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ICSE Board Exam 2015 : Board Model Answers : Commercial Studies

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Hirthick Kumaran
Lakshmi School, Veerapanchan, Madurai

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COMMERCIAL STUDIES STATISTICS AT A GLANCE Total Number of students who took the examination 12,022 Highest Marks Obtained 100 Lowest Marks Obtained 12 Mean Marks Obtained 75.14 Percentage of Candidates according to marks obtained Mark Range Details Number of Candidates Percentage of Candidates Cumulative Number Cumulative Percentage 0-20 51 0.42 51 0.42 21-40 358 2.98 409 3.40 41-60 2,634 21.91 3,043 25.31 61-80 3,603 29.97 6,646 55.28 81-100 5,376 44.72 12,022 100.00 Range of Marks Obtained 44.72 Percentage of Candidates 45.00 40.00 35.00 29.97 30.00 21.91 25.00 20.00 15.00 10.00 2.98 0.42 5.00 0.00 0-20 21-40 41-60 Marks Obtained 195 61-80 81-100 COMMERCIAL STUDIES ANALYSIS OF PERFORMANCE Question 1 Distinguish between: (a) Advertising and Publicity. [2] (b) Stakeholders and Customers. [2] (c) Marketing and Sales. [2] (d) Controllable Costs and Uncontrollable Costs. [2] (e) The Central Bank and a Commercial Bank. [2] Examiners Comments (a) Some candidates answered correctly, but most were confused about the term publicity and wrote vague and incorrect answers. (b) Most candidates wrote correct answers. Only a few however got confused and wrote incorrect answers. (c) Candidates got confused and wrote about market instead of marketing. (d) No noticeable errors made by candidates. (e) Most candidates answered correctly. Suggestions for teachers - - - 196 It is important to relate advertisement with publicity and explain the concepts with examples/illustrations. Emphasis should be given about the concept of stakeholders and customers citing examples. Explain the chapter from the not only from the book but also explain concepts with suitable examples to give clarity. Topics should be frequently discussed to enable a better understanding of concepts MARKING SCHEME Question 1. (a) Advertising Publicity 1. To stimulate and create demand for products. To create a favourable public opinion about the organsiation. 2. It is directly paid by the sponsor It is not paid by the sponsor. Stakeholder Customer 1. He may or may not buy a product or a service from the business concern He is the one who buys a product or service from the organization 2. He supplies financial/human capital to the organization He does not supply any capital to the organization Marketing Sales 1. It involves identifying and satisfying wants It involves exchanging goods/services for money 2. It ensures growth and stability of the firm aims at achieving long term goals. It aims at achieving short term goals i.e. maximization of profits through increase in sales volume. Controllable Cost Uncontrollable Cost 1. It can be controlled or regulated by an organization It is beyond the administrative control of an enterprise 2. Example Inventory cost can be controlled Example Cost of obsolescence cannot be controlled. Central Bank Commercial Bank It regulates the entire Banking system of a country It received deposits and grants loan to the public (b) (c) (d) (e) 1. 197 2. It is the Banker to the Public. It is the Banker to the Government Question 2 (a) What is meant by Recruitment ? [2] (b) Give any two advantages of advertising by Television. [2] (c) Briefly explain the term Insurance . [2] (d) Give two advantages of Marketing Research. [2] (e) What is meant by Environmental Ethics? [2] Examiners Comments (a) (b) (c) (d) (e) Most candidates answered correctly. Only a few were confused with the term selection . Most candidates wrote correct answers. However, some got confused and mistook it with factors determining the choice of media. Key words were missing in many answers of the candidates with some being confused on understanding the concepts. A few candidates wrote ambiguous answers with many candidates writing answers on marketing instead. Most candidates answered correctly. Some only wrote the examples. Suggestions for teachers - Emphasis must be given while - - 198 explaining the two concepts with examples. It is an important as well as an interesting topic. The interest can be infused through interactive class and examples taken from practical life. A thorough explanation must be done with the help of notes and examples. The topic must be taught with a clear distinction won concepts related to marketing. Regular assignments and class discussions with notes will help in bringing clarity to the topic. MARKING SCHEME Question 2. (a) Recruitment is the process of searching for prospective employees and stimulating them to apply for jobs in the organization. (b) Products can be demonstrated and their users are informed about availability of products in the market. (c) It is a contract whereby one part agrees to compensate a loss caused