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11th Standard English Medium Accountancy Subject Books of Prime Entry Book Back 1 Mark Questions with Solution Part - I

11th Standard

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 5

    Part I

    5 x 1 = 5
  1. Accounting equation signifies 

    (a)

    Capital of a business is equal to assets

    (b)

    Liabilities of a business are equal to assets

    (c)

    Capital of a business is equal to liabilities

    (d)

    Assets of a business always equal to the total of capital and liabilities

  2. A firm has assets of Rs.1,00,000 and the external liabilities of Rs.60,000. Its capital would be  

    (a)

    Rs.1,60,000

    (b)

    Rs.60,000

    (c)

    Rs.1,00,000

    (d)

    Rs.40,000

  3. Accounting equation is formed based on the accounting principle of

    (a)

    Dual aspect

    (b)

    Consistency

    (c)

    Going concern

    (d)

    Accrual

  4. Which one of the following is representative personal account?

    (a)

    Building A/c

    (b)

    Outstanding salary A/c

    (c)

    Mahesh A/c

    (d)

    Balan & Co

  5. With drawal 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

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