COMMERCIAL STUDIES

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1st EDITION

ISBN

YEAR 2021-22 “978-93-5463-565-6”

ICSE-INDIAN CERTIFICATE OF SECONDARY EDUCATION EXAMINATION

SYLLABUS COVERED

PUBLISHED BY

COPY RIG HT

RESERVED BY THE PUBLISHERS

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DI SC L A IMER Oswaal Books has exercised due care and caution in collecting all the data before publishing this

book. In spite of this, if any omission, inaccuracy or printing error occurs with regard to the data contained in this book, Oswaal Books will not be held responsible or liable. Oswaal Books will be grateful if you could point out any such error or offer your suggestions which will be of great help for other readers. Printed at Parshwanath Printers, Agra (2)

TABLE OF CONTENTS l

Latest CISCE Circular & Bifurcated Syllabus issued by the Board, Dated 6 August 2021

l

Topics Found Difficult/Confusing by Candidates

14 - 16

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Suggestions for Students

17 - 17

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ICSE Specimen Question Paper for Semester 1 with OMR Sheet (Issued by CISCE)

1. Stakeholders in Commercial Organisations

8 - 13

19 - 24

1 - 11

2. Marketing and Sales

12 - 34

3. Finance and Accounting

35 - 47





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Latest Specimen Question Paper

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TWIST IN THE TEST How to prepare for Semester 1 Board exams? “To improve is to change; to be perfect is to change often.”

There is a lot of emphasis on MCQs in the assessment

- Winston Churchill

offer the advantages of versatility (can be used to

CISCE’s Modified Plan for Assessment, introduced on August 6, 2021, has radically transformed the evaluation landscape. As per this new plan, the Academic Session 2021-22 will be divided into two semesters with approximately 50% syllabus in each semester, thereby easing the burden on students and learning with a progressively flexible curriculum.

assess application & problem solving), and are a much

This change has made our examination systems compatible with semester-based systems followed in higher education institutions across the country and across the globe, making our school evaluation system more contemporary and forward-looking.

policy as they are a robust evaluation technique. They

more reliable test of understanding. They also test Higher Order Thinking Skills (HOTS). The

Semester-1

Multiple-Choice

examinations Questions

will (MCQs)

have

only

including

case-based MCQs and MCQs on assertion-reason type. This focus on MCQs will better prepare students to face competitive examinations in the future. Oswaal ICSE MCQs Chapter-wise Question Bank for Semester-1, are strictly as per the latest Bifurcated Syllabus issued by CISCE for Semester-1 board examination.

For

extensive

practice

of

MCQs

based questions and for deep understanding of core-concepts these books include:

1. Largest pool of Topic wise MCQs based on different typologies as per the latest CISCE Specimen Paper for Semester-1 released on 25th August 2021. 2. Revision Notes, Mind Maps, Answer key with Explanations, Topics generally found difficult, Suggestions & Concept videos, all of which enhance learning experiences and improve learning outcomes. 3. Dynamic QR code to keep the students updated for 2021 Exam paper or any further CISCE notifications/circulars.

Our Heartfelt Gratitude Finally, we would like to thank our authors, editors, and reviewers. We promise to always strive towards ‘Making Learning Simple’ for all of you. Wish you all Happy Learning and a Successful 2021-22!!

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CISCE CIRCULAR 2021-22

Chief Executive & Secretary GERRY ARATHOON M.A., B.Ed. August 6, 2021 Dear Principal, Subject : CISCE’s Modified Plan for Assessment at the ICSE (Class X) and ISC (Class XII) Levels for the Academic Year 2021-22. In view of the continuing pandemic situation in the country and the disruption in educational activities brought about due to extended lockdowns, and the various alternate modes of syllabus transaction that need to be adopted, due to closure of schools, the CISCE had carried out an extensive exercise of Syllabus review. As a part of this exercise, syllabi for various subjects at the ICSE and ISC levels specifically for Classes X and XII, for the Examination Year 2022 were examined by subject experts to identify portions which may be reduced, without compromising on the quality of content. This Reduced Syllabus for the ICSE (Class X) and ISC (Class XII) Year 2022 Examinations is available on the CISCE website under the PUBLICATIONS section. In addition to reduction of Syllabus at the ICSE (Class X) and ISC (Class XII) levels, the CISCE will follow a different method of conducting Examinations for the Academic Year 2021-22. The details of this modified Assessment Plan for ICSE (Class X) and ISC (Class XII) levels for the Academic Year 2021-22 are given below: DIVISION OF THE ACADEMIC SESSION 2021-22 INTO TWO SEMESTERS • The Academic Session 2021-22 will be divided into TWO Semesters, with approximately 50% of the syllabus being covered in each Semester. • The Reduced Syllabus for ICSE (Class X) and ISC (Class XII) for the Examination Year 2022 has accordingly been bifurcated, and Units/subunits to be covered in each Semester specified clearly. • The Semester-wise Bifurcated Theory Syllabus for Classes X and XII is available on the CISCE website under PUBLICATIONS.

