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CBSE Class 11-commerce Answered

‘Business entity concept assumes that business is separate entity from its owner’ Do you agree? If yes, why?
Asked by Topperlearning User | 09 Jun, 2016, 12:14: PM
answered-by-expert Expert Answer

Yes, business entity concept assumes that business is a separate entity from its owner because it implies all the business transactions are recorded from the business point of view and not owners. 

Answered by | 09 Jun, 2016, 02:14: PM
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CBSE 11-commerce - Accountancy Part I
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CBSE 11-commerce - Accountancy Part I
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CBSE 11-commerce - Accountancy Part I
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CBSE 11-commerce - Accountancy Part I
Seeta, the proprietor of Ram and Company purchased furniture for her home. She made the payment by issuing a cheque from the account of Ram and Company. Her accountant debited the Drawing A/c. But Seeta was of the opinion that Fixed Assets A/c should be debited. Is she right? Answer with reason.
Asked by Topperlearning User | 09 Jun, 2016, 12:14: PM
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CBSE 11-commerce - Accountancy Part I
Raj, the proprietor of Yashraj Company gifted his wife jewellery worth Rs. 1,50,000 from Swarn Jewellers and made the payment issuing a cheque from the account of Yashraj Company. His accountant debited the Drawing A/c. But Raj was of the opinion that Fixed Asset A/c should be debited. Is he right? Answer with reasons.
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CBSE 11-commerce - Accountancy Part I
Explain money measurement concept.
Asked by Topperlearning User | 09 Jun, 2016, 12:21: PM
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CBSE 11-commerce - Accountancy Part I
A dispute between managers of different departments affected the profit of business. But this event was not recorded. Why?
Asked by Topperlearning User | 09 Jun, 2016, 12:14: PM
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CBSE 11-commerce - Accountancy Part I
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Asked by Topperlearning User | 09 Jun, 2016, 12:14: PM
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CBSE 11-commerce - Accountancy Part I
PQR company purchased machinery costing Rs. 200,000 which will last for 8 years. How much cost should the company treat as an expense?
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CBSE 11-commerce - Accountancy Part I
The extraordinary capabilities of the research department of the company lead to favorable result but the same was not recorded by the accountant. Why?
Asked by Topperlearning User | 09 Jun, 2016, 12:14: PM
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