Introduction to Accounting One Mark Questions

11th Standard

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Accountancy

Time : 01:00:00 Hrs
Total Marks : 25
    25 x 1 = 25
  1. The root of financial accounting system is _________

    (a)

    Social accounting

    (b)

    Stewardship accounting

    (c)

    Management accounting

    (d)

    Responsibility accounting

  2. Which one of the following is not a main objective of Accounting?

    (a)

    Systematic recording of transactions

    (b)

    Ascertainment of the profitability of the business

    (c)

    Ascertainment of the Financial position of the business

    (d)

    Solving tax disputes with tax authorities

  3. Who is considered to be the internal user of the financial information

    (a)

    Creditor

    (b)

    Employee

    (c)

    Customer

    (d)

    Government

  4. _____________must be properly maintained to increase their productivity.

    (a)

    Liabilities

    (b)

    Assets

    (c)

    Debtors

    (d)

    None of these

  5. ____________of a business have to be repaid in due time.

    (a)

    Assets

    (b)

    Sales

    (c)

    Liabilities

    (d)

    None of these

  6. The industrial revolution took place in ______________

    (a)

    18th century

    (b)

    19th century

    (c)

    20th century

    (d)

    21th century

  7. Double- entry book-keeping first emerged in Italy in the ___________ century.

    (a)

    13th

    (b)

    14th

    (c)

    18th

    (d)

    19th

  8. _____________ provides the relevant data to make appropriate decisions.

    (a)

    Management

    (b)

    Accounting

    (c)

    Accountant

    (d)

    Leadership

  9. Accounting works as a tool for measuring past performance of the ___________ enterprises.

    (a)

    commerce

    (b)

    business

    (c)

    both 'a' and 'b'

    (d)

    none of these

  10. _____________are interested to know whether the business has earned a profit or loss during a particular period.

    (a)

    Owners

    (b)

    Management

    (c)

    Employees

    (d)

    Producers

  11. ________________use the accounting data in their bargaining strategies with the management.

    (a)

    Production department

    (b)

    Labour unions

    (c)

    Tax authorities

    (d)

    Researchers

  12. ________________of a firm has to make innumerable routine and strategic decisions while discharging its functions.

    (a)

    Book-keeping

    (b)

    Accounts

    (c)

    Management

    (d)

    All the above

  13. Accounting cycle begins with recording of business transactions and ends with the preparation of ______________

    (a)

    Final accounts

    (b)

    Cost accounts

    (c)

    Financial accounts

    (d)

    Management accounts

  14. The activities of a business, which involve transfer of money or money's worth are called _______________

    (a)

    Transactions

    (b)

    Events

    (c)

    Accounting cycle

    (d)

    Costing

  15. Goodwill is an examples of ______________

    (a)

    Tangible assets

    (b)

    Liabilities

    (c)

    Intangible assets

    (d)

    Capital

  16. The document prepared by the seller when he sells goods to the buyer is _____________.

    (a)

    Voucher

    (b)

    Invoice

    (c)

    Receipt

    (d)

    Ticker

  17. Unsold goods lying is a business on a particular date are known as _________.

    (a)

    Stock

    (b)

    creditor

    (c)

    debtor

    (d)

    cash

  18. _______ is called as a document which support a business transaction.

    (a)

    Receipt

    (b)

    Voucher

    (c)

    Bill

  19. ______ refers to financial obligation of the business.

    (a)

    Asset

    (b)

    Liability

    (c)

    Loss

    (d)

    Expense

  20. Business transactions may be classified into __________.

    (a)

    one

    (b)

    Two

    (c)

    Three

    (d)

    Four

  21. Any written or printed document in support of a business transaction is called ________. 

    (a)

    Receipt 

    (b)

    Credit Note

    (c)

    Dabit Note 

    (d)

    Voucher

  22. Withdrawn from the business by the owner for the personal use is called _______.

    (a)

    Capital 

    (b)

    Darwings

    (c)

    Purchases

    (d)

    Sales

  23. __________ refers to choosing a desirable course of action from alternative course of actions.

    (a)

    Control

    (b)

    Forecasting 

    (c)

    Decision Making 

    (d)

    None of the above

  24. Records of debit and credit were found in_________.

    (a)

    15th Century 

    (b)

    13th Century 

    (c)

    12th Century 

    (d)

    20th Century 

  25. ________ is said to be the root of accounting.

    (a)

    Cost Accounting

    (b)

    Stewardship Accounting

    (c)

    Management Accounting

    (d)

    None of the above

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