Bill of Exchange — Account STD 11 Commerce — Question

Accrual Basis of Accounting:

In order to enable retailer earn profit and still sell goods at the list price, the manufacturers frequently grant them substantial reduction from the list price. Such a reduction in price is called ________.

If the overdraft as per the pass book is taken as the starting point, the cheques issued but not presented are to be______in the bank reconciliation statement.

Which account is generally used for rectification of errors?

Sales Account is a:

__________ method is normally recommended for amortization of intangible assets.

A note sent by buyer on return of goods is:

___________ is a non-cash expenses.

Transfer vouchers are prepared to record:

The part of the depreciable cost of an asset which is yet to be written off is known as ___________.