11th Public Exam March 2019 Important Creative One Mark Test

11th Standard

    Reg.No. :
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Accountancy

Time : 01:00:00 Hrs
Total Marks : 100
    100 x 1 = 100
  1. _____________must be properly maintained to increase their productivity.

    (a)

    Liabilities

    (b)

    Assets

    (c)

    Debtors

    (d)

    None of these

  2. ____________also require accounting records to submit in courts to prove their claims.

    (a)

    Salesmen

    (b)

    Owners

    (c)

    Producers

    (d)

    Businessmen

  3. ______________ wrote his 'Summa de arithmetical'.

    (a)

    Kautilya

    (b)

    Valluvar

    (c)

    Luca pacioli

    (d)

    Chanakaya

  4. ________________use the accounting data in their bargaining strategies with the management.

    (a)

    Production department

    (b)

    Labour unions

    (c)

    Tax authorities

    (d)

    Researchers

  5. The activities of a business, which involve transfer of money or money's worth are called _______________

    (a)

    Transactions

    (b)

    Events

    (c)

    Accounting cycle

    (d)

    Costing

  6. The famous book "Arthasastra" was written by

    (a)

    Kautilya

    (b)

    Chandrakupta

    (c)

    Luco Pacioli

    (d)

    Batlibai

  7. The first step of accounting cycle.

    (a)

    Transactions

    (b)

    Journalising

    (c)

    Profit & loss account

    (d)

    Trading account

  8. _________ is the language of business.

    (a)

    Accounting

    (b)

    Book-keeping

    (c)

    Trade

    (d)

    Banking

  9. _______ is an amount which is withdrawn for personal use by proprietor.

    (a)

    Drawings

    (b)

    Capital

    (c)

    Cash

    (d)

    Credit

  10. Transaction which involves immediate cash payment is _______

    (a)

    credit transaction

    (b)

    cash transaction

    (c)

    debit

  11. Transferring entries from journal to ledger is called ______

    (a)

    Journalising

    (b)

    Ledger

    (c)

    Loss

    (d)

    Posting

  12. _______________ cannot remember all the transactions for quite a long time.

    (a)

    Owners

    (b)

    Bankers

    (c)

    Consumers

    (d)

    Business Managers

  13. _____________ is the process of managing the income and expenses of a business firm.

    (a)

    Economic

    (b)

    Statistics

    (c)

    Accountancy

    (d)

    None of these

  14. ASB stands for________________

    (a)

    Accounting Standard Board

    (b)

    Accounting Standard Business

    (c)

    Accounting Statistics Business

    (d)

    Accounting Standard Books

  15. According to ________ concept, every transaction or event has two aspects i.e., dual effect.

    (a)

    Dual aspect concept

    (b)

    Periodicity concept

    (c)

    Matching concept

    (d)

    Cost concept

  16. Cost incurred should be matched with the revenues of the particular Period is based on

    (a)

    matching concept

    (b)

    historical cost concept

    (c)

    full disclosure concept

    (d)

    dual aspect concept

  17. ________ is prepared in three copies.

    (a)

    Debit Note

    (b)

    Credit Note

    (c)

    Receipts

    (d)

    Invoice

  18. A debit note is called as _______

    (a)

    debit memo

    (b)

    credit memo

    (c)

    pay-in-slip

    (d)

    receipts

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

    (a)

    personal accounts

    (b)

    real accounts

    (c)

    nominal accounts

    (d)

    capital accounts

  20. Personal account deals with ____

    (a)

    Debtor and creditor

    (b)

    Assets and Liabilities

    (c)

    Expenses and Losses

    (d)

    None of these

  21. The accounts relating to expenses, losses, revenues and gains are calle______________

    (a)

    Nominal accounts

    (b)

    Real accounts

    (c)

    Personal accounts

    (d)

    Tangible Real accounts

  22. Accounts of persons with whom the business deals is known as________.

    (a)

    Personal A/c

    (b)

    Real A/c

    (c)

    Nominal A/c

    (d)

     Rrobt & Loss A/c

  23. Financial position of a business concern is ascertained on the basis of_______.

    (a)

    Records Prepared under book - keeping process

    (b)

    Trial Balance

    (c)

    Accounting reports

    (d)

    None of the above

  24. The column of ledger which links the entry with Journal is _________________

    (a)

    L.F. Column

    (b)

    J.F. Column

    (c)

    Particulars Column

    (d)

    Amount Column

  25. 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

  26. The term balance brought down is used in the name of ____________.

    (a)

    balance b/d

    (b)

    balanced c/d

    (c)

    debit balance

    (d)

    credit balance

  27. _____________ is prepared on a specific data.

