Model Paper 2 — Account STD 11 Commerce — Question

Purchase of machine by cash means:

During the life-time of an entity, accounting produces financial statements in accordance with which of the following accounting concept?

When balance as per cash book is the starting point, bank charges not recorded in cash book are ______.

Depreciation is the _________ in the value of fixed assets due to its wear and tear.

Which one of the following is not a fictitious asset?

Retirement of bill means _______.

The nature of accrued income is:

Paid to Jigyasa ₹ 11,500 in full settlement of ₹ 12,000. Posting will be made in Jigyasa's A/c:

Satish draws a bill on Ashish for a sum of ₹ 10,000 payable after three months from the date of drawing of bill. Ashish gives his acceptance after adding a sentence “If my brother come back on due date”. Satish claims that the bill has become invalid according to the Act: