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11th Standard Accounts English Medium Free Online Test Book Back 1 Mark Questions with Answer Key - Part Three

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

    (a)

    Creditor

    (b)

    Employee

    (c)

    Customer

    (d)

    Government

  2. The rule of stock valuation 'cost price or realisable value' whichever is lower is based on the accounting principle of :

    (a)

    Materiality

    (b)

    Money measurement

    (c)

    Conservatism

    (d)

    Accrual

  3. The incorrect accounting equation _________

    (a)

    Assets = Liabilities + Capital

    (b)

    Assets = Capital + Liabilities

    (c)

    Liabilities = Assets + Capital

    (d)

    Capital = Assets - Liabilities

  4. 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

  5. Which of the following is/are the objective(s) of preparing trial balance?

    (a)

    Serving as the summary of all the ledger accounts

    (b)

    Helping in the preparation of final accounts

    (c)

    Examining arithmetical accuracy of accounts

    (d)

    a, band c

  6. The total of the sales book is posted periodically to the credit of ____  

    (a)

    Sales account

    (b)

    Cash account

    (c)

    Purchases account

    (d)

    Journal proper

  7. A cash book with discount, cash and bank column is called_______

    (a)

    Simple cash book

    (b)

    Double column cash book

    (c)

    Three column cash book

    (d)

    Petty cash book

  8. 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

  9. Wages paid for installation of machinery wrongly debited to wages account is an error of

    (a)

    Partial omission

    (b)

    Principle

    (c)

    Complete omission

    (d)

    Duplication

  10. 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

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