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22 Accountancy

Test Your Understanding - V
1. Rs. 5,00,000 2. Rs. 1,00,000, 3. Rs. 2,00,000
4. Mr. Reace, Rs. 1,50,000 5. Rs. 5,000 6. Rs. 5,000
7. Rs. 30,000 8. Mr. Ravi, Rs. 1,00,000 9. Rs. 35,000
10. Assets : debtors; Liabilities : creditors; drawings; Revenues : sales expenses,
discount, salary.
Hints to ‘Let’s Do It’
Accountants today can work in exciting new growth areas such as forensic accounting,
budget accounting, cost accounting, environmental accounting,
e-commerce and the various agencies within the public sector.The advent of
information technology have resulted in the development of necessary skills for today’s
accountant include the ability to:
• Develop competence in systems analysis and computer technology;
• Develop facilitation skills, such as persuasion and communication skills;
• Acquire a broad business knowledge in strategy, operations, human resources,
marketing, finance and economics;
• Develop analytical skills;
• Develop a willingness to embrace change and assume risk;
• Complete an internship in business and/or public accounting;
• Develop proficiency in accounting and tax issues.

Activity : Tick (ü) the appropriate one:
Items Current Non-Current Current Non-Current
Assets Assets Liabilities Liabilities
Machinery
Sundry Creditors
Cash at Bank
Goodwill
Bills Payable
Land & Building
Furniture
Computer Software
Motor Vehicles
Inventory
Investments
Loan from Bank
Sundry Debtors
Patents
Air-Conditioners
Loose tools

2018-19