Very Short Question Model Set | Class 12 | Principle of Accounting | Solved | NEB Exam Preparation

Welcome to Everest Online Academy! In this video, we solve "Very Short Questions (VSQs)" from model sets for Class 12 Principle of Accounting , an essential topic in the NEB syllabus. Understanding how to answer VSQs concisely and accurately is crucial for scoring well in your exams. Whether you're struggling with definitions, formulas, or key concepts, this video will guide you step-by-step with clear explanations, solved examples, and practical tips.

✅ What You’ll Learn in This Video:

Introduction to Very Short Questions (VSQs) :
What are Very Short Questions?
Definition: Concise questions that require brief, precise answers (usually 1-2 sentences).
Purpose: To test your understanding of fundamental accounting principles and concepts.
Importance of VSQs in NEB Exams:
Frequently tested in the Principle of Accounting paper.
Helps secure quick marks by answering correctly and succinctly.
Key Concepts Covered :
Definitions of accounting terms (e.g., assets, liabilities, journal, ledger).
Key formulas (e.g., ratios, depreciation methods).
Basic accounting principles and standards.
Solved Examples :
Example Problem 1 :
Define "Accounting."
Solution:
Step 1: Provide a concise definition:
Accounting is the process of recording, classifying, summarizing, and interpreting financial transactions to provide useful information for decision-making.
Example Problem 2 :
What is a Ledger?
Solution:
Step 1: Define the term:
A ledger is a book or system where all financial transactions are classified and summarized under specific account heads.
Example Problem 3 :
What is Depreciation?
Solution:
Step 1: Define the term:
Depreciation is the systematic allocation of the cost of a tangible asset over its useful life due to wear and tear or obsolescence.
Example Problem 4 :
Write the formula for Gross Profit Ratio.
Solution:
Step 1: Recall the formula:
Gross Profit Ratio=
Net Sales
Gross Profit
​
×100
Old Model Set Questions Solved :
Example Problem 1 (Model Set Question) :
What is a Trial Balance?
Solution:
Step 1: Define the term:
A trial balance is a statement that lists all ledger account balances to check the arithmetic accuracy of accounts.
Example Problem 2 (Model Set Question) :
What is the purpose of a Journal?
Solution:
Step 1: Provide a concise explanation:
The purpose of a journal is to record all financial transactions chronologically in a double-entry system.
Example Problem 3 (Model Set Question) :
What is Goodwill?
Solution:
Step 1: Define the term:
Goodwill is an intangible asset representing the value of a business's reputation, customer loyalty, and other non-physical factors.
Example Problem 4 (Model Set Question) :
What is the difference between Capital and Revenue Expenditure?
Solution:
Step 1: Highlight the difference:
Capital Expenditure: Long-term investments that improve or acquire assets (e.g., buying machinery).
Revenue Expenditure: Short-term expenses incurred for day-to-day operations (e.g., rent, salaries).
Step-by-Step Solutions to Exam Questions :
Writing concise and accurate answers to Very Short Questions.
Application of concepts in real exam scenarios.
Common Mistakes to Avoid While Answering VSQs
Tips to Score Full Marks in VSQ Sections
Practice Exercises for Better Understanding
💡 Why Watch This Video?
The "Very Short Questions" section is a frequently tested part of the Class 12 Principle of Accounting exam, especially in the context of definitions, formulas, and key concepts. By mastering this section, you can confidently tackle exam questions and secure full marks. This video simplifies the process, provides solved examples, and includes practical tips to ensure you’re fully prepared.

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Видео Very Short Question Model Set | Class 12 | Principle of Accounting | Solved | NEB Exam Preparation канала Everest Online Academy