Download App

Recording of Transactions - 1 — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountRecording of Transactions - 11 Mark
Question
Indicate how Accounting Equation is affected if payment is made to a creditor?
✓

Answer

Cash decreases and so does the liability (creditor).

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "1 Marks Question" from Recording of Transactions - 1→Recording of Transactions - 1 — all question types→Account STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

The rebate on a bill shows that it has been _________.
  1. Paid before the date of maturity.
  2. Paid after the date of maturity.
  3. Been dishonoured.
  4. Endorsed.
→
Give an example of a transaction where an asset will increase and also the liability.
→
What is a Debit Note?
→
Name two items which are written in Plus Column while starting with Credit balance of Pass Book.
→
Capital Reserve may or may not involve any receipts of cash. Do you agree?
→
What is Opening Entry?
→
A customer of X Ltd. has discontinued his business. He used to purchase 30% of the total goods produced by X Ltd. Is it a relevant information in your opinion and should be disclosed by X Ltd.
→
Proprietor of the business is treated as creditor to the extent of his capital under which Concept?
→
Why is the Journal called a book of Original entry?
→
What are source documents of accountancy?
→