P2 C10 Accounts from Incomplete Records — Account STD 11 Commerce — Question

Fixed assets are shown in the balance sheets at their cost or market price whichever is less. Is this statement true or false? It the same is false rewrite the correct statement and state the principle associated with it.

What do you mean by non-recurring expenses?

Who provides capital to the business?

Who prepares pass book, cashbook and bank reconciliation statement?

Frequent changes in the methods of depreciation or stock valuation should be avoided.

Which accounting method is scientific method of writing books of accounts ?

Explain the meaning of closing entries.

Which reserve is a helping hand for business in contingencies?

Explain accounting entry for general reserve.

Define economic transaction.