by some uncertain event for a price( Premium) (d) Advantages of Marketing Research : (i) It helps in identifying potential market for a particular product. (ii) It helps in assessing customers response to a new product. (e) Moral principles guiding environmental affairs are called environmental ethics. These are concerned with the values, we as a society apply, with regard to our Earth Question 3 (a) What is a Trade Union? [2] (b) Enumerate two types of Warehouses found in India. [2] (c) Explain the term Budget . [2] (d) Give two advantages of Rail Transport over Road Transport. [2] (e) Name any two forms of Non-Verbal Communication. [2] Examiners Comments (a) Barring a few, most candidates answered correctly. (b) Answered correctly by most candidates. (c) Most candidates answered correctly but a few got confused and compared it with the Government Budget. (d) Answered correctly by most candidates. Few candidates however wrote advantages of both rail and road. (e) Most candidates answered correctly but a few were unable to understand the meaning of non-verbal communication. 199 Suggestions for teachers - Emphasis has to be given on learning - the definition thoroughly. Concept should be explained clearly with examples and frequent written work. Focus should be given on each mode of transport along with a comparative study. Comparative analysis of both verbal and non-verbal communication should be made clear. MARKING SCHEME Question 3. (a) Trade Union is a voluntary association of workers formed to promote and protect their interests by collective action. (b) Warehouses found in India are : (i) Public Warehouse- meant to store goods that belong to any enterprise for charges. (ii) Private Warehouse- meant to store goods of producers who own the warehouse. (iii) Bonded Warehouse- situated near a port, and abides by custom rules. (c) A budget is a financial and/or quantitative statement, prepared prior to a defined period of time, of the policy to be pursued during that period for the purpose of attaining a given objective. (d) Advantages of Rail Transport over Road Transport : (i) Rail Transport can carry heavy and bulky goods but Road Transport cannot. (ii) Rail Transport carries passengers and goods to distant places whereas, Road Transport can cover only short distances. (e) Two forms of Non-Verbal Communication : (i) Visual Communication (ii) Aural Communication Question 4 (a) Write a short note on Recurring Deposits. [2] (b) Briefly explain the term Pension . [2] (c) Mention any two factors to be kept in mind while determining the price of a product. [2] (d) Give two measures to ensure the sustainable use of resources. [2] (e) State any two demerits of Advertising. [2] 200 Examiners Comments (a) Most candidates answered correctly but a few were confused on comprehending the different types of deposits. (b) Many candidates were unable to explain the term. (c) Answered correctly by most candidates. (d) Most candidates wrote ambiguous and vague answers with no proper concept. (e) Answered correctly by most candidates. Suggestions for teachers - The different types of deposits should - be explained clearly with the help of a comparison table. The topic has to be discussed in detail with the help of examples. A thorough and detailed explanation with help of examples is essential for a thorough understanding of the topic. MARKING SCHEME Question 4. (a) Recurring Deposits In this type of account, a customer is allowed to deposit a certain amount of money every month for a specified period of time. At the end of the period, he is given the total deposit along with the interest. (b) Pension scheme was launched with the objective of providing long term recurring financial assistance to the employee after retirement and to his family in case of premature death, while in service. (c) Factors kept in mind while determining price of product : (i) Cost of product (ii) Extent of competition (d) We can ensure Sustainable use of resources by : (i) Reducing over use or excessive use of resources. (ii) Recycling and reuse of waste material. (e) Advertising undermines social values . The reasons to support the given statement are as follows : (i) It degrades ethical and aesthetic values through nude photographs and indecent language. (ii) It encourages social evils like drinking and smoking. Question 5 (a) Briefly explain the five main objectives of Marketing. [5] (b) Explain any two methods of On-the-Job Training. [5] 201 Examiners Comments (a) (b) Most candidates answered correctly however some wrote on the functions of marketing instead. Most answers were written correctly. However a few wrote vague answers and were confused with methods relating to on-the-job and off-the-job. Suggestions for teachers - The topic should be revised - thoroughly in the class with the help of assignments. Encourage students to study all study and revise the topics extensively. MARKING SCHEME