New ! Accountancy MCQ Practise Tests

All Chapter 3 Marks

11th Standard

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Accountancy

Time : 03:00:00 Hrs
Total Marks : 168
    Answer All The Following Questions:
    56 x 3 = 168
  1. Explain the meaning of accounting

  2. Discuss briefly the branches of accounting.

  3. Briefly explain the following terms
    a) Account
    b) Voucher
    c) Invoice

  4. What is the difference between cash transaction and credit transactions?

  5. What is matching concept? Why should a business concern follow this concept?

  6. "Business units last indefinitely". Mention and explain the concept on which the statement is based.

  7. What are the objectives of book-keeping?

  8. What is Accounting Standards in the words of Kohler?

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

  10. 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

  11. Write the transactions from the Journal Entries
    Cash A/c Dr.
    Discount Alc Dr.
    To Aravind A/c

  12. Write the transactions from the Journal Entries.
    Drawings A/c   Dr
    To Purchases

  13. How is posting made from the journal to the ledger?

  14. Post the following transactions direct into ledger of Akbar.

    2018 March   Rs
    1 Bought goods for Cash 25,000
    2 Sold goods for Cash 50,000
    3 Bought goods for Credit from Gopi 19,000
    5 Sold goods on Credit to Robert 8,000
    7 Received from Robert 6,000
    9 Paid to Gopi 5,000
    20 Bought furniture for Cash 7,000
  15. Prepare cash account from the following transactions for the month of January 2018. (Direct Ledger Posting)

      Jan 1    Commenced business with cash Rs 62,000  
    3    Goods purchased for cash Rs 12,000
    10    Goods sold for cash Rs 10,000
    12    Wages paid Rs 4,000
    25    Furniture purchased for cash Rs 6,000
  16. What are the steps in posting?

  17. Whatis the need for preparing trial balance?

  18. What are the objectives of preparing trial balance?

  19. From the following balances extracted from the books of Mrs. Kokila, prepare trial balance as on 31.03.2017.

       Rs     Rs 
     Purchases    40,000   Advertisement     4,000
     Rent paid 2,000   Generalexpenses  700
     Discount received   1,000   Commission paid  1,500
     Carriage inward 2,700   Capital  50,000
     Closing stock 38,600   Sales 38,500
  20. The following balances are extracted from the books of Murali, as on 31st March, 2017. Prepare trial balance.

    Particulars Rs Particulars Rs
    Sales 35,000 Audit fees 1,000
    Interest paid 350 Octroi duty 8,000
    Returns inward 2,500 Land 90,000
    Depreciation 2,400 Capital 60,000
    Office rent 2,000 Bank overdraft 11,250
  21. What are the advantages of subsidiary books?

  22. Write short notes on :
    (a) Endorsement of a bill and
    (b) Discounting of a bill

  23. Write notes on closing entries.

  24. Write notes on rectifying entries.

  25. Enter the following transactions in a simple cash book of Kunal:

    2017    
    Jan   Rs
    1 Cash in hand 11,200
    5 Received from ramesh 300
    7 Pain Rent 30
    8 Sold goods for cash 300
    10 Paid mohan 700
    27 Purchased furniture for cash 200
    31 Paid salaries 100
  26. Enter the following transactions in a single column cash cash book of Pradeep for April, 2017

    April   Rs
    1 Commenced Bussiness with cash 27,000
    5 Bought goods for cash 6,000
    10 Goods sold for cash 11,000
    13 Paid into bank 5,000
    14 Goods sold to Sangeetha for cash 9,000
    17 Goods purchased from Preethi on credit 13,000
    21 Purchased stationery by cash 200
    25 Paid Murugan by cash 14,000
    26 Commission paid by cash 700
    29 Drew from bank for office use 4,000
    30 Rent paid by cheque 3,000
  27. What is cash book? What are its features?

  28. Write notes on posting the petty cash book.

  29. State the timing differences in BRS with examples.

  30. From the following information, prepare bank reconciliation statement as on 31st December, 2017 to find out the balance as per bank statement.