    (a)

    Trial Balance

    (b)

    Journal

    (c)

    Ledger

    (d)

    All of the above

  28. Wages paid to workers for the installation of a new machinery should be debited to ___________account.

     

    (a)

    wages

    (b)

    machinery

    (c)

    factory expenses

  29. The preparation of trial balance is for___________

    (a)

    Locating errors of commission

    (b)

    Locating errors of principle

    (c)

    Locating clerical errors

    (d)

    All of the above

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

    (a)

    Sundry debtors account

    (b)

    Bills receivable account

    (c)

    Purchases account

    (d)

    Capital account

  31. ______ is one of the most important books, in which credit purchases of goods are recorded.

    (a)

    Purchase book

    (b)

    Sales book

    (c)

    Purchases returns book

    (d)

    None of these

  32. _____ is maintained to record only credit sale of goods in which the business dealing.

    (a)

    Purchases book

    (b)

    Sales book

    (c)

    Cash book

    (d)

    Purchases returns book

  33. The endorsee is entitled to collect the _____

    (a)

    cheque

    (b)

    bill

    (c)

    paper

    (d)

    money

  34. Returns inward book is also known as _____

    (a)

    Purchase returns book

    (b)

    Sales return book

    (c)

    Purchase Book

    (d)

    Sales Book

  35. List price of the goods purchased is Rs. 60,000 cash paid is Rs. 45,000 (After receiving a cash discount of Rs. 9,000) the trade discount will be?

    (a)

    10%

    (b)

    7.5%

    (c)

    15%

    (d)

    25%

  36. ___________is the statement prepared by the seller of goods.

    (a)

    Voucher

    (b)

    Receipt

    (c)

    Invoice

    (d)

    Ledger

  37. ___________ discount is allowed to the parties making prompt or immediate payment.

    (a)

    Trade

    (b)

    Credit

    (c)

    Cash

    (d)

    None of these

  38. In triple column cash book, cash withdrawn from bank for office use will appear in ____________

    (a)

    debit side of the cash book only

    (b)

    both sides of the cash book

    (c)

    credit side of the cash book only

    (d)

    debit side of the pass book only

  39. Postage stamps purchased for 50 by the business. This transaction will be recorded in ___________

    (a)

    Petty cash book

    (b)

    Purchase book

    (c)

    Sales book

    (d)

    Bills receivable book

  40. Cash book is a type _________but treated as a_______of accounts.

    (a)

    subsidiary book, Principal book

    (b)

    Principal book, subsidiary book

    (c)

    subsidiary book, subsidiary book

    (d)

    Principal book, principal book

  41. Goods given as charity should be credited to___________.

    (a)

    Purchases account

    (b)

    Journal proper

    (c)

    Cash book

    (d)

    Charity Account

  42. Payment of rent expenses is recorded on which side of cash book ?

    (a)

    Receipts

    (b)

    Payments

    (c)

    Income

    (d)

    Expense

  43. ___________is not possible to have unfavourable cash balance in the cash book.

    (a)

    Bank statement

    (b)

    Bank overdraft

    (c)

    Cash overdraft

    (d)

    Cash book

  44. Debit balance in the Cash book means________________

    (a)

    Overdraft as per Pass book

    (b)

    Credit balance as per Pass book

    (c)

    Overdraft as per Cash book

    (d)

    None of these

  45. A time gap between the depositing of the ________________ and the collection by the bank.

    (a)

    cash

    (b)

    cheques

    (c)

    petty Cash

    (d)

    none of these

  46.  Bank reconciliation statement is_________.

    (a)

    Part of bank statement

    (b)

    Part of the cash book

    (c)

    a separate statement

    (d)

     A sub-division of journal

  47. If any amount is directly deposited into the bank then__________.

    (a)

    Cash book will show less balance & bank book will show more

    (b)

    Cash book will show more balance & bank book will show less

    (c)

    Cash book will show double balance

    (d)

    Bank book will show double

  48. When the balance as per Cash Book is the starting point to ascertain balance as per bank statement, direct deposits by customers are

    (a)

    Added

    (b)

    Subtracted

    (c)

    not adjusted

    (d)

    None of these above

  49. When the accountant has failed to record a transaction partially, it is known as ________________

    (a)

    error of principle

    (b)

    error of partial omission

    (c)

    error of omission

    (d)

    error of commission

  50. Cash received from Mani whose account was previously written off as a Bad debt should be credited _______________

    (a)