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CISCE CIRCULAR 2021-22 CONDUCT OF EXAMINATIONS BY CISCE AT THE END OF EACH SEMESTER • The CISCE will conduct Examinations at the end of each Semester. FIRST SEMESTER EXAMINATION -

The first Semester Examination will be conducted in November 2021 and will be based ONLY on the portion of Syllabus (Reduced Syllabus for ICSE/ISC Examination Year 2022) specified for the First Semester.

-

This will be an MCQ based examination, which will be conducted online.

SECOND SEMESTER EXAMINATION -

The Second Semester Examination will be conducted in March/April 2022 and will be based ONLY on the portion of Syllabus (Reduced Syllabus for ICSE/ISC Examination Year 2022) specified for the Second Semester.

-

This Examination will be conducted in online/offline mode, depending upon the pandemic situation in the country.

• The question papers for each Semester Examination will be of 80/100 marks for ICSE and 70/80 marks for ISC, as per the maximum marks currently allocated for the Theory component of the subjects. However, the weightage of marks (for each of the Semesters) to be finally used for computation of the Board results would be brought down to half. DETAILS PERTAINING TO THE CONDUCT OF THE SEMESTER-WISE EXAMINATIONS WILL BE SHARED WITH THE SCHOOLS IN DUE COURSE. PRACTICAL/PROJECT WORK AT THE ISC LEVEL AND INTERNAL ASSESSMENT AT THE ICSE LEVEL • In addition to the Examinations conducted at the end of each of the two Semesters during the academic year 2021-22, candidates will also be assessed on Practical/Project Work at the ISC level. The Mark weightage of the same remains unchanged (Refer to ISC Reduced Syllabus for the Year 2022 Examination) • If the situation permits, the ISC Practicals will be conducted as per Option 1 (Visiting Examiners set the Practical Question Papers based on detailed guidelines and instructions from the CISCE). In case the situation is not conducive due to the pandemic, and candidates are unable to come to their respective schools to take the Practical Examination, Option 2 (Online/Virtual mode) will be exercised. • Similarly, in addition to the Semester Examinations conducted by the CISCE during the academic year, candidates will also be assessed on Internal Assessment at the ICSE level. The Mark weightage of the same remains unchanged (Refer to ICSE Reduced Syllabus for the Year 2022 Examination).

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CISCE CIRCULAR 2021-22 UPLOADING OF MARKS FOR PRACTICAL/PROJECT WORK/ INTERNAL ASSESSMENTS/ SUPW GRADES • School will be required to ensure that all candidates finish the stipulated Practical/Project Work/Internal Assessment, as specified in the ICSE and ISC Reduced Syllabi. The same may be evaluated and marked by the Visiting Examiners (for ISC)/Internal Examiners (For ICSE), as per the existing practice. • Schools will be required to upload marks for Practical/Project Work/Internal Assessment/ SUPW grades on the CAREERS portal at the end of the second Semester, by a specified date. • School must maintain a record of all work done by candidates for Practical/Project Work/ Internal Assessment. The CISCE may ask schools to send sample/s of work done by the candidates, should the need arise. Classes IX and XI There is NO CHANGE in the syllabus for Classes IX and XI. For ICSE (Class IX) and ISC (Class XI), schools are required to follow the ICSE and ISC Regulations and Syllabuses for the Year 2023, respectively, as available on the CISCE’s website. Please note that the CISCE will not be conducting the Class IX and XI Examinations during the academic year 2021-22. You are requested to ensure that all concerned, including the candidates and teachers are apprised of the above-mentioned changes. I look forward to your cooperation in this regards. With warm regards, Yours sincerely,

Gerry Arathoon Chief Executive & Secretary

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SYLLABUS COMMERCIAL STUDIES (63) CLASS 10 BIFURCATED SYLLABUS (As per the Reduced Syllabus for ICSE - Class X Year 2022 Examination) SEMESTER 1 (Marks: 40) Unit No.

