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11th Standard Accounts English Medium Free Online Test 1 Mark Questions 2020 - Part Eight

11th Standard

    Reg.No. :
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Accountancy

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

    Answer all the questions

    10 x 1 = 10
  1. ___________ is the amount incurred in order to produce and sell the goods and services.

    (a)

    Creditor

    (b)

    Debtor

    (c)

    Stock

    (d)

    Expense

  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. __________ is useful to find out tax liability in case of sales tax, income tax, property tax, etc

    (a)

    Double entry

    (b)

    Book keeping

    (c)

    Economics

    (d)

    Statistics

  4. Accounting requires ______ 

    (a)

    Clerical skill

    (b)

    Analytical skill

    (c)

    Routine skill

  5. If the total of the debit side of an account exceeds the total of its credit side, it means

    (a)

    Credit Balance

    (b)

    Debit Balance

    (c)

    Nil Balance

    (d)

    Debit and Credit Balance

  6. Bank account will show__________balance

    (a)

    Debit

    (b)

    Credit

    (c)

    Debit (or) Credit

    (d)

    None

  7. 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

  8. The difference in trial balance is taken to

    (a)

    The capital account

    (b)

    The trading account

    (c)

    The suspense account

    (d)

    The profit and loss account

  9. An asset worth Rs. 1,00,000 is sold for Rs. 85,000 the capital loss amounts to

    (a)

    Rs.85,000

    (b)

    Rs.1,00,000

    (c)

    Rs.15,000

    (d)

    Rs.70000

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

    (a)

    Long-term

    (b)

    Short-term

    (c)

    Contingent

    (d)

    None of these

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