Class 11 Commerce theorybase — practice questions
9 free MCQs with worked solutions. Tap any question for the answer + explanation, or practice them all in the app.
Practice Class 11 Commerce theorybase in the app →The concept that treats the business as separate from its owner is theAccording to the going-concern concept, a business is assumed toRecording only transactions that can be expressed in money terms reflects the'Anticipate no profit but provide for all possible losses' expresses the convention ofClosing stock is valued at cost or net realisable value, whichever is lower. This follows the principle ofAccounting Standards in India are issued by theRevenue is recognised when it is earned, not when cash is received. This is theThe book of original entry in which transactions are first recorded is theA source document that serves as evidence of a transaction and basis for recording is a