Basic Accounting Terms — Account STD 11 Commerce — Question

Complete the following work sheet:
The ___________ concept states that if straight line method of depreciation is used in one year, then it should also be used in the next year.

Due date of a bill of exchange drawn on 23rd October 2016 for 3 months will be ____________.

Under fixed instalment method, depreciation is calculated by deducting the ________value from the ________ cost of the asset.

Complete the following work sheet:
A firm may hold stock which is heavily in demand. Consequently, the market value of this stock may be increased. Normal accounting procedure is to ignore this because of the ___________.

Due date of a bill of exchange drawn on 30th June 2017 for 4 months will be ____________.

State the account to bre debites or credited in the following situation:
Books of Drawer:-
When a discounted bill is dishonoured, the account to be debited is ___________ and the account to be credited is ___________.

Rule of ________ A/c is “debit all expenses and losses and credit all incomes and gains".

Ledger account gives the folio of …..

Premium paid on the life insurance policy of the proprietor will be debited to __________ A/c.

When a bill of exchange is not paid on its due date, it is called ____________.