Name Of The Unit

SEMESTER 2 (Marks: 40) Name Of The Sub-Unit

Unit No.

Name Of The Unit

1.

Stakeholders in Commercial Organisations (Complete Unit)

3.

Finance and Accounting

2.

Marketing and Sales (Complete Unit)

4.

Human Resources (Complete Unit)

3.

Finance and Accounting

5.

Logistics (Complete Unit)

6.

Banking (Complete Unit)

(a) Capital and Revenue (c) Costs

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Name Of The SubUnit (b) Final accounts of Sole Proprietorship (d) Budgeting (e) Sources of Finance (i) Capital Market (ii) Sources of raising capital

SYLLABUS LATEST SYLLABUS (2021-222)

Commercial Studies

Latest Reduced Syllabus issued by CISCE for Academic Year 2021-2022

CLASS 10 There will be one written paper of two hours duration carrying 80 marks and Internal Assessment of 20 marks. The paper will be divided into two sections A and B. Section A (Compulsory) will consist of questions requiring short answers and will cover the entire syllabus. There will be no choice of questions. Section B will consist of questions, which will require detailed answers. There will be a choice and candidates will be required to answer four questions from this section. 1.

Stakeholders in Commercial Organisations



(a) Meaning of stakeholder, types: Internal (shareholder, employee and employer – meaning of each) and External stakeholders (supplier, creditor, government and society – meaning of each); differences between internal and external stakeholders.



(b) Expectations of employers (owners and managers), employees, creditors and suppliers, government and society from a commercial organization.

2. Marketing and Sales

(a) Marketing



(b) Product and service



Meaning and difference between a product and a service (with examples).

(c) Pricing



Meaning and objectives of marketing. Difference between marketing and sales.

Meaning and objectives

(d) Advertising and Sales promotion



Advertising: meaning, importance of advertising; merits and demerits, difference between advertising and publicity. Advertising Agency; meaning and functions only, Social advertising media - Concept and examples only.



Sales promotion – meaning and techniques; difference between advertising and sales promotion.



(e) Consumer Protection



Rights of a consumer, Consumer exploitation; meaning and types.



(f) E-commerce



Introduction and benefits over traditional methods of transactions, E-tailing, E-advertising, E-marketing and E-security (meaning only). ERP and its modules (brief concept).

3. Finance and Accounting (a) Capital and Revenue Capital and revenue receipts, capital and revenue expenditure (meaning, difference and examples) deferred revenue expenditure (meaning and examples). (b) Final accounts of Sole Proprietorship • Meaning and preparation of Trading account, Profit and Loss account and Balance sheet based on the given trial balance with the adjustment of closing stock only. • Preparation of manufacturing account, profit and loss on sale of assets, intangible and fictitious assets, prepaid and accrued expenses and incomes are excluded. (c) Costs Fundamental concept of Cost Classification of costsbased on behaviour (fixed, variable, semi-variable), nature (direct, indirect). (d) Budgeting Meaning and utility of budgeting; comparison between budgeting and forecasting; types of budgets: sales, production, cash, purchase and master – meaning only. (e) Sources of Finance (i) Capital Market Meaning and functions of Capital Market. (ii) Sources of raising capital Long term: Meaning of shares (Types; preference and equity) and debentures, differences between the two. Short term: loans from commercial banks (cash credit, overdraft, discounting of bills – meaning only).

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SYLLABUS 4. Human Resources







Recruitment and selection.





(i) Recruitment – meaning; sources: internal and external; advantages and disadvantages of internal and external sources. (ii) Selection - meaning and steps, types of selection tests.

