Introduction to Accounting Important Questions

11th Standard

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Accountancy

Answer All Questions

Time : 02:00:00 Hrs
Total Marks : 50
    10 x 1 = 10
  1. 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

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

    (a)

    Creditor

    (b)

    Employee

    (c)

    Customer

    (d)

    Government

  3. _____________must be properly maintained to increase their productivity.

    (a)

    Liabilities

    (b)

    Assets

    (c)

    Debtors

    (d)

    None of these

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

    (a)

    13th

    (b)

    14th

    (c)

    18th

    (d)

    19th

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

    (a)

    Voucher

    (b)

    Invoice

    (c)

    Receipt

    (d)

    Ticker

  6. Two or more business units forming a single entity is known as __________.

    (a)

    Joint

    (b)

    Merger

    (c)

    Link

    (d)

    Compound

  7. Who is the author of double entry book - keeping?

    (a)

    Rosenkampf

    (b)

    Luca Pacioli

    (c)

    Shukla

  8. Transactions are always recorded in ________

    (a)

    monetary terms

    (b)

    accrual

    (c)

    loss

  9. The creditors are shown in the balance sheet as _______

    (a)

    an asset

    (b)

    a liability

    (c)

    a loss

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

    (a)

    Cost Accounting

    (b)

    Stewardship Accounting

    (c)

    Management Accounting

    (d)

    None of the above

  11. 5 x 2 = 10
  12. List any two functions of accounting.

  13. Name any two bases of recording accounting information.

  14. Who is a proprietor?

  15. Before the evolution of money, commodities were exchanged for commodities. In such situations, how would people have maintained their accounts?

  16. What is liability?

  17. 5 x 3 = 15
  18. Discuss briefly the branches of accounting.

  19. Discuss the role of an accountant in the modern business world.

  20. Write short notes on
    a) Income
    b) Expense
    C) Revenue

  21. "The role of accounting has changed over the period of time". Do you agree?

  22. Evolution of accounting results in modern accounting approach - explain.

  23. 3 x 5 = 15
  24. Narrate the evolution of accounting

  25. Explain the Accounting cycle

  26. Describe the informational needs of external users

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