Theory Base of Accounting — Account STD 11 Commerce — Question

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

State with reason whether the following statements are True or False:
In Purchases Book, the record is in respect of cash purchases of goods.

Name two items which are written in plus column while starting with Overdraft balance of Pass Book.

Capical contributed by the proprietor is credited to his Capital Account.

Explain Accounting Period Concept.

What are Current Assets?

Explain the term Date of Maturity.

Goods withdrawn by the proprietor for his personal use has not been recorded in the books of accounts. Which accounting concept has been violated?

Explain Accrual Concept.

Ashok drew on Rakesh three Bills of Exchange respectively on 29th, 30th and 31st January, 2019. The term in each case is 1 month. What will be the due date in each case?