PRIME ENTRY ONE MARK & 5 MARK

11th Standard

    Reg.No. :
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ACCOUNTANCY - 11D

NOTE :

Ø  USE BLUE INK TO WRITE AND UNDERLINE PENCIL (NOT ALLOWED TO WRITE BALL POINT PEN)

Ø  CHOOSE THE MOST SUITABLE ANSWER FROM THE GIVEN ALTERNATIVES AND WRITE THE OPTION CODE AND THE CORRESPONDING ANSWER:

Time : 00:25:00 Hrs
Total Marks : 50
    50 x 1 = 50
  1. A firm has assets are of Rs.1,00,000 and the external liabilities of Rs.60,000. Its capital would be ______

    (a)

    Rs.1,60,000

    (b)

    Rs.60,000

    (c)

    Rs.1,00,000

    (d)

    Rs.40,000

  2. The incorrect accounting equation _________

    (a)

    Assets = Liabilities + Capital

    (b)

    Assets = Capital + Liabilities

    (c)

    Liabilities = Assets + Capital

    (d)

    Capital = Assets - Liabilities

  3. Accounting equation is formed based on the accounting principle of ______

    (a)

    Dual aspect

    (b)

    Consistency

    (c)

    Going concern

    (d)

    Accrual

  4. Real account deals with ______

    (a)

    Individual persons

    (b)

    Expenses and losses

    (c)

    Assets

    (d)

    Incomes and gains

  5. Which one of the following is representative personal account?

    (a)

    Building A/c

    (b)

    Outstanding salary A/c

    (c)

    Mahesh A/c

    (d)

    Balan & Co

  6. Prepaid rent is a ____

    (a)

    Nominal A/c

    (b)

    Personal A/c

    (c)

    Real A/c

    (d)

    Representative personal A/c

  7. Withdrawal of cash from business by the proprietor should be credited to________

    (a)

    Drawings A/c

    (b)

    Cash A/c

    (c)

    Capital A/c

    (d)

    Purchases A/c

  8. In double entry system of book keeping, every business transaction affects ______

    (a)

    Minimum of two accounts

    (b)

    Same account on two different dates

    (c)

    Two sides of the same account

    (d)

    Minimum three accounts

  9. ________ starts with identifying business transactions involving money or money's worth.

    (a)

    Accounting process

    (b)

    Accounting equation

    (c)

    Book keeping

    (d)

    Double entry system

  10. ____________ are recorded as and when they take place with the written and authentic proof.

    (a)

    Accounting equations

    (b)

    Transactions

    (c)

    Accountants

    (d)

    Book keeping

  11. ______ is used for credit purchases and credit sales.

    (a)

    Cash Receipt

    (b)

    Debit Note

    (c)

    Invoice

    (d)

    Credit Note

  12. ________ is prepared in three copies.

    (a)

    Debit Note

    (b)

    Credit Note

    (c)

    Receipts

    (d)

    Invoice

  13. _______ is prepared in duplicate and the original is sent to the seller.

    (a)

    Debit Note

    (b)

    Credit Note

    (c)

    Pay-in-slip

    (d)

    None of these

  14. A debit note is called as _______

    (a)

    debit memo

    (b)

    credit memo

    (c)

    pay-in-slip

    (d)

    receipts

  15. _____ is a statement prepared by the seller who receives back from his customer the goods sold.

    (a)

    Debit Memo

    (b)

    Credit note

    (c)

    Receipts

    (d)

    Pay-in-slip

  16. _________ is a negotiable instrument.

    (a)

    Cheque

    (b)

    Cash

    (c)

    Discount

    (d)

    Premium

  17. _______ system is the scientific and complete system of recording the financial transactions of a business.

    (a)

    Single Ent

    (b)

    Double Entry

    (c)

    Prime Entry

    (d)

    Journal Entry

  18. Transaction can be classified into  _______ transaction and _______ transaction.

    (a)

    cash, credit

    (b)

    purchases, sales

    (c)

    cash, purchase

    (d)

    none of these

  19. The relationship of assets with that of liabilities to outsiders and to owners in the form is known as _____.

    (a)

    single entry system

    (b)

    double entry system

    (c)

    accounting equation

    (d)

    none of these

  20. Accounting equation is a ____ expression which. shows that the total of assets is equal to the total liabilities and capital.

    (a)

    scientifical

    (b)

    mathematical

    (c)

    social

    (d)

    all the above

  21. Equity + Liabilities = ______

    (a)

    Capital

    (b)

    Creditors

    (c)

    Assets

    (d)

    None of these

  22. Transactions relating with individuals or firms or companies are known as _______

    (a)

    personal accounts

    (b)

    real accounts

    (c)

    nominal accounts

    (d)

    capital accounts

  23. ______ is the original book of recording the business transactions in a systematic manner.

