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

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 balance in the trading account is the gross profit or __________.

    (a)

    Net profit

    (b)

    Net loss

    (c)

    gross loss

    (d)

    balance

  2. Which section of Indian Companies Act 2013 says that all companies should maintain books of accounts on accrual basis of accounting

    (a)

    Sec. 128 (3)

    (b)

    Sec. 128 (4)

    (c)

    Sec. 128 (5)

  3. Accounts of persons with whom the business deals is known as_________.

    (a)

    Personal Account 

    (b)

    Real Account 

    (c)

    Nominal Account 

    (d)

    Profit & loss Account 

  4. The proprietor of the business is treated as a creditor for capital introduced by him according to _____________________

    (a)

    Money measurement concept

    (b)

    Cost concept

    (c)

    Business entity concept

    (d)

    Dual aspect concept

  5. Accounting equation arises from which concept?

    (a)

    Dual aspect concept

    (b)

    Cost concept

    (c)

    Prudence concept

  6. Selection of accounting policies is based on___________

    (a)

    Prudence

    (b)

    Substance over form

    (c)

    Materiality

    (d)

    All the above

  7. If the total assets of a business Rs.1,30,000 and capital is Rs.80,000. calculate the external liabilities (creditors equity)

    (a)

    Rs.1,00,000

    (b)

    Rs.50,000

    (c)

    Rs.30,000

    (d)

    Rs.70,000

  8. Goods sold to Srinivasan should be debited to

    (a)

    Cash A/c

    (b)

    Srinivasan A/c

    (c)

    Sales A/c

    (d)

    Goods A/c

  9. Under traditional approach, the accounts are Classified into __________categories.

    (a)

    3

    (b)

    4

    (c)

    5

  10. Postage stamps purchased for 50 by the business. This transaction will be recorded in ___________

    (a)

    Petty cash book

    (b)

    Purchase book

    (c)

    Sales book

    (d)

    Bills receivable book

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