P2 C10 Accounts from Incomplete Records — Account STD 11 Commerce — Question

What is meant by debit note?

Which type of accounts are included in Nominal A/c. ?

When Suspense account will be closed?

When goods are purchased on credit from a supplier, the purchase should be recorded in accounts immediately, even though cash is not yet paid for such purchase as the amount becomes payable once the goods are purchased.

What is economic transaction ?

Which reserve is a helping hand for business in contingencies?

By whom and when bank reconciliation statement is prepared?

What is shown in remark column of bills receivable book?

What are revenue expenses?

Advance received from a customer cannot be credited to sales account.