    Cash account

    (b)

    Mani's account

    (c)

    Bad debts recovered account

    (d)

    Miscellaneous income account

  51. Goods of Rs. 5000 purchased from Mr.B were recorded in sales book, the rectification of this error will________.

    (a)

    Increase the gross profit

    (b)

    Reduce the gross profit

    (c)

    Have no effect on gross profit

    (d)

    None of the above

  52. Casting errors are the result of _________.

    (a)

    Wrong totalling

    (b)

    Wrong Balancing

    (c)

    Wrong carry forward 

    (d)

    none of the above

  53. The written down value is the true value of ________ assets

    (a)

    fixed

    (b)

    current

    (c)

    tangible

    (d)

    intangible

  54. ____________ 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

  55. Land and Building 6,00,000. Depreciation is provided at 10%. The value of land and Building will be____________

    (a)

    Rs.6,60,000

    (b)

    Rs.5,40,000

    (c)

    Rs. 60,000

    (d)

    Rs.3,30,000

  56. Under the diminishing balance method of depreciation ____________

    (a)

    Both rate of depreciation and amount of depreciation are reduced every year

    (b)

    Only the amount of depreciation is reduced every year

    (c)

    Only the rate of depreciation is reduced every year

    (d)

    None of the above

  57. If the sale price of an asset is less than, the book value of the asset, it denotes _______________

    (a)

    Loss

    (b)

    Capital Profit

    (c)

    Expenditure

    (d)

    Capital gain

  58. The Accounting standards is applicable for depreciation is ____________

    (a)

    AS 10

    (b)

    AS 29

    (c)

    AS 3

    (d)

    AS 6

  59. A fixed asset was bought for 7 5,000. Its accumulated depreciation is 7 1,000 and rate depreciation is 10%. What are the depreciation expenses for the current accounting period using reducing balance method?

    (a)

    Rs.600

    (b)

    Rs.2000

    (c)

    Rs.500

    (d)

    Rs.400

  60.   Under which depreciation method the amount of depreciation expenses remains same throughout the useful life of a fixed asset__________.

    (a)

    Straight Line Method

    (b)

    Reducing Balance Method

    (c)

    Number of Units produced method

    (d)

    Machine hour method

  61. A trader followed WDV method of depreciation; the book value of assets after 4 years is 24% of original cost. Find rate of depreciation__________.

    (a)

    24%

    (b)

    26%

    (c)

    32%

    (d)

    30%

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

    (a)

    Exhaustion

    (b)

    Wear & Tear

    (c)

    Depletion

    (d)

    None of the above

  63. Depreciation on fixed assets is__________expenditure.

    (a)

    Revenue Expenditure

    (b)

    Capital Expenditure

    (c)

    Deferred Revenue expenditure

    (d)

    None

  64. ___________ items are to be shown in the Balance sheet.

    (a)

    Capital

    (b)

    Expense

    (c)

    Revenue

    (d)

    Loss

  65. ____________ is recurring in nature.

    (a)

    Deferred revenue expenditure

    (b)

    Revenue expenditure

    (c)

    Capital expenditure

    (d)

    None of these

  66. 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

  67. Excess of revenue expenditure over revenue receipt is ____________

    (a)

    Revenue expenditure

    (b)

    Net profit

    (c)

    Net loss

    (d)

    Gross profit

  68. Money spent Rs.10,000 as travelling expenses of the directors on trips abroad for purchase of Capital Asset is __________

    (a)

    Capital expenditure

    (b)

    Revenue expenditure

    (c)

    Prepaid revenue expenditure

    (d)

    Revenue receipt

  69. Interest on Investments received from UTI is ____________

    (a)

    Capital receipt

    (b)

    Revenue receipt

    (c)

    Capital expenditures

    (d)

    Revenue expenditures

  70. Premium on the issue of shares is ___________

    (a)

    Capital receipt

    (b)

    Revenue receipt

    (c)

    Capital expenditures

    (d)

    Revenue expenditures

  71. 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

  72. An asset worth Rs. 1,00,000 is sold for Rs. 75,000 the capital loss amounts to

    (a)

    Rs.1,75,000

    (b)

    Rs.1,00,000

    (c)

    Rs.75,000

    (d)

    Rs.25,000

  73. ___________ refers to buying and selling of goods with the intention of making profit.

    (a)

    Trading

    (b)

    Trial balance

    (c)

    Balance Sheet

    (d)

    Profit and Loss Account

  74. _____________ refers to directly related cost.

