NCERT Class 12 Accountancy Chapter 1 Quiz
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Questions and Answers

What is the main focus of NCERT Solution for Class 12 Accountancy Chapter 1?

  • Cost Accounting
  • Accounting for Profit Organisation
  • Financial Management
  • Accounting for Not-for-Profit Organisation (correct)

What does the latest CBSE Syllabus 2023-24 state about Chapter 1 of Class 12 Accountancy?

  • It has been removed (correct)
  • It has been expanded
  • It has been made optional
  • It has been revised

What is the purpose of NCERT Solutions for Class 12 Accountancy?

  • To explore international accounting standards
  • To prepare for CBSE Class 12 Accountancy examinations (correct)
  • To learn advanced financial management
  • To understand cost accounting principles

What is the nature of the NCERT Class 12 Solutions?

<p>Easy to comprehend (D)</p> Signup and view all the answers

How does NCERT Solution for Class 12 Accountancy Chapter 1 relate to Class 11?

<p>It is a continual part of the basic fundamentals learned in Class 11 (A)</p> Signup and view all the answers

What does management involve?

<p>Coordinating the efforts of employees or volunteers to accomplish objectives (B)</p> Signup and view all the answers

What is the primary focus of 'Run the business' concept in management?

<p>Continued delivery of goods or services (B)</p> Signup and view all the answers

In the context of management, what does the term 'management' refer to?

<p>Those people who manage an organization (D)</p> Signup and view all the answers

What is the science of managing the resources of businesses, governments, and other organizations called?

<p>Management (A)</p> Signup and view all the answers

What are the two concepts used in management to differentiate between delivery and adaptation of goods or services?

<p>Run the business and Change the business (D)</p> Signup and view all the answers

Flashcards

NCERT Solution for Class 12 Accountancy Chapter 1

Focuses on Accounting for Not-for-Profit Organisation.

CBSE Syllabus 2023-24

Chapter 1 of Class 12 Accountancy has been removed.

Purpose of NCERT Solutions

To prepare students for CBSE Class 12 Accountancy examinations.

Nature of NCERT Class 12 Solutions

Designed to be easy to comprehend for students.

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Relation of Chapter 1 to Class 11

It is a continuation of the fundamentals learned in Class 11.

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Management

Coordinating efforts of employees or volunteers to meet objectives.

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Run the business concept

Focus on the continued delivery of goods or services.

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Management (in context)

Refers to the people managing an organization.

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Science of Management

Managing the resources of businesses and other organizations.

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Delivery vs. Adaptation in Management

Two concepts: Run the business and Change the business.

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Study Notes

NCERT Solutions for Class 12 Accountancy Chapter 1

  • Focuses on understanding the fundamental concepts of Accounting and its role in business management.

CBSE Syllabus 2023-24 for Class 12 Accountancy Chapter 1

  • Emphasizes the importance of understanding the concept of accounting and its application in the business environment.

Purpose of NCERT Solutions for Class 12 Accountancy

  • Provides students with comprehensive solutions and explanations for all the exercises and problems given in the NCERT textbook.
  • Aims to enhance conceptual understanding and develop problem-solving skills in accounting.

Nature of NCERT Class 12 Solutions

  • Offers step-by-step solutions to complex accounting problems.

Relation to Class 11 Accountancy

  • Builds upon the foundation laid in Class 11 Accountancy, particularly focusing on financial accounting concepts and principles.

Management

  • Involves planning, organizing, leading, and controlling resources to achieve organizational objectives.

'Run the Business' Concept

  • Focuses on the practical aspects of managing a business, including operational efficiency, customer satisfaction, and profitability.

'Management' in Business Context

  • Refers to the process of achieving organizational goals through the effective utilization of human, physical, and financial resources.

Science of Managing Resources

  • Known as management science, which focuses on the application of quantitative methods and models to optimize resource allocation and decision-making.

Two Concepts in Management

  • Goods: Refer to tangible products that are manufactured or produced.
  • Services: Refer to intangible offerings that are provided to customers, often involving expertise, skills, or knowledge.

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Test your knowledge of not-for-profit organization accounting with this NCERT Class 12 Accountancy Chapter 1 quiz. Review the concepts and principles while preparing for exams.

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