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2. Name some notable economists who estimated India’s per capita income during the colonial period.

Ans: The following economists estimated India’s per capita income during the colonial period:

1. Dadabhai Naoroji
2. R.C Desai
3. V.K.R.V. Rao
4. William Digby
5. Findlay Shirras

3. What were the main causes of India’s agricultural stagnation during the colonial period?

Ans: The reasons for the stagnation of Indian agriculture during the colonial period are as follows:

1. The British introduced the Land Revenue system in 1793. As per this system, zamindars (landowners) needed to pay a high amount of revenue to the British Government, and the source of revenue collection was the peasants. The zamindars did not focus on improving land productivity, which resulted in low agricultural growth and subsequently made the life of peasants worse.
2. Indian farmers grew food crops like rice and wheat for consumption. The British Government was forcing

Indian farmers to grow commercial crops like indigo for British Industries, which led to agriculture turning commercial and caused a shortage of food grains.

3. Lack of irrigation facilities and other important factors like the unavailability of fertilizers also impacted the agriculture industry and made it more vulnerable.

4. Name some modern industries which were in operation in our country at the time of independence.

Ans: India witnessed the growth of some industries before independence, the most prominent of which is Tata Iron and Steel Company (TISCO). India was also witnessing a growth of textile mills and ancillary products. Maharashtra, Gujarat, and Bengal were areas where cotton and jute industries were set up. Apart from these industries, some other industries that started operating are sugar, paper and cement.

Questions:

1. Define Accounting.

Ans: Accounting is defined as the systematic process of identifying, recording, classifying, summarising, interpreting and communicating information about financial transactions to the users of the accounting information, such as the owners, government, investors, creditors, etc.

It provides the following information:

• Resources available in the firm.
• The means employed to finance those resources.
• Results achieved by using those resources.

2. State the end product of financial accounting.

Ans: The end product of Financial Accounting is shown below:

Income statement: The Trading and Profit and Loss Account is part of the income statement; it determines the financial position of the business based on gross/net loss or profit.

Balance Sheet: A balance sheet is helpful in presenting the exact financial position of the business. It provides information about the assets and liabilities of a business to users of the business information.

3. Enumerate the main objectives of accounting.

Ans: The main objectives of accounting are discussed below.

1. To keep a systematic record of all financial transactions.
2. To determine the profit and loss of a business as reflected in a P & L account.
3. Making information available to users of the information (employees, shareholders, stakeholders).

To determine the financial position of the business by preparing a balance sheet.

4. Who are the users of accounting information?

Ans: There are two types of users for accounting information. They are

Internal Users: include management, employee and owners.

External Users: consist of investors, creditors, the government, the public and customers.  

5. State the nature of accounting information required by long-term lenders.

Ans: The long-term lenders seek the following accounting information:

1. Liquidity of a business
2. Profitability
3. Operating efficiency
4. Growth potential of the business
5. Ability to repay the creditors

Questions:

1. What was the focus of the economic policies pursued by the colonial government in India? What were the impacts of these policies?

Ans: The economic policies developed by the British government in India were aimed at merely making India a supplier to Britain’s growing industries. The policies were targeted towards the development of Britain and boosting its economic status. India and its growth were completely ignored. Due to such policies, India became a supplier of raw materials and a market for finished goods from Britain. The impact of such a policy in India is as follows:

1. The Indian economy witnessed very low economic growth. Studies reveal that the economy was growing at a speed of two per cent during the period 1900-1950. The British government was more interested in maintaining and developing the economy of Britain. British rule ruined the agriculture sector and handicrafts and transformed India into a supplier of raw materials.

2. The Indian agriculture system was not developed before independence, it followed old techniques, and it was majorly affected by colonial rule when the farmers were instructed to grow commercial crops instead of food grains. These commercial crops, like cotton and indigo, were used in industries in Britain for manufacturing textiles. The peasants did not get any monetary benefit from growing these crops, and hence no economic development happened.

3. The British programmed systematic deindustrialization leading to the downfall of the handicraft industry, and with the lack of investment, other industries also failed to develop. Imposing heavy export tariffs on Indian-made goods led to a decrease in demand in the international market, ultimately leading to the collapse of the handicraft industry.

4. The money that Indian goods earned from foreign trade were not invested in the Indian economy; it was used for managing the British army and expanding their colonial reach across Asia.

Given, the actual path length travelled is 23 km, displacement is 10 km and the time taken is 28 min.

(a)

Average speed of the taxi is given as,

v avg = Total Path length Time

Here, s is the total path length

Substitute the values in above equation.

v avg = Total Path length Time = 23 km ( 28 min )( 1 h 60 min ) =49.3  km/h

Hence, the average speed of the taxi is 49.3  km/h .

(b)

Magnitude of the average velocity is given as,

v avg = Displacement Time

Substitute the values in the above equation.

v avg = Displacement Time = 10 km ( 28 min )( 1 h 60 min ) =21.4  km/h

(c)

From the calculation in (a) and (b), it is obtained that the average speed is not equal to the magnitude of average velocity.

(c) both an oxidizing and a reducing agent.

Hydrogen peroxide in acid solution is oxidized with KMnO₄ and reduced with KI. When H₂O₂ serves as an oxidizing agent, the oxygen is reduced to H₂O. When H₂O₂ serves as areducing agent, the oxygen is oxidized to O₂ and bubbles are noticed.