Conceptual Framework of Accounting - Important Question Paper

11th Standard

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Accountancy

Time : 01:00:00 Hrs
Total Marks : 50

    Part A

    10 x 1 = 10
  1. The business is liable to the proprietor of the business in respect of capital introduced by the person according to

    (a)

    Money measurement concept

    (b)

    Cost concept

    (c)

    Business entity concept

    (d)

    Dual aspect concept

  2. The profounder of double entry system of book-keeping is

    (a)

    J. R. Batlibai

    (b)

    Luca Pacioli

    (c)

    Old Kesal

    (d)

    Menhar

  3. The rule of stock valuation 'cost price or realisable value' whichever is lower is based on the accounting principle of :

    (a)

    Materiality

    (b)

    Money measurement

    (c)

    Conservatism

    (d)

    Accrual

  4. In India, Accounting Standards are issued by

    (a)

    Reserve Bank of India

    (b)

    The Cost and Management Accountants of India

    (c)

    Supreme Court of India

    (d)

    The Institute of Chartered Accountants of India

  5. Which of the following does not follow dual aspect concept?

    (a)

    Increase in one asset and decrease in other asset

    (b)

    Increase in both asset liability

    (c)

    Decrease in one asset and decrease in other asset

    (d)

    Increase in one asset and increase in capital

  6. __________________ is basically generating financial information.

    (a)

    Accounting

    (b)

    Accountancy

    (c)

    Economic

    (d)

    Book keeping

  7. _____________ is the process of managing the income and expenses of a business firm.

    (a)

    Economic

    (b)

    Statistics

    (c)

    Accountancy

    (d)

    None of these

  8. ____________ is a branch of knowledge.

    (a)

    Accountancy

    (b)

    Accounting

    (c)

    book keeping

    (d)

    double entry

  9. __________ concept helps in keeping business affairs free from the influence of personal affairs of the owner.

    (a)

    Business entity

    (b)

    Money measurement

    (c)

    Cost

    (d)

    Dual aspect

  10. According to _____________ concept only business transactions are recorded.

    (a)

    Dual aspect

    (b)

    Cost

    (c)

    Business entity

    (d)

    Money measurement

  11. Part B

    5 x 2 = 10
  12. What is "Full Disclosure Principle" of accounting?

  13. Write a brief note on 'Consistency' assumption.

  14. What are the conventions of accounting?

  15. What do you mean by business entity concept?

  16. What is dual aspect concept?

  17. Part C

    5 x 3 = 15
  18. What do you mean by IFRS?

  19. What are the basic concepts of accounting?

  20. Explain the Process of Accounting cycle.

  21. What is the need for accounting standards?

  22. Do you think that the principle of conservatism results in creating of secret reserve?

  23. Part D

    3 x 5 = 15
  24. Explain the meaning of Book-keeping and its features

  25. Explain the advantages of Book-keeping.

  26. Explain briefly accounting conventions

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