+1 Public Exam March 2019 Important Creative Questions and Answers

11th Standard

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Accountancy

Time : 02:30:00 Hrs
Total Marks : 150
    75 x 2 = 150
  1. Define accounting.

  2. Who are the parties interested in accounting information?

  3. What is cost accounting?

  4. What is bad debt?

  5. What is a Voucher?

  6. Who are researchers?

  7. What is insolvency?

  8. Define depreciation.

  9. What is meant by accounting concepts?

  10. What do you mean by Accounting Cycle

  11. As per consistency concept a company cannot change an accounting policy. Does this holds true in all instances? Explain.

  12. What is the difference between IFRS and India GAAP

  13. Does every businessman need accounting knowledge?

  14. Write any two limitations of book-keeping.

  15. List out the framework of accounting.

  16. What do you mean by materiality-principle?

  17. Explain the various accounting concepts.

  18. What are source documents?

  19. What is real account?

  20. What is Cash Receipt?

  21. What is Compound Journal Entry mean?

  22. What is meant by Opening Journal Entry?

  23. What is Pay-in-Slip?

  24. What do the following Journal Entries mean?
    Cash A/c Dr.
    To Furniture A/c

  25. What are the nature of accounting

  26. What is an opening entry?

  27. What is a journal?

  28. What is meant by posting?

  29. What is balancing of an account?

  30. What is meant by opening entry?

  31. What is the purpose of a Ledger?

  32. What is a Loose-Leaf Ledger?

  33. Give the format of trial balance.

  34. State whether the balance of the following accounts should be placed in the debit or the credit column of the trial balance
    (i) Carriage outwards  (ii) Carriage inwards  (iii) Sales (iv) purchases (v) Bad debts (vi) interest paid (vii) Interest received (viii) Discount received (ix) capital (x) Drawings (xi) sales returns (xii) purchase returns 

  35. Definition of trial balance.

  36. Name the different kinds of errors ..

  37. What is purchases book?

  38. What is sales returns book?

  39. Define bill of exchange.

  40. What is trade discount?

  41. Distinguish between sales book and sales account.

  42. Write notes on retiring of a bill.

  43. What are the different types of cash book?

  44. What is double column cash book?

  45. What is trade discount?

  46. Give the specimen of 'Three column Cash book'.

  47. Cash account cannot have a credit balance. Why?

  48. Will his personal bank account serve the purpose of his business transactions?

  49. What is imprest system?

  50. What is bank reconciliation statement?

  51. Substitute the following statements with one word/phrase
    (a) A copy of customer's account issued by the bank
    (b) Debit balance as per bank statement
    (c) Statement showing the causes of disagreement between the balance as per cash book and balance as per bank statement

  52. The following errors were detected before preparation of trial balance. Rectify them.
    (a) Purchases returns book is undercast by Rs 500.
    (b) Purchases returns book is overcast by Rs 600.
    (c) Sales returns book is undercast by Rs 700.
    (d) Sales returns book is overcast by Rs 800.

  53. What is meant by error of partial omission?

  54. Rectify the following errors discovered after the preparation of the trial balance:
    (a) Rent paid was carried forward to the next page Rs.500 short.
    (b) Wages paid was carried forward Rs.250 excess.

  55. What is error of commission?

  56. List out the various methods of depreciation.

  57. What is sinking fund method?

  58. A firm acquired a machine on 1st April 2015 at a cost of Rs 50,000. Its life is 6 years. The firm writes off depreciation @ 30% p.a. on the diminishing balance method. The firm closes its books on 31st December every year. Show the machinery account and depreciation account for three years starting from 1st April 2015.

  59. What is scrap value of an asset?

  60. State any two merits of Straight line method.

  61. Define Depreciation.

  62. State whether the following are capital or revenue items.
    i. Rs.5,000 spent towards additions to buildings.
    ii. Second-hand motorcar purchased for Rs.30,000 and paid  Rs.2,000 as repairs immediately.
    iii. Rs.10,000 was spent on painting the new factory.
    iv. Freight and cartage on the new machine Rs.150, erection charges Rs.200.
    v. Rs.150 spent on repairs before using a second hand car purchased recently.

  63. What is capital expenditure?

  64. What is Revenue profit?

  65. State the nature of the following transactions.
    i) Expenditure incurred on issue of equity shares.
    ii) Cost of formation of anew company.
    iii) Cost of Rs.10,000 incurred in increasing the sitting accommodation and Rs.5,000 in repainting of cinema house.

  66. Compute cost of goods sold from the following information:

     Particulars     Rs 
      Opening stock           8,000
      Purchases 60,000
      Direct expenses 5,000
      Indirect expenses      6,000
      Closing stock 9,000
  67. Mention any two differences between trial balance and balance sheet.

  68. From the following balances taken from the books of Saravanan, calculate gross profit for the year ended December 31, 2017.

     Particulars   Rs   Particulars   Rs 
      Opening stock       1,50,000   Net sales during the year       4,00,000
      Direct expenses    8,000   Net purchases during the year   1,50,000
      Closing Stock 25,000    
  69. What do you mean by closing stock?

  70. Prepare a trading account of Mrs. Divya for the year ended 31st December 2017.

    Particulars Rs. Particulars Rs.
    Opening Stock 5,700 Sales 2,62,000
    Purchases 1,58,000 Sales returns 600
    Purchases returns 900 Closing stock 8,600
  71. What is outstanding expense?

  72. What are accrued incomes?

  73. What is CAS?

  74. What is accounting software?

  75. What are mnemonic codes?

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