Term II Model Question Paper

11th Standard

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Accountancy

Time : 02:30:00 Hrs
Total Marks : 90
    20 x 1 = 20
  1. The root of financial accounting system is _________

    (a)

    Social accounting

    (b)

    Stewardship accounting

    (c)

    Management accounting

    (d)

    Responsibility accounting

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

    (a)

    Creditor

    (b)

    Employee

    (c)

    Customer

    (d)

    Government

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

    (a)

    J. R. Batlibai

    (b)

    Luca Pacioli

    (c)

    Old Kesal

    (d)

    Menhar

  4. Accounting equation is formed based on the accounting principle of ______

    (a)

    Dual aspect

    (b)

    Consistency

    (c)

    Going concern

    (d)

    Accrual

  5. J. F. means ___________

    (a)

    Ledger page number

    (b)

    Journal page number

    (c)

    Voucher number

    (d)

    Order number

  6. Trial balance is a_____

    (a)

    Statement

    (b)

    Account

    (c)

    Ledger

    (d)

    Journal

  7. Trial balance is prepared:

    (a)

    At the end of the year

    (b)

    On a particular date

    (c)

    For a year

    (d)

    None of the above

  8. Sales book is used to record_____

    (a)

    all sales of goods

    (b)

    all credit sales of assets

    (c)

    all credit sales of goods

    (d)

    all sales of assets and goods

  9. Closing entries are recorded in _____

    (a)

    Cash book

    (b)

    Ledger

    (c)

    Journal proper

    (d)

    Purchases book

  10. Cash book is a_______

    (a)

    Subsidiary book

    (b)

    Principal book

    (c)

    Journal proper

    (d)

    Both subsidiary book and principal book

  11. A bank statement is a copy of ____________.

    (a)

    Cash column of the cash book

    (b)

    Bank column of the cash book

    (c)

    A customer's account in the bank's book

    (d)

    Cheques issued by the business

  12. A transaction not recorded at all is known as an error of

    (a)

    Principle

    (b)

    Complete omission

    (c)

    Partial omission

    (d)

    Duplication

  13. The total of purchases book was overcast. Which of the following accounts should be debited in the rectifying journal entry?

    (a)

    Purchases account

    (b)

    Suspense account

    (c)

    Creditor account

    (d)

    None of the above

  14. 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

  15. Residual value of an asset means the amount that it can fetch on sale at the ____________of its useful life

    (a)

    Beginning

    (b)

    End

    (c)

    Middle

    (d)

    None

  16. Interest on bank deposits is

    (a)

    Capital receipt

    (b)

    Revenue receipt

    (c)

    Capital expenditures

    (d)

    Revenue expenditures

  17. Net profit of the business increases the ______________.

    (a)

    Drawings

    (b)

    Receivables

    (c)

    Debts

    (d)

    Capital

  18. Current assets does not include

    (a)

    Cash

    (b)

    Stock

    (c)

    Furniture

    (d)

    Prepaid expenses

  19. Net profit is

    (a)

    Debited to capital account

    (b)

    Credited to capital account

    (c)

    Debited to drawings account

    (d)

    Credited to drawings account

  20. 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

  21. 7 x 2 = 14
  22. List any two functions of accounting.

  23. Define Book Keeping.

  24. What is real account?

  25. What is sales book?

  26. What are compensating errors?

  27. List out the various methods of depreciation.

  28. From the following information, prepare trading account for the year ended 31.12.2016.

     Particulars   Rs
      Opening stock (1.1.2016)           10,000
      Purchases 26,100
      Sales 40,600
      Closing Stock (31.12.2016)        16,500
  29. 7 x 3 = 21
  30. Explain the meaning of accounting

  31. "Only monetary transactions are recorded in accounting". Explain the statement.

  32. Distinguish between journal and ledger.

  33. What are the limitations of trial balance?

  34. What are the advantages of subsidiary books?

  35. Write a note on suspense account

  36. Following is the extract of a trial balance as on 31 st December 2017. Prepare trading account.

     Particulars    Dr.   Cr. 
      Closing stock        25,000  
      Adjusted purchases    70,000  
      Freight inwards 5,700  
      Royalty on goods purchased     4,300  
      Sales      1,70,000
      Wages 8,000  
      Octroi on purchase of goods       4,000  
  37. 7 x 5 = 35
  38. Create accounting equation on the basis of the following transactions:
    (i) Opening balance on pt January, 2018 cash Rs.20,000; stock Rs.50,000 and bank Rs.80,000
    (ii) Bought goods from Suresh Rs.10,000 on credit
    (iii) Bank charges Rs.500
    (iv) Paid Suresh Rs.9,700 through credit card in full settlement.
    (v) Goods purchased on credit from Philip for Rs.15,000
    (vi) Goods returned to Philip amounting to Rs.4,000

  39. Show the direct ledger postings for the following transactions:

    2016 July  
    1 Shankar commenced business with a cash Rs 1,00,000
    5 Sold goods for cash Rs 10,000
    9 Wages paid Rs 6,000
    19 Salaries paid Rs 8000
    20 Advertisement expenses paid Rs 4,000
  40. Prepare the trial balance with the following information:

    Name of the account Rs Name of the account Rs
    Bank Loan  2,00,000 Purchases  1,80,000
    Bills Payable 1,00,000 Sales 3,00,000
    Stock 70,000 Debtors 4,00,00
    Capital 2,50,000 Bank 2,00,000
  41. Enter the following transactions in the Sales book of Kamala Stores, a furniture shop.

     2017 May 2   Sold to Naveen Stores, Trichy on credit 5 computer tables @ Rs 1,750 per table 
    May 9   Sold to Deepa & Co., Madurai on credit 6 dining tables @ Rs 1,900 per dining table
    May 15   Sold to Rajesh 10 dressing tables @ Rs 2,750 each on credit
    May 24   Sold to Anil 5 wooden tables @ Rs 1,250 per table on credit
    May 27   Sold to Gopi 3 old computers @ Rs 3,500 each
    May 29   Sold 50 chairs to Anil @ Rs 275 each for cash
  42. Enter the following transactions in a single column cash book of Seshadri for May, 2017

    May 1   Rs
    5 Cash in hand 40,000
    7 Cash received from Swathi 4,000
    10 Purchased goods from Sasikala for cash 6,000
    15 Sold goods for cash 9,000
    18 Purchased computer 15,000
    22 Cash paid to Sabapathi 5,000
    28 Paid Salary 2,500
    30 Interest received 500
  43. 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) Bank overdraft as per cash book 20,000
    (ii) Cheques deposited but not yet credited 4,000
    (iii) Cheque issued but not yet presented for payment 1,000
    (iv) Rent collected by the bank as per standing instruction 500
    (v) Interest on overdraft debited by bank 2,000
    (vi) Amount wrongly debited by bank 300
    (vii) Cheque issued on 30th December 2017 dishonoured by the bank 5,000
    (viii) A customer's cheque deposited in the bank dishonoured by bank not recorded in the book 2,000
  44. The following errors were located after the preparation of the trial balance. Rectify them.
    (a) Paid Rs 50 to Anitha was wrongly debited to Vanitha account.
    (b) Sale of furniture for Rs 500 was credited to sales account.
    (c) Purchased goods from Natarajan on credit for Rs 750 were wrongly passed through sales book.
    (d) Wages Rs 1,000 paid on erection of machinery was debited to wages account.

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