New ! Accountancy MCQ Practise Tests

All Chapter 2 Marks

11th Standard

    Reg.No. :


Time : 02:00:00 Hrs
Total Marks : 112
    Answer All The Following Question:
    56 x 2 = 112
  1. Define accounting.

  2. List any two functions of accounting.

  3. Write short notes on :
    a) Debtors
    b) Creditors

  4. Who are researchers?

  5. Write a brief note on 'Consistency' assumption.

  6. Write any two needs for accounting standards.

  7. Write short notes on Dual aspect principle.

  8. Explain the various accounting concepts.

  9. What is meant by journalising?

  10. Give the golden rules of double entry accounting system.

  11. Is it necessary for Pearlita to maintain a separate bank account for business?

  12. What is a journal?

  13. What is balancing of an account?

  14. Define Ledger.

  15. Prepare Furniture A/c from the following transactions

    2016 Jan.   Rs.
    1 Furniture in hand 2,000
    1 Purchased furniture for cash 4,000
    30 Sold Furniture 400
  16. What is a Loose-Leaf Ledger?

  17. What is trial balance?

  18. What are the methods of preparation of trial balance?

  19. Mr Ganesh an accountant of XYZ co. in order to match the trial balance passed a dummy entry without any proof of the transaction and did not even inform the senior about it. Identify the value being violated by the accountant.

  20. Define Trial balance.

  21. What is sales returns book?

  22. What is an invoice?

  23. Prepare Sales Return Book of Ram Lal Electricals from the following transactions:

     2017 Oct 1   Goods returned by Sharma & Sons 
        10 Table Fans @ Rs 100
        Less: Trade Discount @ 10%
    Oct 15   Kapil Brothers returned
        20 Table Fans @ Rs 110
        Less: Trade Discount @ 10%
    Oct 18   Saxena Ltd. returned a typewriter worth Rs 10,000 
  24. What are grace days?

  25. What is cash book?

  26. What is three column cash book?

  27. Bank column of the cash book can have credit balance. Why?

  28. Credit transactions are not recorded in the cash book. Where will they be recorded?

  29. State any two causes of disagreement between the balance as per bank column of cash book and bank statement.

  30. Do you agree on the following statements? Write "yes" if you agree, and write "no" if you disagree.
    (a) Bank reconciliation statement is prepared by the banker.
    (b) Adjusting the cash book before preparing the bank reconciliation statement is compulsory.
    (c) Credit balance as per bank statement is an overdraft.
    (d) Bank charges debited by the bank increases the balance as per bank statement.
    (e) Bank reconciliation statement is prepared to identify the causes of differences between balance as per bank column of the cash book and balance as per cash column of the cash book.

  31. On 15th December, one of his customers made online payment to Magesh's current account, amounting to Rs1,000. There was no entry in the cash book for this.

  32. On 31st, December 2017, Magesh received a bank statement from his bank, which showed a credit balance of Rs 19,700. He instructed Dinesh to check the statement with the cash book. On comparing both, Dinesh found that the cash book showed a balance of Rs 14,500. He was puzzled.

  33. The following errors were detected before preparation of trial balance. Rectify them.
    (a) Purchases returns book is undercast by Rs 500.
    (b) Purchases returns book is overcast by Rs 600.
    (c) Sales returns book is undercast by Rs 700.
    (d) Sales returns book is overcast by Rs 800.

  34. Pass necessary journal entries to rectify the following errors located after the preparation of trial balance:
    (a) Sales book was undercast by Rs.1,000.
    (b) A amount of Rs.500 paid for wages was wrongly posted to machinery Account.

  35. What is error of omission?

  36. Sales of Rs 30,000 by ABC Ltd was recorded in the sales book as Rs 3,000. The accountant has come to know about it but it was his last day in the company as he has already resigned. He presented the sales figures to the management without rectifying error.
    (i) Rectify the error
    (ii) Identify the value being overlooked by th accountant

  37. What is meant by depreciation?

  38. A firm acquired a machine on 1st April 2015 at a cost of Rs 50,000. Its life is 6 years. The firm writes off depreciation @ 30% p.a. on the diminishing balance method. The firm closes its books on 31st December every year. Show the machinery account and depreciation account for three years starting from 1st April 2015.

  39. John uses.his business car for his personal-use also. During the financial year ended 2015-16, the car was used to travel for 20,000 kms, out fwhich 5,000 kms was for her personal use. The cost of the car is Rs 40,000 and it is to be depreciated @l 5% per annum on straight line method. The car was purchased on 1st July, 2015. Compute the amount of depreciation to be charged to profit ;lnd loss account and pass the entry for it.

  40. A machine was purchased for Rs 1,00,000 on 1st January, 2012. It was decided to depreciate it at 10% per annuin under straight line method. Prepare machinery account for 3 years. Accounts are closed on31st December, each year.

  41. Classify the following expenditures and receipts as capital or revenue:
    i) Rs.10,000 spent as travelling expenses of the directors on trips abroad for the purchase of fixed assets.
    ii) Amount received from trade receivables during the year.
    iii) Amount spent on demolition of building to construct a large building on the same site.
    iv) Insurance claim received on account of a machinery damaged by fire.

  42. What is meant by revenue expenditure?

  43. What is Revenue profit?

  44. State the nature of the following transactions:
    i) Carriage paid on goods purchased.
    ii) Legal expenses incurred for abuse of trade mark.
    iii) Money raised by issue of equity shares.

  45. Mention any two differences between trial balance and balance sheet.

  46. What are the objectives of preparing trading account?

  47. What do you mean by closing stock?

  48. Definition of profit and loss account.

  49. What are adjusting entries?

  50. What are accrued incomes?

  51. Give adjusting entry for depreciation at 10% p.a. on machinery of Rs.25,000.

  52. Goods worth Rs.3,00,000 were burnt by fire and claim of Rs.1,80,000 has been accepted by the insurance company. How It will be recorded in final accounts

  53. What is hardware?

  54. What are mnemonic codes?

  55. What is output?

  56. Expands of MIS and CPU.


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