Meaning of logistics and its classification



(a) Warehousing



A minimum of three assignments are to be done during the year, as assigned by the teacher. EVALUATION

Meaning, importance and types (public, private and bonded – meaning only).

(c) Insurance



Credit card fraud, false accounting, insurance fraud, intellectual property fraud, internet and cyber fraud. A brief understanding of these types of financial fraud. INTERNAL ASSESSMENT

5. Logistics

(iii) Financial fraudulent practices

Meaning; Types of insurance: Life insurance, General insurance; (Fire, Health and Marine - meaning only) principles of insurance.

The project work is to be evaluated by the subject teacher and by an External Examiner. The External Examiner shall be nominated by the Head of the school and may be a teacher from the faculty, but not teaching the subject in the relevant section/class. For example, a teacher of Commerce/Accounts of Class XI may be deputed to be the External Examiner for Class X Commercial Studies project work.

6. Banking

The Internal Examiner and the External Examiner will assess the candidate’s work independently.



Award of marks

(i) Central Bank



Central Bank: Meaning and functions, Difference between the Central Bank and Commercial Banks.

(ii) Internet Banking



Modes of transferring money / Net Banking: NEFT, RTGS, IMPS, mobile wallets: meaning only.



ATM, Credit & Debit cards- meaning & difference, caution to be taken while using these cards.

(20 Marks)

 Subject Teacher (Internal Examiner)

10 marks

 External Examiner

10 marks

The total mark obtained out of 20 are to be sent to the Council by the Head of the school.

The Head of the school will be responsible for the online entry of marks on the Council’s CAREERS portal by the due date. qq

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Topics Found Difficult / Confusing By candidates Examination Paper 2020 l

Provident fund

l Insurance l Debentures l

Types of selection tests.

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Equity Shares and Preference Shares

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Advertising and Publicity

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Provident Fund and Family Pension

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Utilities of budgets and Types of budgets

Examination Paper 2019 l

Market and Marketing.

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Debit Card and Credit Card.

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Shares and Debentures.

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Price and Pricing.

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Advertising and Advertising agency.

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Discounting of bills of exchange.

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Capital Market and Normal Market.

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Semi-variable Cost.

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NEFT and RTGS.

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Health Insurance and Life Insurance.

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Employees and Employers.

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Industrial relations.

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Clearing house function of Central Bank.

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Principles of Insurance.

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Central Pollution Control Board & Environment (Protection) Act.

Examination Paper 2018 l

Distinction between Shut down costs and Sunk costs :



Downward Communication and Upward Communication.

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Brand loyalty was considered an asset for the company.

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Examples of indirect material.

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‘Contribution’ as a principle of insurance being confused with contribution of premium by the insured.

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Travellers’ cheques.

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Sustainable uses of water. ( 14 )

Topics Found Difficult / Confusing By candidates l

Expectations of Suppliers from the business organization.

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Group life insurance

l

Right to consumer education was confused with fundamental rights.

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Indirect material confused with indirect expenses.

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Bank draft confused with overdraft.

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Standardization and Grading confused with over all grading

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Sales promotion techniques confused with brand promotion.

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A few items like Fixtures & fittings, trade expenses, premise etc. incorrectly posted in final accounts.

Examination Paper 2017 l

Distinguish between – direct cost and indirect cost; private and public warehouses; overdraft and cash credit; gratuity and provident fund.

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Reason for use of survey methods.

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Convenience products.

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Semi-variable cost.

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Mural advertising.

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Role and concepts of eco-efficiency and eco-friendly technology.

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Usefulness of budget for management.

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Associates of business enterprise- confused with other stakeholders of business enterprise.

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Semantic barrier confused with other barriers.

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Group life insurance and life insurance.

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Overcoming barriers of communication and barriers to communication.

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Off-the job training and on-the job training.

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Posting of entries like free hold premises, light and water, office expense etc. goes to profit / loss in the balance sheet.

Examination Paper 2016 l

Coupons and Premiums.

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Contain of Pay-in-slip.

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Financing facilitate the marketing.

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Modes of purchasing goods.

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Organisational barrier.

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Exchange functions of marketing.

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Limitations of television advertising.

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