New ! Accountancy MCQ Practise Tests

Full Portion Three Marks Question Paper

11th Standard

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Accountancy

Time : 01:30:00 Hrs
Total Marks : 60
    20 x 3 = 60
  1. Discuss briefly the branches of accounting.

  2. Explain the objectives of Accounting?

  3. What do you mean by IFRS?

  4. State the principles of double entry system of book keeping.

  5. What is double entry system? State its advantages.

  6. Write the transactions from the Journal Entries
    Cash A/c Dr.
    To Bank A/c

  7. Show the accounting equation on the basis of the following:
    (a) Started business with cash Rs 60,000
    (b) Goods bought on credit from Ramesh Rs 20,000
    (c) Purchased furniture for cash Rs 15,000
    (d) Paid creditors by cash Rs 500

  8. What are the advantages of Double Entry System?

  9. The following balances are extracted from the books of Mr. Saran, as on 31.03.2017. Prepare trial balance transfer the different if any to suspense account.

       Rs     Rs 
     Discount allowed    350   Loan borrowed    12,000
     Cash in hand  4,100   Commission paid   3,000
     Capital  45,000   Purchases 29,050
     Salaries 10,000   Sales 35,000
     Furniture 9,500    
  10. Explain any three advantages of subsidiary books.

  11. Write the advantages of maintaining petty cash book?

  12. List the five items having the effects of lower balance in the Pass book

  13. Following are some accounting errors. Rectify the same through Suspense Alc.
    (i) Goods Purchased from Manohar of Rs 2,500 has been posted to.the debit of his account.
    (ii) Cash of Rs 4,500 paid to Munish was credited to Manish.
    (iii) Discount Rs 100 allowed to Anthony was not debited to discount account.

  14. What are the Factors determining the amount of depreciation?

  15. What are the classifications of expenditures?

  16. Opening stock Rs. 30,000, Purchases Rs. 54,600, Expenses Rs. 6,000, Sales Rs.90,000, Expenses on sales Rs. 3,000, Closing stock Rs. 36,000. Calculate Cost of goods sold and Gross profit.

  17. Explain the concept of Matching Principle.

  18. Pass necessary Adjusting entries for the following adjustments:
    a) Interest on loan outstanding Rs.5,000
    b) Depreciation @ 5% on furniture Rs.50,000
    c) Write off bad and doubtful debts Rs.3,000
    d) Provide provision for bad and doubtful debts @ 5% on sundry debtors Rs.4,00,000
    f) Provide provision for discount on creditors @ 2% on sundry creditors Rs.3,50,000

  19. Find out from the following data, minimum collection of Rs.500 on any one day achieved by the sales counters.

    Counter Day 1 sales Day 2 sales
    Ground floor 600 600
    First floor 850 300
    Second floor 350 400
  20. Mention any three advantages of CAS.

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