Basic Accounting Terms — Account STD 11 Commerce — Question

Cancelling an old bill and drawing a new bill is called Renewal of a Bill. Is this true or false?

Confidence and rust that the reported information is a reasonable representation of the actual items and events, that have occurred, depicts which qualitative characteristic of accounting information.

Which principle states that the financial statements should disclose all significant informations?

Name three Current Liabilities.

Name the process of transferring entries from a Journal to their respective accounts in the Ledger.

What is the basic accounting equation?

Passbook is a copy of __________ as it appears in the ledger of the bank.

1. Debtor's account
2. Customer's account
3. Creditor's account
4. None of the above

What is Capital?

Give two advantages of sub-division of journal.

Which of the following is not a foreign bill?

1. A bill drawn in India, on a person resident outside India and made payable outside India.
2. A bill drawn outside India, on a person resident outside India.
3. A bill drawn outside India, made payable in India.
4. A bill drawn on a person resident in India, made payable in India.