First Mid Term Model Questions

11th Standard

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Accountancy

Time : 01:00:00 Hrs
Total Marks : 50
    10 x 1 = 10
  1. Which one of the following is not a branch of accounting?

    (a)

    Financial accounting

    (b)

    Management accounting

    (c)

    Human resources accounting

    (d)

    None of the above

  2. Which one of the following is/are the objectives of accounting?

    (a)

    To keep a systematic record of financial transactions and events

    (b)

    To ascertain the profit or loss of the business enterprise

    (c)

    To ascertain the financial position or status of the enterprise

    (d)

    All of the above

  3. A person who receives benefit without giving money or money's worth immediately is _______

    (a)

    debtor

    (b)

    creditor

    (c)

    profit

  4. ___________________does not mean that the asset will always be shown at cost.

    (a)

    Cost concept

    (b)

    Full disclosure concept

    (c)

    Dual aspect

    (d)

    Measurement concept

  5. IFRS are

    (a)

    International Financial Reporting Standards

    (b)

    International Final Reporting Standards

    (c)

    India Financial Reporting Standards

    (d)

    India Final Reporting Standards

  6. A firm has assets are 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

  7. Transactions related to expenses or losses and incomes and gains are classified into_________.

    (a)

    personal A/c

    (b)

    real A/c

    (c)

    nominal A/c

  8. The process of finding the net amount from the totals of debit and credit columns in a ledger is known as

    (a)

    Casting

    (b)

    Posting

    (c)

    Journalising

    (d)

    Balancing

  9. The preparation of ___________ is the third step in the accounting process.

    (a)

    journal

    (b)

    ledger

    (c)

    trial balance

    (d)

    balance sheet

  10. Which of the following is true about a trial balance?

    (a)

    It lists down the balance of accounts

    (b)

    It I ists down the balances of a balance sheet

    (c)

    It is a kind of financial statement

    (d)

    It is not a part of accounting cycle

  11. 5 x 2 = 10
  12. What do you mean by legal evidence?

  13. What is "Full Disclosure Principle" of accounting?

  14. What are the basic assumption of accounting?

  15. The firm of M/s. Long and Short has the following ledger balances on 1st April 2014

      Rs
    Cash 20,000
    Debtors 20,000
    Stock 30,000
    Creditors 16,000
    Building 60,000
    Capital ?

    Pass the opening journal entry and find the capital?

  16. What is debit balance?

  17. 5 x 3 = 15
  18. Write a brief note on Accounting Standards.

  19. What are the basic concepts of accounting?

  20. Transactions of Sunil for the month of April are given below Journalise them.

    2018 January   Rs
    1 Sumy started business with cash 3,00,000
    3 Bought goods for cash 15,000
    13 Sold goods to Abisha 4,500
    20 Bought goods from Sumy 6,750
    24 Received from Abisha 4,500
    28 Paid cash to Sumy 6,450
    30 Cash Sales for the month 24,000
    30 Paid salary to Ram 9,000
    30 Goods were returned to Karthick 10,000
  21. Classify the following into personal, real and nominal accounts.
    (a) Capital
    (b) Building
    (c) Carriage inwards
    (d) Cash
    (e) Commission received
    (f) Bank
    (g) Purchases
    (h) Chandru
    (i) Outstanding wages

  22. From the following balances extracted from the books of Mr Kannan at trader on automobiles, prepare trial balance as on 3Pt March 2017.

       Rs    Rs
     Cash ih hand   5,500   Direct expenses   5,000
     Discount received   300   Carriage outwards 3,500
     Creditors  15,000   Capital  45,000
     Buildings 50,000   Purchases 49,700
     Opening stock 6,000   Sales 59,000
  23. 3 x 5 = 15
  24. What are the differences between Book keeping and Accounting?

  25. Prepare accounting equation for the following transactions.
    (a)Murugan commenced business with cash Rs.80,000
    (b) Purchased goods for cash Rs.30,000
    (c) Paid salaries by cash Rs.5,000
    (d) Bought goods from Kumar for Rs.5,000 and deposited the money in CDM.
    (e) Introduced additional capital of Rs.10,000

  26. Prepare Trial Balance as on 30.06.2014 from the following ledger balances ofThiru. Muthu.

    Name of the account Rs   Name of the account Rs
    Drawings 13,000   Interest paid 1,750
    Capital 72,000   Sales 84,000
    Sundry Creditors 21,500   Salaries 4,750
    Bills Payable 12,000   Sales Returns 500
    Sundry Debtors 25,000   Purchases Returns 500
    Bills Receivable 22,600   Travelling Expenses 2,300
    Loan from Siva 5,000   Commission 1,050
    Furniture 2,250   Trading Expenses 200
    Opening stock 23,500   Discount (Cr.) 2,000
    Cash in hand 20,450   Rent paid 1,000
    Cash at bank 26,250   Bank overdraft 3,000
    Trade marks 7,000   Purchases 48,000
          Bad debts 400

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