Commerce Class 11 12 Quiz Notes CUET BCom

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✅Advantages of Computerized Accounting System ➖ The accounts developed by computers are accurate, uniformed, clear, and comprehensive. ➖ It saves time and increases the efficiency of the employees. ➖ The computer prepares the account and records in no time with accuracy. ➖ Computerized accounting minimizes boredom of doing monotonous accounting jobs. ➖ With the help of accounting software, an individual can easily access data securely outside the office as well. The best example would be internet banking, booking tickets, etc. ➖ The financial statements arranged by computers are so precise and accurate that anybody can rely on the report. ➖ The accounting software makes the whole process simpler and faster to prepare an account. ✅Disadvantages of Computerized Accounting System ➖ The accuracy of the end report entirely depends on the input of the information. ➖ Sometime the incompetent and biased employees may alter the data. ➖ It is expensive. ➖ There is a cybersecurity threat and it might hinder the whole saved data. ➖ Too much of the input on the computer might slow down the operating system and affect the work process. ✅Types of Accounting Softwares ➖ Ready-to-use Softwares – It is cheap and fit for small enterprises which has less accounting transactions and a low user base. However, such software is less secure and easily subject to risks. This software doesn’t require any specialised training. ➖ Customized Softwares – The software is customizable to satisfy the customer’s requirement and fit for medium and large firms. The software is costly as well as its training, but a company can use it for a various information system. It is more secure as compare to ready-to-use software. ➖ Tailored Softwares – It is suitable for big companies that have many divisions and scattered geographically. The cost is extremely high and requires specialized training to utilise the software. The software is highly secure.

✅Features of Income and Expenditure Account ➖Income and expenditure account presented by non-trading entities are much like the profit and loss a/c presented by trading entities. ➖It is prepared by stringently following the fundamentals of the double-entry system of bookkeeping or accounting. ➖It is always prepared during the end of the period which normally comprises of 1 year. ➖It decides the surplus or deficit of income over expends of the non-trading entities for the particular year. ➖The surplus or deficit from the income and expenditure account is moved to the capital fund a/c. ➖The Income and expenditure account of only revenue nature are incorporated in this account. Any income and expenditure of capital nature are not comprehended. ➖It is prepared by accountants chosen by the enterprise’s management and is audited by an independent auditor. ➖It does not begin with the opening balance, and it follows back the incomes received and expenditures incurred by the non-trading entities during the financial year. ➖The accumulated or accrual concept of accounting is rigidly pursued when it is prepared.

✅What is Reserve in Balance Sheet: A reserve is a retained earnings secured by a company to strengthen a company’s financial position, clear debt & credits, buy fixed assets, company expansion, legal requirements, investment and other plans. These are usually done to save the cash from being used in other purposes. Reserve funds do not have any legal restrictions so that the company can use it for any purpose. For instance: Let’s consider company ABC has to suspend one of its products and release refunds to its buyers over the periods of six months. To make sure that the company has enough money to give refunds, a balance sheet reserve of ₹1,00,000 is created. As customers demand refunds, Company ABC reduces the ₹1,00,000 reserve. Especially insurance companies regularly create balance sheet reserves to make sure they have sufficient funds to pay out claims. The reserves usually meet the expense of applications that have been registered but not yet paid. Balance sheet reserves are registered as liabilities on the balance sheet.

♻️ Features of Balance Sheet: ➖It is regarded as the last step in final accounts creation ➖It is a statement and not an account ➖It consists of transactions recorded under two sides namely, assets and liabilities. Assets are placed in the left hand side, while the liabilities are placed on the right hand side ➖The total of both side should always be equal ➖The balance sheet discloses financial position of the business ➖It is prepared after trading and profit and loss account is prepared. ♻️ Importance of Balance Sheet: ➖Creditors, investors, and other stakeholders use this financial tool to know the financial status of a business. ➖It is used to analyse a company’s growth by comparing different years. ➖While applying for a business loan, a company has to submit a balance sheet to the bank. ➖Stakeholders can find out the business accomplishment and liquidity position of a company. ➖Company’s balance sheet analysis can detect business expansion and future expenses.

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✍️Partnership Deed A partnership is a kind of business where a formal agreement between two or more people is made. They agree to be co-owners, distribute responsibilities for running an organisation and share the income or losses that the business generates. These features of partnerships are documented in a document which is known as partnership deed. What is a Partnership Deed? Partnership deed is a partnership agreement between the partners of the firm which outlines the terms and conditions of the partnership between the partners. The purpose of a partnership deed is to provide clear understanding of the roles of each partner, which ensures smooth running of the operations of the firm. The Partnership comes into the limelight when: ➖ There is an outcome of agreement among the partners. ➖ The agreement can be either in written or oral form. ➖ The Partnership Act does not demand that the agreement has to be in writing. Wherever it is in the form of writing, the document, which comprises terms of the agreement is called ‘Partnership Deed.’ ➖ It usually comprises the attributes about all the characteristics influencing the association between the partners counting the aim of trade, the contribution of capital by each partner, the ratio in which the gains and losses will be divided by the partners and privilege and entitlement of partners to interest on loan, interest on capital, etc.