is about planning, organizing, and controlling resources to achieve organizational goals.

Question: What is 'Stock Market'?

Answer: The stock market is a marketplace where shares of publicly held companies are bought and sold.

Question: Explain 'Financial Management'.

Answer: Financial management involves planning, organizing, and controlling a company’s financial resources to ensure its success and growth.

Question: What is the role of 'Advertising' in marketing?

Answer: Advertising is used to inform, persuade, and remind consumers about products or services to increase brand awareness and drive sales.

Question: What is the meaning of 'Branding'?

Answer: Branding refers to the process of creating a unique image and identity for a product or company in the consumer's mind.

Question: Explain 'Market Research'.

Answer: Market research involves gathering and analyzing data about consumers, competitors, and the market to make informed business decisions

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