Quarterly Model Question Paper

11th Standard

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Accountancy

Time : 02:45:00 Hrs
Total Marks : 90
    20 x 1 = 20
  1. The root of financial accounting system is _________

    (a)

    Social accounting

    (b)

    Stewardship accounting

    (c)

    Management accounting

    (d)

    Responsibility accounting

  2. Accounting is not a modern concept and it is as old as _____________

    (a)

    money

    (b)

    goods

    (c)

    services

    (d)

    all of these

  3. In 1494, _________ an Italian developed double-entry book-keeping system.

    (a)

    Luca Pacioli

    (b)

    Kautilya

    (c)

    Wheeler

    (d)

    R.N. Carter

  4. Goods returned to suppliers is known as ______ 

    (a)

    Debit note no.

    (b)

    Sales returns

    (c)

    Credit

    (d)

    Purchase returns

  5. Basic unit for measurement in accounting is _______

    (a)

    account

    (b)

    voucher

    (c)

    monetary value

  6. Author of the famous book 'Arthasasthra' is _______

    (a)

    Maurya

    (b)

    Gupta

    (c)

    Kautilya

  7. The term TDS in taxation refers to _______

    (a)

    Tax Dissolved

    (b)

    Tax Deducted Source

    (c)

    Both

  8. The amount receivable or realised from sale of goods and the earnings from interest, dividend, commission, etc., is

    (a)

    revenue

    (b)

    expense

    (c)

    income

  9. 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

  10. "Anticipate no profit and provide for all possible losses" is based on

    (a)

    Convention of consistency

    (b)

    Convention of disclosure

    (c)

    Convention of conservatism

    (d)

    Convention of materiality

  11. Which one of the following is not a fundamental accounting assumption?

    (a)

    Going concern

    (b)

    Consistency

    (c)

    Prudence

    (d)

    Accrual

  12. Real account deals with ______

    (a)

    Individual persons

    (b)

    Expenses and losses

    (c)

    Assets

    (d)

    Incomes and gains

  13. 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

  14. Point out the incorrect accounting equation

    (a)

    Assets = Liabilities + Capital

    (b)

    Assets = Capital + Liabilities

    (c)

    Liabilities = Assets + Capital

    (d)

    Capital = Assets - Liabilities

  15. Journal means___________

    (a)

    daily

    (b)

    monthly

    (c)

    yearly

    (d)

    weekly

  16. Computer purchased from Rajesh should be debited to __________.

    (a)

    Computer A/c

    (b)

    Purchases A/c

    (c)

    Rajesh A/c

  17. Loss on sale of machinery is credited to______________.

    (a)

    Machinery Account

    (b)

    Purchase Account

    (c)

    Profit and Loss Account

    (d)

    None of the above

  18. Main objective of preparing ledger account is to _________

    (a)

    Ascertain the financial position

    (b)

    Ascertain the profit or loss

    (c)

    Ascertain the profit or loss and the financial position

    (d)

    Know the balance of each ledger account

  19. In Triple column cash book, the balance of bank overdraft brought forward will appear in_________

    (a)

    Cash column debit side

    (b)

    Cash column credit side

    (c)

    Bank column debit side

    (d)

    Bank column credit side

  20. Balance as per cash book is Rs. 2,000. Bank charge of Rs. 50 debited by the bank is not yet shown in the cash book. What is the bank statement balance now?

    (a)

    Rs 1,950 credit balance

    (b)

    Rs 1,950 debit balance

    (c)

    Rs 2,050 debit balance

    (d)

    Rs 2,050 credit balance

  21. 7 x 2 = 14
  22. What are the steps involved in the process of accounting?

  23. Who is a creditor of business?

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

  25. What is real account?

  26. What is meant by external liabilities?

  27. Is it correct to say that trial balance facilitates the preparation of financial statements?

  28. What are the parties to the bill of exchange?

  29. 7 x 3 = 21
  30. Write a brief note on Accounting Standards.

  31. "Despite many advantages, double entry system also has some disadvantages". In the light of this statement discuss the advantages of double entry system.

  32. The position of businessman on 30th June 2014 was as follows:
    Cash Rs.5,000;
    Debtors Rs.20,000;
    Machinery Rs.60,000;
    Stock Rs.25,000;
    Capital Rs.75,000.
    Calculate his Liabilities.

  33. Show the accounting equation on the basis of the following transactions:
    i) Ramya started business with Cash   Rs.25,000
    ii) Purchases goods from Harsha   Rs.20,000
    iii) Sold goods to Amala costing Rs.18,000    Rs25,000
    iv) Ramya withdrew from business   Rs.5,000

  34. What are the different types of Journal entries?

  35. 'A trial balance is only a prima facie evidence of the arithmetical accuracy of records'. Do you agree with this statement? Give reasons.

  36. Write notes on closing entries.

  37. 7 x 5 = 35
  38. What are the differences between Book keeping and Accounting?

  39. Prepare accounting equation for the following transactions.
    (a)Murugan commenced business with cash Rs.80,000
    (b) Purchased goods for cash Rs.30,000
    (c) Paid salaries by cash Rs.5,000
    (d) Bought goods from Kumar for Rs.5,000 and deposited the money in CDM.
    (e) Introduced additional capital of Rs.10,000

  40. Mohit has the following transactions, prepare accounting equation

        Rs
    i) Business started with Cash 1,75,000
    ii) Purchased goods from Rohit 50,000
    iii) Sold goods on credit to Manish (Costing Rs.17,500) 20,000
    iv) Purchased furniture for office use 10,000
    v) Cash paid to Rohit in full settlement 48,000
    vi) Cash received from Manish 20,000
    vii) Rent paid 1,000
    viii) Cash withdrew for personal use 3,000
  41. Bragathish is a trader dealing in electronic goods who commenced his business in 2015. For the following transactions took place in the month of March 2018, pass journal entries.

    March Rs
    1. Purchased goods from Y and Co. on credit 60,000
    2. Sold goods to D and Co. on credit 30,000
    3. Paid Y and Co. through bank in full settlement 58,000
    4. D and Co. accepted a bill drawn by Bragathish 30,000
    5. Sold goods to L and credit 20,000
    6. Sold goods to M on credit 40,000
    7. Received a cheque from M in full settlement
    and deposited the same to the bank.
    39,000
    8. Goods returned to Y and Co. 4,000
    9. L became insolvent and only 90 paise per
    rupee is received by cash in final settlement.
     
    10. Goods returned by M 3,000
  42. Record the following transactions in the proper subsidiary books of Mis. Sunil & Co., and cost them to the Ledger.

     2013 Apr 1   Goods sold to Ramesh Rs 1,000  
    Apr 5   Sold goods to Kumar Rs 2,200
    Apr 8   Sold goods to Shankar Rs 300
    Apr 10   Goods returned by Kumar Rs 600
    Apr 15   Credit Note sent to Shankar for Rs 200 being the Invoice overcharged.  
  43. What is the differences between Bank column of Cash book and Bank Statement?

  44. The pass book of Ms. Aparna showed a balance of Rs 25,500 on 30tb June, 2014.
    (a) Cheques issued by her before that but were not presented for payments amounted to Rs 3,200.
    (b) Cheques amounting to Rs 1,800 were paid into bank on June 30, but were not credited until July 5, 2014.
    (c) On 30th June, 2014 a cheque of Rs 540 was received and entered in the bank column of cash book but was omitted to be paid into bank.
    (d) Insurance premium paid by the bank as per standing instructions Rs 500.
    (e) Interest and Dividend collected by bank Rs 1,500.
    Prepare a bank reconciliation statement as on 30.6.2014.

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