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Theory Base of Accounting — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountTheory Base of Accounting1 Mark
Question
Explain the following terms with example:
  1. Sales.
  2. Cost.
✓

Answer

  1. Sales: Sales are total revenues from goods or services sold or provided to customers. Sales may be cash sales or credit sales.
  2. Cost: It is the amount of expenditure incurred on or attributable to a specified article, product or activity.

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