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11th Standard Accounts English Medium Free Online Test Creative One Mark Questions with Answer Key - Part Three

11th Standard

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Accountancy

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

    Answer all the questions

    10 x 1 = 10
  1. _______________is provided with a complete picture of the liquidity, profitability and solvency aspects of the business.

    (a)

    Accounts

    (b)

    Transaction

    (c)

    Management

    (d)

    Book-keeping

  2. Financial information for managerial decision making caused emergence of ______ accounting.

    (a)

    Management

    (b)

    Cost

    (c)

    Financial

    (d)

    Corporate

  3. The creditors are shown in the balance sheet as _______

    (a)

    an asset

    (b)

    a liability

    (c)

    a loss

  4. As per dual aspect concept, every business transaction has _______

    (a)

    three aspects

    (b)

    one aspect

    (c)

    two aspects

  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. Transactions relating with individuals or firms or companies are known as _______

    (a)

    personal accounts

    (b)

    real accounts

    (c)

    nominal accounts

    (d)

    capital accounts

  7. Capital account is classified under________.

    (a)

    Personal A/c

    (b)

    Real A/c

    (c)

    Nominal A/c

  8. The preparation of trial balance is for___________

    (a)

    Locating errors of commission

    (b)

    Locating errors of principle

    (c)

    Locating clerical errors

    (d)

    All of the above

  9. Entries in the purchases day book are made from invoices which are popularly known as _____

    (a)

    Invoice

    (b)

    Bills

    (c)

    Journals

    (d)

    Ledger

  10. Days of grace are ______ in number.

    (a)

    One

    (b)

    Two

    (c)

    Three

    (d)

    Four

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