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CBSE Board Paper Solution2020 : XII : AccountancyClass Subject Set Code No Time allowed Maximum Marks: 2 : 67/3/2.IN: 3 hours : 80SSRead the following instructions very carefully and strictly follow

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How to fill out accountancy

01

Gather all financial documents including income statements, balance sheets, and receipts.

02

Organize the documents and categorize expenses and income.

03

Record all transactions accurately in the accounting software or ledger.

04

Reconcile accounts regularly to ensure accuracy.

05

Generate financial reports such as profit and loss statements and cash flow statements.

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Review and analyze the financial reports to make informed business decisions.

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Seek professional help or advice if needed.

Who needs accountancy?

01

Business owners who want to track their financial performance and make strategic decisions.

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Taxpayers who need to report income and expenses to the government.

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Individuals who want to manage their personal finances effectively.

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Investors who want to evaluate the financial health of a company.

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Lenders who need to assess the creditworthiness of borrowers.

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What is accountancy?

Accountancy is the systematic recording, reporting, and analysis of financial transactions of a business or organization.

Who is required to file accountancy?

Individuals and businesses that have to report financial transactions, such as corporations, partnerships, sole proprietors, and certain non-profit organizations, are required to file accountancy.

How to fill out accountancy?

To fill out accountancy, one must prepare financial statements like balance sheets, income statements, and cash flow statements using relevant financial data, and ensure compliance with applicable accounting standards.

What is the purpose of accountancy?

The purpose of accountancy is to provide financial information that is useful for making economic decisions, ensuring accountability, and aiding in the planning and management of resources.

What information must be reported on accountancy?

Accountancy must report information such as revenues, expenses, assets, liabilities, and equity, as well as notes explaining the nature of the financial data.

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