Model Paper 4 — Account STD 11 Commerce — Question

The estimated value of depreciable assets after useful life is called __________.

XYZ purchased a plant having estimated useful life of 15 years, however after 5 year the remaining life of the asset is revised to 5 years. Rs. 40,000 being the remaining depreciable amount will be charged/ allocated over _________.

Under diminishing balance method, depreciation is charged on:

Entry on the credit side of pass book implies _________.

Average due date can be called as _______.

When goods are sold on credit the seller prepares:

Cash book does not record the _________ transactions.

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

A endorsed a bill drawn on B for ₹ 5,000 in favour of C. On the due date bill is honoured by B. Which account will be debited by B in his books?

"Any amount written off or retained by way of providing for depreciation, renewals or diminution in the value of assets or retained by way of providing for any known liability" is called ___________.