Introduction to Accounting — Account STD 11 Commerce — Question

What do you mean by 'Accomodation Bill'?

Define the following basic accounting term with example:
Revenue.

What is meant by balancing an account?

GSC Co. purchased goods from Mohan & Co. for ₹ 50,000 plus CGST and SGST @ 6% each. As per the terms, if GSC Co. made full payment to Mohan & Co. within 15 days it will get Cash Discount of 2%. GSC Co. paid ₹ 28,000 within the stipulated time. Determine the amount of Cash Discount that GSC Co. will get.

Distinguish between:

1. Capital Expenditure and Revenue Expenditure

Briefly explain Expenditure.

Mention two advantages of accounting.

What does credit in an Income Account signify?

Give two examples of Representative Personal Accounts.

Name the category of account that is not balanced.