Accounting Terms — Account STD 11 Commerce — Question

Mr. Dinanath who owed us 350,000 became insolvent and paid only 40% of this amount. What is term used for the amount not received?

What is the last step of Accounting Process?

“If the acceptor of the bill refuses to pay the bill on its maturity date, it is called the retirement of the bill”. Comment.

Give two merits of providing depreciation by Original Cost Method.

Resignation by a Marketing Manager is not recorded in the books of account. Why?

Name any two types of commonly used negotiable instruments.

What is a Compound Voucher?

What do you mean by Voucher?

Give two examples of Specific Reserves.

‘Accounting information should be verifiable and free from personal Bias’. Name the qualitative characteristic of accounting information denoted by this statement.