    (a)

    Journal

    (b)

    Ledger

    (c)

    Cash Book

    (d)

    Sales Book

  24. The word journal has been derived from the French word 'Jour' Jour means _________

    (a)

    Cash

    (b)

    Money

    (c)

    Day

    (d)

    None of these

  25. Murali account is an example for ______

    (a)

    personal A/c

    (b)

    real A/c

    (c)

    nominal A/c

    (d)

    none of these

  26. Goodwill is an example of ________

    (a)

    tangible real A/c

    (b)

    intangible real A/c

    (c)

    nominal A/c

    (d)

    none of these

  27. The Accounting Equation is connected with ________

    (a)

    Assets only

    (b)

    Liabilities only

    (c)

    Assets, Liabilities and Capital

    (d)

    None of these

  28. The liabilities of a business are Rs.30,000, the Capital of the proprietor is Rs.70,000. The total assets are _____

    (a)

    Rs.70,000

    (b)

    Rs.1,00,000

    (c)

    Rs.40,000

    (d)

    Rs.50,000

  29. Rs.500 not recovered from Mr. Surya a customer due to his insolvency is debited to _______

    (a)

    Cash A/c

    (b)

    Surya A/c

    (c)

    Bad debts A/c

    (d)

    Customer A/c

  30. Received cash for Bad debts written off last year is credited to ____

    (a)

    Bad debts A/c

    (b)

    Bad debts recovered A/c

    (c)

    Cash A/c

    (d)

    Debtors A/c

  31. Name the source document used for depositing money in the bank.

    (a)

    Voucher

    (b)

    Receipts

    (c)

    Pay-in-slip

    (d)

    Invoice

  32. Credit purchases of furniture will be recorded through which Voucher?

    (a)

    Transfer voucher

    (b)

    Compound voucher

    (c)

    Complex voucher

    (d)

    None of these

  33. Name the column in a journal which is not filled at the time of journalising

    (a)

    Journal Folio

    (b)

    Both 'a' and 'b'

    (c)

    None of these

    (d)

    Ledger Folio

  34. Source documents are the _______

    (a)

    Business Documents

    (b)

    Proof of Business transactions

    (c)

    Business Deals

    (d)

    Activities of Business

  35. The effect of each business transaction will have the effect on accounting equation _____

    (a)

    always in assets only

    (b)

    always in liabilities only

    (c)

    always in assets and liabilities

    (d)

    always either in assets or liabilities or both

  36. Raman started business with Rs.60,000 as capital. The effect of the transaction would be ________

    (a)

    Increase in Asset, Decrease in Liability

    (b)

    Decrease in Asset, Increase in Liability

    (c)

    Increase in Asset, Increase in Liability

    (d)

    Decrease in Asset, Decrease in Liability

  37. The Liabilities of a firm are Rs.3,000; the capital of the proprietor is Rs.7,000. The total assets are

    (a)

    Rs.7,000

    (b)

    Rs.10,000

    (c)

    Rs.4,000

    (d)

    Rs.12,000

  38. Harsha commenced business on 1st April, 2013 with a capital of Rs.6,00,000. On 31st March, 2014 his assets were worth Rs.8,00,000 and liabilities Rs.50,000. Find out his closing capital.

    (a)

    Rs.7,50,000

    (b)

    Rs.2,00,000

    (c)

    Rs.5,50,000

    (d)

    Rs.8,50,000

  39. If the total assets of a business Rs.1,30,000 and capital is Rs.80,000. calculate the external liabilities (creditors equity)

    (a)

    Rs.1,00,000

    (b)

    Rs.50,000

    (c)

    Rs.30,000

    (d)

    Rs.70,000

  40. If the total assets of the business are Rs.4,50,000 and external liabilities are Rs.2,00,000. calculate internal liabilities (owner's equity)

    (a)

    1,50,000

    (b)

    2,50,000

    (c)

    2,00,000

    (d)

    6,50,000

  41. Point out the incorrect accounting equation

    (a)

    Assets = Liabilities + Capital

    (b)

    Assets = Capital + Liabilities

    (c)

    Liabilities = Assets + Capital

    (d)

    Capital = Assets - Liabilities

  42. Which one of the accounting assumptions with which the account equation is formed ____

    (a)

    Going concern

    (b)

    Consistency

    (c)

    Dual aspect

    (d)

    Accrual

  43. Which one of the following is representative personal account?

    (a)

    Capital A/c

    (b)

    Outstanding salary A/c

    (c)

    Mahesh A/c

    (d)

    Balan & Co..

  44. Cash A/c is a ______

    (a)

    Real A/c

    (b)

    Nominal A/c

    (c)

    Personal A/c

    (d)

    Impersonal A/c

  45. Process of recording business transaction in the prime record is called as

    (a)

    Posting

    (b)

    Balancing

    (c)

    Casting

    (d)

    Journalising

  46. Personal account deals with ____

    (a)

    Debtor and creditor

    (b)

    Assets and Liabilities

    (c)

    Expenses and Losses

    (d)

    None of these

  47. Which one is one of these cash transactions?

    (a)

    Sold goods to Raghavan

    (b)

    Bought goods from Anand

    (c)

    Salaries paid

    (d)

    Loan borrowed from Bank

  48. Building is an item of ________

    (a)

    Expense

    (b)

    Liabilities

    (c)

    Asset

    (d)

    Revenue

  49. Rent outstanding is _________

    (a)

    Nominal A/c

    (b)

    Personal A/c

    (c)

    Real A/c

    (d)

    Representative Personal A/c

  50. Journal is a book of ___

    (a)

    Original Entry

    (b)

    Last Book

    (c)

    Secondary Entry

    (d)

    All transaction

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