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11th Standard Accounts English Medium Free Online Test One Mark Questions with Answer Key 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. Incapability of a person or an enterprise to pay the debts is known as ______

    (a)

    Solvent

    (b)

    Insolvency

    (c)

    Bad debt

  2. The result of a business may be ________

    (a)

    Profit

    (b)

    Loss

    (c)

    Profit or Loss

  3. 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

  4. Accounts of persons with whom the business deals is known as________.

    (a)

    Personal A/c

    (b)

    Real A/c

    (c)

    Nominal A/c

    (d)

     Rrobt & Loss A/c

  5. Statement: Purchased goods from Rahul for Rs. 10,000. Find out which of the following is related to the statement.

    (a)

    Cash transaction

    (b)

    Credit transaction

    (c)

    Petty cash book

    (d)

    Purchases A/c

  6. Net position of an account cannot be ascertained from _________.

    (a)

    Journal

    (b)

    Ledger

    (c)

    Trial balance

    (d)

    Balance sheet

  7. Which type of discount is not recorded in the Cash book?

    (a)

    Trade discount

    (b)

    Cash discount

    (c)

    Discount allowed

    (d)

    Discount received

  8. Bank reconciliation statement is prepared by the_____________.

    (a)

    bank

    (b)

    creditor of a business

    (c)

    customer of a bank

  9. Under the written down value method of depreciation, the amount of depreciation is

    (a)

    Uniform in all the years

    (b)

    Decreasing every year

    (c)

    Increasing every year

    (d)

    None of the above

  10. Balance sheet shows the ____________ of the business.

    (a)

    Profitability

    (b)

    Financial position

    (c)

    Sales

    (d)

    Purchases

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