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11th Standard Accounts Final Accounts of Sole Proprietors - I English Medium Free Online Test One Mark Questions with Answer Key 2020 - 2021

11th Standard

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Accountancy

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

    Answer all the questions

    10 x 1 = 10
  1. Balance sheet is ____________.

    (a)

    An account

    (b)

    A statement

    (c)

    Neither a statement nor an account

    (d)

    None of the above

  2. Salaries appearing in the trial balance is shown on the

    (a)

    Debit side of trading account

    (b)

    Debit side of profit and loss account

    (c)

    Liabilities side of the balance sheet

    (d)

    Assets side of the balance sheet

  3. Goodwill is classified as

    (a)

    A current asset

    (b)

    A liquid asset

    (c)

    A tangible asset

    (d)

    An intangible asset

  4. ___________ refers to buying and selling of goods with the intention of making profit.

    (a)

    Trading

    (b)

    Trial balance

    (c)

    Balance Sheet

    (d)

    Profit and Loss Account

  5. ____________ is a tax levied by the local authority when the purchased goods enter the municipal limits.

    (a)

    Wages

    (b)

    Dock charges

    (c)

    Octroi

    (d)

    Royalty

  6. ____________ account is tlie second part of income statement.

    (a)

    Trading

    (b)

    Profit and loss

    (c)

    Financial

    (d)

    Cost

  7. ____________ are assets.of a' relatively permanent nature used in the operations of business and not intended for sale

    (a)

    Fixed Assets

    (b)

    Current Assets

    (c)

    Tangible Assets

    (d)

    Intangible Assets

  8. Cash in hand is an example of ____________

    (a)

    Current assets

    (b)

    Fixed assets

    (c)

    Current liability

    (d)

    Contingent liability

  9. Net profit is added to _____________

    (a)

    Current Asset

    (b)

    Drawings

    (c)

    Capital

    (d)

    Fixed Asset

  10. Carriage outwards will be shown

    (a)

    In the trading account

    (b)

    In the profit and loss account

    (c)

    On the liabilities side

    (d)

    On the assets side

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TN 11th Standard Accountancy free Online practice tests

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