Question 5. (a) The main objectives of Marketing : (i) Creation of Demand The first purpose of marketing is to create demand for goods and services. (ii) Customer satisfaction Modern marketing is customer oriented. Today, all marketing activities begin and end with the customers. (iii) Market share Every business firm seeks to have a reasonable share of the total demand. (iv) Profitability and growth Marketing seeks to achieve long term goals of profitability and growth by satisfying the wants of customers. (v) Goodwill Marketing aims at building the reputation of the enterprise over a time. (b) Methods of on-the-job training : (i) Coaching An employee is trained on-the-job by his immediate superior. (ii) Job Rotation The employees move from one place to another at planned intervals. (iii) Temporary Promotion A junior employee may be given a promotion on temporary basis to handle that position. (iv) Special Committee Managers from various functional areas form a committee to train existing employees from different viewpoints. (v) Assistant to senior positions A junior is made assistant to a senior person so as to work under his command and his guidance. (vi) Apprenticeship Job instruction training. ( Any two) 202 Question 6 (a) Distinguish between Capital Expenditure and Revenue Expenditure. [5] (b) Explain any two principles of Insurance. [5] Examiners Comments (a) Few candidates wrote vague answers that reflects a lack of understanding of the topic. (b) The principles were not explained with conviction by a majority of candidates. Suggestions for teachers - The Topic require a detailed - explanation with the help of examples and written assignments. These topics need to be discussed thoroughly with adequate notes and classroom discussion. MARKING SCHEME Question 6. (a) Capital Expenditure 1. It is incurred for the acquisition or erection of Fixed Assets. Revenue Expenditure It is incurred for day-to-day conduct of business 2. It increases the earning capacity of the business It does not increase the earning capacity of the business 3. Benefit extends to more than one year Benefit extends upto one year 4. It is shown in the Balance Sheet as an asset It is shown as an expense in the Trading or Profit & Loss Account 5. It is of a non recurring nature It is recurring in nature. (b) Principles of Insurance : Utmost good faith, Indemnity, Insurable Interest, Proximate cause, Mitigation of loss Contribution of Doctrine of subrogation. ( Any two to be explained) 203 Question 7 (a) Explain any two Internal sources of Recruitment. [5] (b) Explain any two functions of the Central Bank of the country. [5] Examiners Comments (a) Majority of candidates who attempted this question were able to answer correctly. Only a few got confused with the external sources of recruitment. (b) Most candidates answered correctly. Suggestions for teachers Emphasis must be stressed on a carefully reading and understanding of the question before attempting to answer. MARKING SCHEME Question 7 (a) Internal sources of recruitment : (i) Promotion : (ii) Transfers (iii) Hiring from Ex-Employees (iv) Through Labour Unions (b) Two Functions of the Central Bank : (i) Sole Monopoly of Issue of Currency notes: (ii) Banker to the Government: (iii) Banker to the Banks: (iv) Custodian of Foreign Currency: (v) Maintenance of Exchange rate : (vi) Lender of the last resort (vii) Providing Clearance House facilities. (Any two to be explained) Question 8 (a) Give any five expectations of Creditors from a Business Enterprise. [5] (b) State any five codes of conduct adopted in the field of Advertising. [5] 204 Examiners Comments (a) (b) Most candidates got confused with the expectations of creditors and that of other stakeholders. Many candidates wrote about various methods of advertisement like radio, TV etc. Others wrote about the themes of advertisement like prestige, beauty etc. Suggestions for teachers - Each expectation should be explained clearly with written assignments. - The various codes of advertisement should be explained clearly giving examples. MARKING SCHEME Question 8. (a) Expectations of Creditors : (i) To receive fair rate of interest on loans. (ii) To get regular interest on loans and advances. (iii) To receive repayment of loans on due dates. (iv) To get correct information about the financial position of the organization. (v) To expect healthy and cooperative relationship. (b) Rules of conduct for Advertisers : (i) Not to violate Trademark, patent, Copyright and Publicity Acts. (ii) Not to make exaggerated claim about the quality of products and/or services. (iii) Not to publish misleading advertisements on obscene matters. (iv) Not to advertise any matter that may hurt the religious sentiments. (v) Not to disclose any confidential information for short term benefit. Question 9 (a) What is meant by Barriers to effective Communication ? Explain any four barriers. (b) [5] Explain five main rights of consumers as provided in the Consumer Protection Act, 1986. [5] Examiners Comments (a) Most candidates missed out on the first part of the question and some got confused with the elements of communication in the second part of the question. (b) Most candidates answered correctly. However, few answers were general and abstract. Instead of right to be informed, it was written as right to information. 