Depreciation, Provisions and Reserves — Account STD 11 Commerce — Question

Which method of Depreciation assumes that an asset should be depreciated more in the earlier years and less in the later years of use?

What is meant by Error of Principle?

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

Trial Balance is an account. Do you agree?

What will be the effect on Trial Balance if a purchase return of ₹ 5,000 has been wrongly posted to the debit of Sales Return Account but correctly entered in the Customer's Account?

A debit balance always signifies a balance in the Assets Account. Is it correct?

X Ltd. gets a contract of ₹ 100 crore to build a Shopping-Mal to be completed in 3 years. The management of the company wants to ascertain profit or loss on this contract only when the contract is completed. Is the management justified?

Who is a Creditor?

If the Capital is ₹ 2,60,000 and Assets are ₹ 5,00,000, what is the amount of Liabilities?

Define the bill of exchange.