✓ Board-verified
Accountancy · 2023 · 4 marks
CBSE 2023 · Region 3 · Set 3 · Q33
Explain the accounting group of 'Current Liabilities'.ORGive the meaning of the terms (i) Labels, and (ii) Values as used in spreadsheets.
OR
Give the meaning of the terms (i) Labels, and (ii) Values as used in spreadsheets.Marking-scheme solution
Account group ‘ Current Liabilities’ consists of:
(i)
Data and taxes: Under this head all duties and taxes that you collect or pay through sales service and
purchase transactions.
(ii)
Provisions: All provisions made for meeting the future liabilities such as provision for tax, proposed
dividends, etc.
(iii)
Sundry creditors: Are all trade creditors/ suppliers and creditors for expense.
(iv)
Other current Liabilities: place all other current liabilities like employee contribution for Employees
State Insurance/ Provident Fund/ Tax deducted at source, etc.
Q. Give the meaning of the terms (i) Labels, and (ii) Values as used in spreadsheets
Ans. Labels : (text) are descriptive data such as names, months, usually include alphabetic characters.
Excel aligns text to left side of the cell.
Values: (Numbers) are generally raw numbers or dates.
•
Whole value: If the data is a whole value, such as $\displaystyle 34$ or $\displaystyle 5763$, Excel aligns the data to the
right side of the cell.
•
Values with a decimal: if the data is a decimal value, excel alogns the data to the right side
of cell including decimal point- example.
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CBSE Class 12 Accountancy past-paper question from the 2023board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.