Model Paper 4 — Account STD 11 Commerce — Question

Under what circumstances the drawer and the payee is the same person, with reference to a bill of exchange?

Amount of discount deducted from invoice price is called a ______.

Items owned by a business that have monetary value are ____

What comes in is to be debited, what goes out is to be credited?

Main feature of business transaction is:

Closing stock lying unsold with the consignee is valued at........

The convention of disclosure implies that all material information should _______.

A specialised branch of accounting concerned with the processes and techniques of ascertaining costs of products and services is _______.

When the pass book balance is taken as the starting point, items which makes the pass book balance ____________ than the balance in the cash book must be deducted for the purpose of reconciliation.

________ is a reserve which does not appear in the balance sheet.