Introduction to Accounting — Account STD 11 Commerce — Question

What is Transfer Voucher?

A company lost vital machinery in an accident on 2nd March, 2019 which will have adverse impact on its production capacity. As a result, it is likely to loose business to its competitors. The company has not disclosed this fact in its annual report for the year ended 31st March, 2019. Do you think it is complying with the Convention of Full Disclosure?

What is the nature of the balance in the Petty Cash Book?

Is it correct that Bank Reconciliation Statement is prepared once, i.e., at the end of the year?

Give two examples of Representative Personal Accounts.

What does credit balance in a Capital Account signify?

What is meant by Revenue from Operations?

What are Capital Reserves?

Distinguish between Cash Basis and Accrual Basis of Accounting. (Two Points)

Name two types of Petty Cash Book.