205 Suggestions for teachers - Emphasis should be given to read the paper thoroughly and avoid selective study. - It is an important topic and it has to be explained with the help of examples and notes. MARKING SCHEME Question 9. Any type of hurdle, stoppage, etc. in the way of effective communication is called Barriers to Communication. They are: (i) Language Barrier The pronouncement of words may not be clear. (ii) Physical Barrier Physical distance between the sender and receiver may also be an obstacle. (iii) Emotional Barrier These barriers often arise due to lack of mutual trust and confidence. (iv) Semantic Barrier This arises due to symbolic system itself. The same symbol may carry different meanings to different people. (v) Status Barrier The difference between the status of sender & receiver may also be an obstacle to effective communication. (c) Five main Rights of Consumer : (i) Right to safety The consumers have no right to get protection against the risks involved in the consumption of drugs, toys, electrical appliances, etc. (ii) Right to be informed The consumer has the right to be informed about the quality, quantity, potency, purity, etc. of the goods he intends to purchase. (iii) Right to choose The consumer should be assured access to a variety of goods at competitive prices. (iv) Right to be heard Consumer has the right to register his dissatisfaction and get his complaint heard at appropriate forums. (v) Right to seek redressal Consumer has the right to get claims and complaints settled against sellers due to unfair trade practices and exploitation by them. Question 10 Prepare a Trading, Profit & Loss A/C and Balance Sheet of Ms Jindal Enterprises for the year ended 31st March, 2011 from the following Trial Balance. [10] The Closing Stock on 31st March was valued at `26,000. 206 Heads of Accounts Capital Drawings Cash at Bank Purchases & Sales Returns Discount Carriage Outwards Salaries Trade Expenses Opening Stock Bad Debts Rent Machinery Furniture Debtors & Creditors Stationery Commission Bank Loan Trial Balance Dr.( Rs.`) 1,500 1,400 22,000 2,000 400 600 6,000 1,200 5,000 600 1,500 36,000 5,000 5,000 2,500 90,700 Examiners Comments (i) Many candidates answered correctly. However Postings of return inward and return outward were interchanged. Closing stock was shown in balance sheet but was missing from the Trading account. The entries on commission and trade expenses were wrongly posted. (ii) A few candidates posted entries correctly but did not calculate the gross profit/loss, net profit/loss or the total of the balance sheet. 207 Cr. (Rs.`) 20,000 45,000 1,000 10,000 300 14,400 90,700 Suggestions for teachers Regular practice is necessary. Step by step teaching beginning with theoretical knowledge followed by solving the numerical problem is essential and necessary. MARKING SCHEME Question 10. Trading and Profit and Loss Account of Ms Jindal Enterprises for the year ending 31 st March, 2011. Dr. Cr. Amount Particulars Amount Particulars To Opening Stock To Purchases : 22000 less Returns 1000 To Gross Profit transferred to P&L A/C 5000 By Sales : less Returns 45000 2000 By Closing Stock 43000 26000 21000 43000 69000 69000 To Salary To carriage outwards To Rent 6000 600 1500 To Discount 1200 To Bad Debts 600 To Stationery 2500 To Net Profit transferred To Capital A/C 43000 400 To Sundry Trade Expenses By G.P. transferred From Trading A/C By Commission 30500 300 43300 43300 208 Balance Sheet of Ms Jindal Enterprises as on 31st March, 2011 Liability Amount Asset Amount Creditors 10000 1400 Bank Loan 14400 Cash in hand and at Bank Machinery 36000 Debtors Furniture 5000 5000 Closing Stock 26000 Capital : 20000 Less drawings 1500 18500 Add Net Profit 30500 49000 73400 73400 Topics found confusing/difficult: Publicity Insurance Environmental ethics Code of conduct for advertisers Sustainable use of resources Entries in the Trading and Profit & Loss Account and Balance Sheet. Suggestions for candidates: Reading time must be utilised judiciously. Selective study must be avoided. Thorough revision be done by practising from previous years question papers. Draw charts and give examples wherever required. Write the distinctions in tabular form along with the basis of distinction. Long answers should be explained in points with appropriate headings (paragraph form explanations to be avoided). Main points should be highlighted by an UNDERLINE. Good and neat handwriting will be an added advantage. 209

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