Download App

Theory Base of Accounting — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountTheory Base of Accounting1 Mark
Question
Distinguish between Loss and Expense.
✓

Answer

Expense: Expense is the cost incurred for generating revenue.
Loss: Loss is excess of expenses of a period over its revenues.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "1 Marks Question" from Theory Base of Accounting→Theory Base of Accounting — all question types→Account STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

In which basis of accounting Outstanding expenses are not recorded?
→
What are Capital Reserves?
→
How is Trade Discount recorded in the books of account?
→
Prepare a bank reconciliation statement, taking imaginary figures, starting with the credit balance as per Cash Book.
→
An account is not opened in the name of the proprietor in the books of firm. Why?
→
Which balance of the bank column in the Cash Book signifies bank overdraft?
→
Define Voucher.
→
When is a bill called draft?
→
Explain the following term:
Revenue.
→
Mr. Jaspal Singh dealing in electronic goods sold 20 TV sets costing ₹ 30,000 each at 40,000 each. Out of this ₹ 5,00,000 were received in cash and the balance is not yet received. State the amount of revenue.
→