Bill of Exchange — Account STD 11 Commerce — Question

Assertion (A): Accounting has a wider scope than book-keeping.
Reason (R): Book-keeping involves recording, classifying, summarizing and analysing the financial transactions.

The cost of a small calculator is accounted as an expense and not shown as an asset in a financial statements of a business entity due to ........... .

IASB upon coming into existence has adopted:

A Provision is:

"Any amount written off or retained by way of providing for depreciation, renewals or diminution in the value of assets or retained by way of providing for any known liability" is called ___________.

Which of these expenses will be debited to concerned fixed asset A/c

Purchased goods from Manoj of ₹ 20,000 at 20% trade discount. Posting will be made in Manoj A/c:

Which of the following is a correct distinction between a Revenue reserve and a Capital reserve?

Land is not a depreciable asset because __________.

Cash withdrawn from bank for business purpose would cause ____________.