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11th Standard Accounts Conceptual Framework of Accounting English Medium Free Online Test One Mark Questions with Answer Key 2020 - 2021

11th Standard

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Accountancy

Time : 00:10:00 Hrs
Total Marks : 10

    Answer all the questions

    10 x 1 = 10
  1. The profounder of double entry system of book-keeping is

    (a)

    J. R. Batlibai

    (b)

    Luca Pacioli

    (c)

    Old Kesal

    (d)

    Menhar

  2. In India, Accounting Standards are issued by

    (a)

    Reserve Bank of India

    (b)

    The Cost and Management Accountants of India

    (c)

    Supreme Court of India

    (d)

    The Institute of Chartered Accountants of India

  3. When money came into existence, ____________ activities involving money also flourished along with it.

    (a)

    science

    (b)

    economic

    (c)

    commerce

    (d)

    business

  4. Financial or business transaction is recorded, according to accrual concept of accounting ________.

    (a)

    When Cash is received or paid 

    (b)

    When transaction occurs

    (c)

    When Profit is Compted 

    (d)

    When balance sheet is prepared

  5. Business enterprises is separate from its owner according to __________concept.

    (a)

    Money measurement concept 

    (b)

    matching concept 

    (c)

    Entity concept 

    (d)

    Dual aspect concept 

  6. Which of the following is correct about 'Accounting Concept'?

    (a)

    Accounting concepts are based on accounting conventions

    (b)

    Accounting concepts are established by common accounting practices

    (c)

    Accounting concepts are methods or procedures accepted by general agreement

    (d)

    Personal judgment has no role in the adoption of accounting concepts.

  7. A businessman purchased goods for Rs. 25, 00,000 and sold 80% of such goods during the accounting year ended 31st March 2015. The market value of the remaining goods was Rs, 4,00,000. He valued the closing inventory at cost. He violated the concept of ______.

    (a)

    Money measurement

    (b)

    Conservatism

    (c)

    Cost

    (d)

    Periodicity

  8. Total sales during the year amount to Rs.70,000; cash sales Rs.10,000; Balance of trade receivables at the end of the year Rs.25,000. Cash received from customers during the year will be_________.

    (a)

    Rs. 35,000

    (b)

    Rs. 30,000

    (c)

    Rs. 37,000

    (d)

    None of the above

  9. Selection of accounting policies is based on___________

    (a)

    Prudence

    (b)

    Substance over form

    (c)

    Materiality

    (d)

    All the above

  10. 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

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