Class 12: Account important question answers

 1. State any two contents included in memorandum of association. 

        Two key contents of a Memorandum of Association:

1. Company's purpose and activities
2. Maximum amount of capital it can raise

संघ ज्ञापनपत्रमा समावेश गरिएका कुनै दुई विषयवस्तुहरू उल्लेख गर्नुहोस्। संघ ज्ञापनपत्रका दुई प्रमुख विषयवस्तुहरू:

1. कम्पनीको उद्देश्य र गतिविधिहरू
2. यसले उठाउन सक्ने अधिकतम पूँजीको मात्रा

2. State the meaning of call in advance[अग्रिम कलको अर्थ बताउनुहोस्]

"Calls in advance" refers to a situation where shareholders pay a company for their shares earlier than the designated due date.

"अग्रिम कल" भन्नाले त्यस्तो अवस्थालाई जनाउँछ जहाँ शेयरधारकहरूले तोकिएको म्यादभन्दा पहिले नै कम्पनीको शेयरको भुक्तानी गर्छन्।

3. Write the meaning of current liabilities. [चालू दायित्वको अर्थ लेख्नुहोस्।]

Current liabilities are a company's short-term debts (due within 1 year), like bills payable and taxes owed.

चालू दायित्व भनेको कम्पनीको छोटो अवधिको ऋण हो (१ वर्ष भित्र तिर्न बाँकी), जस्तै भुक्तानीयोग्य बिलहरू र तिर्न बाँकी करहरू।

4. Define processing cost.[प्रशोधन लागत परिभाषित गर्नुहोस्।]

Processing cost refers to the expenses incurred during a production process, used to estimate the cost per unit of mass-produced goods.

प्रशोधन लागतले उत्पादन प्रक्रियाको क्रममा हुने खर्चलाई जनाउँछ, जुन ठूलो मात्रामा उत्पादित सामानहरूको प्रति एकाइ लागत अनुमान गर्न प्रयोग गरिन्छ।

5. Write the meaning of semi-variable overhead.[अर्ध-चर ओभरहेडको अर्थ लेख्नुहोस्।]

Semi-variable overhead refers to costs that contain both fixed and variable components, meaning they partly remain constant and partly change with the level of production or activity.

अर्ध-चर ओभरहेडले निश्चित र परिवर्तनशील दुवै घटकहरू समावेश गर्ने लागतहरूलाई जनाउँछ, जसको अर्थ तिनीहरू आंशिक रूपमा स्थिर रहन्छन् र आंशिक रूपमा उत्पादन वा गतिविधिको स्तरसँगै परिवर्तन हुन्छन्।

6. Give the meaning of material control.[भौतिक नियन्त्रणको अर्थ दिनुहोस्।]

Material control means keeping track of materials used in a business to ensure they're used efficiently and cost-effectively.

भौतिक नियन्त्रण भनेको व्यवसायमा प्रयोग हुने सामग्रीहरूको कुशलतापूर्वक र लागत-प्रभावी रूपमा प्रयोग भएको सुनिश्चित गर्न ट्र्याक राख्नु हो।

7. What is piece rate system of wages payment?

The piece rate system of wage payment is when workers are paid based on the number of units they produce or tasks they complete, rather than receiving a fixed salary or hourly wage.

8. Define Computer software.

Computer software refers to a set of instructions, programs, or data that enable a computer to perform specific tasks or operations.

9. State the meaning of private company.

A private company is a business owned by individuals or a group, but its shares are not publicly traded on a stock exchange.

10. Write the meaning of cumulative preference share.

Cumulative preference shares are a type of preference shares where any unpaid dividends accumulate and must be paid in full before dividends can be distributed to common shareholders.

11. Give any two items of current asset.

    Two items of current assets are:

1. a. Cash
2. b. Accounts receivable

12. Write the meaning of cost accounting

Cost accounting is the process of tracking and analyzing costs within a business to improve financial efficiency and decision-making.

13. Classify overhead according to controllability.

Overhead can be classified into two categories based on controllability:

1. Controllable overhead: These costs can be influenced by management decisions, such as overtime pay or supplies usage.
2. Uncontrollable overhead: These costs are beyond management's control and remain fixed within a relevant range, like rent or insurance.

14. Write meaning of cost accounting and explain it's three limitations.

Cost accounting is a branch of accounting that focuses on the recording, analysis, and control of costs associated with producing goods or services within an organization. It provides valuable information for decision-making, budgeting, and cost control.

1. Three limitations of cost accounting are:

2. 1. Focus on Money Only: Cost accounting mainly deals with financial costs and may overlook other important factors like employee satisfaction or environmental impact.

3. 2. Assumption of Stability: It assumes that operating conditions remain constant, which isn't always the case in real-world business environments with changing markets and technologies.

4. 3. Complex Allocation: Allocating overhead costs to products or services can be tricky and subjective, leading to potential inaccuracies and misinterpretations.