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11th All Chapter 1 mark Impatant Question

11th Standard

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Accountancy

Time : 01:00:00 Hrs
Total Marks : 56
    56 x 1 = 56
  1. The root of financial accounting system is _________

    (a)

    Social accounting

    (b)

    Stewardship accounting

    (c)

    Management accounting

    (d)

    Responsibility accounting

  2. Financial position of a business is ascertained on the basis of ______________ .

    (a)

    Journal

    (b)

    Trial balance

    (c)

    Balance Sheet

    (d)

    Ledger

  3. The famous book "Arthasastra" was written by

    (a)

    Kautilya

    (b)

    Chandrakupta

    (c)

    Luco Pacioli

    (d)

    Batlibai

  4. Direct expenses appear in _______

    (a)

    Profit & loss account

    (b)

    Trading account

    (c)

    Cash account

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

    (a)

    J. R. Batlibai

    (b)

    Luca Pacioli

    (c)

    Old Kesal

    (d)

    Menhar

  6. The concept which assumes that a business will last indefinitely is

    (a)

    Business Entity

    (b)

    Going concern

    (c)

    Periodicity

    (d)

    Conservation

  7. The land is purchased for Rs. 5,00,000 and its market value is Rs. 8,00,000 at the time of preparing final accounts the land value is recorded only for _____________

    (a)

    Rs. 5,00,000

    (b)

    Rs 8,00,000

    (c)

    Rs. 3,00,000

    (d)

    Rs 6,50,000

  8. Accounting requires ______ 

    (a)

    Clerical skill

    (b)

    Analytical skill

    (c)

    Routine skill

  9. Accounting equation signifies _______

    (a)

    Capital of a business is equal to assets

    (b)

    Liabilities of a business are equal to assets

    (c)

    Capital of a business is equal to liabilities

    (d)

    Assets of a business always equal to the total of capital and liabilities

  10. 'Cash withdrawn by the proprietor from the business for his personal use' causes ____

    (a)

    Decrease in assets and decrease in owner's capital

    (b)

    Increase in one asset and decrease in another asset

    (c)

    Increase in one asset and increase in liabilities

    (d)

    Increase in asset and decrease in capital

  11. Purchased goods from Murthy on credit should be credited to

    (a)

    Murthy A/c

    (b)

    Cash A/c

    (c)

    Purchases A/c

    (d)

    Goods A/c

  12. Bad debts entry is passed in__________.

    (a)

    Sales Book

    (b)

    Cash Book

    (c)

    Journal Book

    (d)

    None of these above

  13. The process of transferring the debit and credit items from journal to ledger accounts is called _____________..

    (a)

    Casting

    (b)

    Posting

    (c)

    Journalising

    (d)

    Balancing

  14. The process of finding the net amount from the totals of debit and credit columns in a ledger is known as

    (a)

    Casting

    (b)

    Posting

    (c)

    Journalising

    (d)

    Balancing

  15. In a ledger account, when the debit total and credit total are equal it is called ________________

    (a)

    debit balance

    (b)

    credit balance

    (c)

    both 'a' and 'b'

    (d)

    nil balance

  16. Net position of an account cannot be ascertained from _________.

    (a)

    Journal

    (b)

    Ledger

    (c)

    Trial balance

    (d)

    Balance sheet

  17. Which of the following method(s) can be used for preparing trial balance?

    (a)

    Balance method

    (b)

    Total method

    (c)

    Total and Balance method

    (d)

    a, b and c

  18. The account which has a debit balance and is shown in the debit column of the trial balance is_______

    (a)

    Sundry creditors account

    (b)

    Bills payable account

    (c)

    Drawings account

    (d)

    Capital account

  19. Trial Balance is a statement which shows_____of all accounts

    (a)

    Debit or Credit Balances

    (b)

    Balance and Totals

    (c)

    Positive and Negative Balances

    (d)

    Opening and Closing balances

  20. Which of the following account with normal balance is shown at the credit side of a trial balance?

    (a)

    Cash account

    (b)

    Bank account

    (c)

    Equipment account

    (d)

    Accrued expenses account

  21. Purchases book is used to record______

    (a)

    all purchases of goods

    (b)

    all credit purchases of assets

    (c)

    all credit purchases of goods

    (d)

    all purchases of assets

  22. Closing entries are recorded in _____

    (a)

    Cash book

    (b)

    Ledger

    (c)

    Journal proper

    (d)

    Purchases book

  23. The person who prepares the bill is called the _____

    (a)

    drawer

    (b)

    drawee

    (c)

    payee

    (d)

    acceptance

  24. Trade discount allowed at the time of sale of goods is__________.

    (a)

    Recorded in Sales Book

    (b)

    Recorded in Cash Book

    (c)

    Recorded in Journal

    (d)

    Not recorded in Books of Accounts

  25. Cash book is a_______

    (a)

    Subsidiary book

    (b)

    Principal book

    (c)

    Journal proper

    (d)

    Both subsidiary book and principal book

  26. A cash book with discount, cash and bank column is called_______

    (a)

    Simple cash book

    (b)

    Double column cash book

    (c)

    Three column cash book

    (d)

    Petty cash book

  27. Double entry means__________.

    (a)

    Entry in two sets of books

    (b)

    Entry in two pages

    (c)

    Entry for two aspects of a transaction

    (d)

    None

  28. Bank book always shows____________.

    (a)

    debit balance

    (b)

    credit balance

    (c)

    nil balance

    (d)

    credlt balance and debit balance

  29. Which of the following is not the salient feature of bank reconciliation statement?

    (a)

    Any undue delay in the clearance of cheques will be shown up by the reconciliation

    (b)

    Reconciliation statement will discourage the accountant of the bank from embezzlement

    (c)

    It helps in finding the actual position of the bank balance

    (d)

    Reconciliation statement is prepared only at the end of the accounting period

  30. Which one of the following is not a timing difference?

    (a)

    Cheque deposited but not yet credited

    (b)

    Cheque issued but not yet presented for payment

    (c)

    Among directly paid into the bank

    (d)

    Wrong debit in the cash book

  31. _______________is simply a copy of the customer's account in the books of a bank.

