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11th Standard Accounts English Medium Free Online Test Book Back One Mark Questions

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 root of financial accounting system is _________

    (a)

    Social accounting

    (b)

    Stewardship accounting

    (c)

    Management accounting

    (d)

    Responsibility accounting

  2. Accounting equation signifies _______

    (a)

    Capital of a business is equal to assets

    (b)

    Liabilities of a business are equal to assets

    (c)

    Capital of a business is equal to liabilities

    (d)

    Assets of a business always equal to the total of capital and liabilities

  3. Main objective of preparing ledger account is to _________

    (a)

    Ascertain the financial position

    (b)

    Ascertain the profit or loss

    (c)

    Ascertain the profit or loss and the financial position

    (d)

    Know the balance of each ledger account

  4. Trial balance is a_____

    (a)

    Statement

    (b)

    Account

    (c)

    Ledger

    (d)

    Journal

  5. Purchases book is used to record______

    (a)

    all purchases of goods

    (b)

    all credit purchases of assets

    (c)

    all credit purchases of goods

    (d)

    all purchases of assets

  6. Cash book is a_______

    (a)

    Subsidiary book

    (b)

    Principal book

    (c)

    Journal proper

    (d)

    Both subsidiary book and principal book

  7. A bank reconciliation statement is prepared by ___________.

    (a)

    Bank

    (b)

    Business

    (c)

    Debtor to the business

    (d)

    Creditor to the Business

  8. Error of principle arises when

    (a)

    There is complete omission of a transaction

    (b)

    There is partial omission of a transaction

    (c)

    Distinction is not made between capital and revenue items

    (d)

    There are wrong postings and wrong castings

  9. Under straight line method, the amount of depreciation is

    (a)

    Increasing every year

    (b)

    Decreasing every year

    (c)

    Constant for all the years

    (d)

    Fluctuating every year

  10. Amount spent on increasing the seating capacity in a cinema hall is

    (a)

    Capital expenditure

    (b)

    Revenue expenditure

    (c)

    Deferred revenue expenditure

    (d)

    None of the above.

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