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11th Standard Accounts English Medium Free Online Test One Mark Questions with Answer Key 2020 - Part Two

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. The activities of a business, which involve transfer of money or money's worth are called _______________

    (a)

    Transactions

    (b)

    Events

    (c)

    Accounting cycle

    (d)

    Costing

  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. According to _____________ concept only business transactions are recorded.

    (a)

    Dual aspect

    (b)

    Cost

    (c)

    Business entity

    (d)

    Money measurement

  4. Withdrawal of cash from business by the proprietor should be credited to________

    (a)

    Drawings A/c

    (b)

    Cash A/c

    (c)

    Capital A/c

    (d)

    Purchases A/c

  5. ______ is used for credit purchases and credit sales.

    (a)

    Cash Receipt

    (b)

    Debit Note

    (c)

    Invoice

    (d)

    Credit Note

  6. Journal is a book of ___

    (a)

    Original Entry

    (b)

    Last Book

    (c)

    Secondary Entry

    (d)

    All transaction

  7. Computer purchased from Rajesh should be debited to __________.

    (a)

    Computer A/c

    (b)

    Purchases A/c

    (c)

    Rajesh A/c

  8. While preparing the trial balance, the accountant finds that the total of the credit column is short by Rs.200. This difference will be

    (a)

    Debited to suspense account

    (b)

    Credited to suspense account

    (c)

    Adjusted to any of the debit balance

    (d)

    Adjusted to any of the credit balance

  9. As both the debit and credit aspects of a transaction are recorded in the cash book, such entries are called__________ entries

    (a)

    Contra

    (b)

    Journal

    (c)

    Compound

    (d)

    Opening

  10. If the rate of depreciation is same, then the amount of depreciation under straight line method vis-à-vis written down value method will be

    (a)

    Equal in all years

    (b)

    Equal in the first year but higher in subsequent years

    (c)

    Equal in the first year but lower in subsequent years

    (d)

    Lower in the first year but equal in subsequent years.

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