      Particulars Rs
    (i) Balance as per bank statement 6,000
    (ii) Cheques deposited on 28th December, 2017 but not yet credited 2,000
    (iii) Cheques issued for 10,000 on 20th December, 2017 but not yet presented for payment 3,000
    (iv) Interest on debentures directly collected by the bank not recorded in  cash book 4,000
    (v) Insurance premium on building directly paid by the bank 1,000
  31. Imagine that you are the owner of a small shop. You maintain the three column cash book for your business. Now, think on the following points and discuss with the whole class:
    • How often would you check your cash balance in hand? Everyday/once in a week?
    • Why do you check your cash balance?
    • How will you make sure that the bank column in cash book is correct and is the same as shown by the bank statement?

  32. Why is the preparation of Bank Reconciliation Statement necessary?

  33. The following errors were located after the preparation of the trial balance. Assume that there exists a suspense account. Rectify them.
    (a) Sale of goods on credit to Arun for Rs 152 posted to his account as Rs 125.
    (b) Bought goods from Lakshmi on credit for Rs 550, credited to her account as Rs 505.
    (c) Purchase of furniture from Abirupa for Rs 404 on credit was debited to furniture account as Rs 440.
    (d) Purchased machinery for cash Rs 200 was not posted to machinery account.
    (e) The total of purchases book Rs 89 was carried forward as Rs 98.

  34. Rectify the following errors assuming that the trial balance is already prepared and the difference was placed to suspense account:
    (a) Sales book was undercast by Rs.250
    (b) Purchases book was undercast by Rs.120
    (c) Sales book was overcast by Rs.130
    (d) Bills receivable book was undercast by Rs.75
    (e) Purchases book was overcast by Rs.35.

  35. 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.

  36. What are the types of errors at the stage of preparing trial balance?

  37. What are the objectives of providing depreciation?

  38. State the advantages and limitations of straight line method of depreciation.

  39. M/s. Shankar & Co. purchased a machinery on 01-01-2012 for Rs 10,00,000. The firm writes off depreciation at 10% on the original cost every year. The books are closed on 31st March every year. Pass the necessary journal entries.

  40. What is Depletion method?

  41. Distinguish between capital expenditure and revenue expenditure.

  42. Distinguish between capital receipt and revenue receipt.

  43. What are the classifications of expenditures?

  44. Write any three examples of revenue expenditure.

  45. What is meant by closing entries? Why are they passed?

  46. Ascertain net profit or net loss from the following:

     Particulars   Rs   Particulars   Rs 
      Gross profit        12,000   Administration expenses       4,000
      Salary (office)    9,000   Freight outwards 3,000
      Apprenticeship premium received    5,000   Advertisement 2,000
  47. What are the need for preparing a Balance sheet?

  48. From the following information prepare balance sheet of Mrs. Nasreenkhan as at 3st December 2017.

    Particulars Rs. Particulars Rs.
    Goodwill 10,000 Sundry debtors  25,000
    Capital 90,000 Drawings 15,000
    Cash in hand 10,000 Land and buildings 30,000
    Investment 500 Bank 10,000
    Net profit 46,900 Creditors 31,500
    Bills receivable 6,500 Plant and Machinery 20,000
    Bills payable 5,350 Closing stock 40,000
    Furniture 6,750    
  49. Explain how closing stock is treated in final accounts.

  50. Give the adjusting entries for interest on capital and interest on drawings.

  51. Explain the concept of Matching Principle.

  52. The Trial balance shows the followings:
    Capital as on 31-03-2013     Rs.6,00,000 .
    Drawings as on 31-03-2013  Rs.50,000
    Charge interest on drawings @ 5% pass adjusting entry. Show how this item appear in the final accounts.

  53. Mention any three limitations of computerised accounting system.

  54. State the input and output devices of a computer system.

  55. Explain the types of People Interact.

  56. What is opearating system? Give two examples.

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