P1 C4 Joumal — Account STD 11 Commerce — Question

What is meant by subsidiary books?

Write the types of subsidiary books.

Who plays an important role in effective implementation of computerised accounting system?

Where is the balance of Profit and Loss account transferred?

What is meant by credit note?

What kind of expense is that which is incurred to pay fixed asset for business?

What does Accounting Standards provide?

When there is expense or revenue in business, but the name of the account is not remembered,such transaction is recorded in which account?

What is revenue expense?

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.