    (a)

    Cash book

    (b)

    Bank Statement

    (c)

    Bank Account

    (d)

    None of these

  32. In recent times, the copy of the records can be obtained by the customer electronically, which is called _______________

    (a)

    E-Commerce

    (b)

    ATM

    (c)

    E-Statement

    (d)

    Electronic Commerce

  33. Which of the following errors will not affect the trial balance?

    (a)

    Wrong balancing of an account

    (b)

    Posting an amount in the wrong account but on the correct side

    (c)

    Wrong totalling of an account

    (d)

    Carried forward wrong amount in a ledger account

  34. Goods returned by Senguttuvan were taken into stock, but no entry was passed in the books. While rectifying this error, which of the following accounts should be debited?

    (a)

    Senguttuvan account

    (b)

    Sales returns account

    (c)

    Returns outward account

    (d)

    Purchases returns account

  35. Purchase of office furniture Rs. 4,800 has been debited to general expense account which error is it?

    (a)

    Error of commission

    (b)

    Error of principle

    (c)

    Compensating error

    (d)

    None of these

  36. The errors can be classified into ________ types.

    (a)

    one

    (b)

    Two

    (c)

    Three

    (d)

    Four

  37. Cash received from sale of fixed asset is credited to

    (a)

    Profit and loss account

    (b)

    Fixed asset account

    (c)

    Depreciation account

    (d)

    Bank account

  38. Depreciation is provided on

    (a)

    Fixed assets

    (b)

    Current assets

    (c)

    Outstanding charges

    (d)

    All assets

  39. ____________ method is appropriate for the fixed assets having certain period of working life.

    (a)

    Diminishing balance

    (b)

    Sinking fund

    (c)

    Straight line

    (d)

    Depreciation fund

  40. For oil wells _____________method Of depreciation is to be followed

    (a)

    Exhaustion

    (b)

    Wear & Tear

    (c)

    Depletion

    (d)

    None of the above

  41. Expenditure incurred Rs.20,000 for trial run of a newly installed machinery will be

    (a)

    Preliminary expense

    (b)

    Revenue expenditure

    (c)

    Capital expenditure

    (d)

    Deferred revenue expenditure

  42. Amount received from IDBI as a medium term loan for augmenting working capital

    (a)

    Capital expenditures

    (b)

    Revenue expenditures

    (c)

    Revenue receipts

    (d)

    Capital receipt

  43. The loss which is not incurred in the normal course of business is ___________

    (a)

    Capital loss

    (b)

    Revenue loss

    (c)

    both 'a' and 'b'

    (d)

    None of these

  44. Deferred revenue expenditure is to be written off ___________

    (a)

    In the year in which the expenses are incurred

    (b)

    In the year in which the benefit of expenses are exhausted

    (c)

    Within 3 to 5 years

    (d)

    Within 5 to 10 years

  45. Carriage inwards will be shown

    (a)

    In the trading account

    (b)

    In the profit and loss account

    (c)

    On the liabilities side

    (d)

    On the assets side

  46. Salaries appearing in the trial balance is shown on the

    (a)

    Debit side of trading account

    (b)

    Debit side of profit and loss account

    (c)

    Liabilities side of the balance sheet

    (d)

    Assets side of the balance sheet

  47. Cash in hand is an example of ____________

    (a)

    Current assets

    (b)

    Fixed assets

    (c)

    Current liability

    (d)

    Contingent liability

  48. Wages is an example of

    (a)

    Capital expenses

    (b)

    Indirect expenses

    (c)

    Direct expenses

    (d)

    Revenue expenses

  49. Closing stock is valued at

    (a)

    Cost price

    (b)

    Market price

    (c)

    Cost price or market price whichever is higher

    (d)

    Cost price or net realisable value whichever is lower

  50. Accrued interest on investment will be shown

    (a)

    On the credit side of profit and loss account

    (b)

    On the assets side of balance sheet

    (c)

    Both (a) and (b)

    (d)

    None of these

  51. Outstanding expense account is a representative ______ account.

    (a)

    Personal

    (b)

    Real

    (c)

    Both 'a' and 'b'

    (d)

    None of these

  52. Expenses which have been incurred in the accounting period but not paid till the end of the accounting period are called______.

    (a)

    Outstanding expenses

    (b)

    Prepaid expenses

    (c)

    Accrued income

    (d)

    Income received in advance

  53. An example of output device is

    (a)

    Mouse

    (b)

    Printer

    (c)

    Scanner

    (d)

    Keyboard

  54. TALLY is an example of

    (a)

    Tailor-made accounting software

    (b)

    Ready-made accounting software

    (c)

    In-built accounting software

    (d)

    Customised accounting software

  55. The most important element in computertsed Accounting system ..

    (a)

    Hardware

    (b)

    Procedure

    (c)

    Software

    (d)

    People

  56. _______________ consists of input devices and output de,vices that make a complete computer system.

    (a)

    Software

    (b)

    Hardware

    (c)

    Scanner

    (d)

    Printer

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