    (a)

    Purchases

    (b)

    Sales

    (c)

    Cost of goods sold

    (d)

    Liabilities

  75. ____________ is a tax levied by the local authority when the purchased goods enter the municipal limits.

    (a)

    Wages

    (b)

    Dock charges

    (c)

    Octroi

    (d)

    Royalty

  76. The Gross profit or Gross loss is transferred to ___________ account.

    (a)

    Trading

    (b)

    Profit and Loss

    (c)

    Balance Sheet

    (d)

    Trial Balance

  77. ______________ is a statement which gives the position of assets and Iiabilities on a particular date.

    (a)

    Financial

    (b)

    Balance Sheet

    (c)

    Trial Balance

    (d)

    None of these

  78. ____________ liabilities are not shown in the Balance sheet.

    (a)

    Long-term

    (b)

    Short-term

    (c)

    Contingent

    (d)

    None of these

  79. Carriage outwards 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

  80. Wages is an example of

    (a)

    Capital expenses

    (b)

    Indirect expenses

    (c)

    Direct expenses

    (d)

    Revenue expenses

  81. The unsold goods in stock at the end of the accounting period Is termed as ______

    (a)

    Opening stock

    (b)

    Average stock

    (c)

    Closing stock

    (d)

    None of these

  82. The decrease in value of fixed assets due to usage or passage of time is called ______

    (a)

    Depreciation

    (b)

    Expenses

    (c)

    Incomes

    (d)

    Miscellaneous

  83. Provision for discount on debtor is made on the basis of past experience at an estimated rate on _____

    (a)

    Sundry creditors

    (b)

    Sundry debtors

    (c)

    Capital

    (d)

    Net Profit

  84. Depreciation is deducted from concerned ______ in the Balance sheet.

    (a)

    Current asset

    (b)

    Fictitious asset

    (c)

    Fixed asset

    (d)

    None of these

  85. The Profit and loss account shows ______

    (a)

    Financial position of the concern

    (b)

    Net profit or Net loss

    (c)

    Gross Profit or Gross Loss

    (d)

    Balance sheet

  86. Interest on drawings is credited to ______ Account.

    (a)

    Trading

    (b)

    Profit and loss

    (c)

    Liabilities

    (d)

    Assets

  87. _________contributed by proprietor is a liability to the business.

    (a)

    Drawings

    (b)

    Profit

    (c)

    Loss

    (d)

    Capital

  88. The decrease in book value of fixed assets due to usage or passage of time is called_________.

    (a)

    Bad debts 

    (b)

    Depreciation

    (c)

    Closing stock

    (d)

    Capital

  89.  Wages outstanding is_________.

    (a)

    an asset 

    (b)

    a liability

    (c)

    an income

    (d)

    an expense 

  90. __________ is an identification mark.

    (a)

    Code

    (b)

    Report

    (c)

    Content

    (d)

    All of these

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

    (a)

    Hardware

    (b)

    Procedure

    (c)

    Software

    (d)

    People

  92. Impact of computer is seriously felt in accounting more than any other department of the ___________

    (a)

    business

    (b)

    organisation

    (c)

    both

    (d)

    none of these

  93. Computerised accounting system facilitates the management and other users to maintain accounts and prepare _____________

    (a)

    final accounts

    (b)

    profit and loss account

    (c)

    balance sheet

    (d)

    financial statements

  94. The physical components of a computer constitute its _____________

    (a)

    Hardware

    (b)

    Software

    (c)

    Keyboard

    (d)

    Mouse

  95. _____________ defines the working of a hardware component.

    (a)

    Hardware oriented procedure

    (b)

    Software oriented procedure

    (c)

    Internal procedure

    (d)

    None of these

  96. ___________ packages can be modified according to the need of the enterprise.

    (a)

    Tailor-made

    (b)

    Ready-made

    (c)

    Customised

    (d)

    None of these

  97. A set of tools and programs to manage the overall working od a computer using a defined set of hardware component is called an

    (a)

    Programming software 

    (b)

    Utility software

    (c)

    application software

    (d)

    Operating system

  98. Tally package was developed by________

    (a)

    Tally solutions

    (b)

    Microsoft

    (c)

    Apple solutions

    (d)

    None of the above

  99. Which of the following is not a hardware?

    (a)

    Printer

    (b)

    Scanner

    (c)

    Interpreter

    (d)

    All of the above

  100. Suspense account is grouped under__________.

    (a)

    Assets

    (b)

    Liabilities

    (c)

    Income

    (d)

    Expenses

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