Full Portion - Important One Mark Question Paper

11th Standard

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Accountancy

Time : 01:00:00 Hrs
Total Marks : 50

    Multiple Choice Question

    50 x 1 = 50
  1. _____________has rightly been termed as the language of the business.

    (a)

    Accounting

    (b)

    Book-keeping

    (c)

    Accountant

    (d)

    None of these

  2. Who developed the double - entry book - keeping system?

    (a)

    Batliboi

    (b)

    Luco pacioli

    (c)

    Grewal

    (d)

    Gupta

  3. Accounting gives information on

    (a)

    The resources available

    (b)

    how the available resources have been employed

    (c)

    the results achieved by their use

    (d)

    All of the above

  4. The balance in the trading account is the gross profit or __________.

    (a)

    Net profit

    (b)

    Net loss

    (c)

    gross loss

    (d)

    balance

  5. ___________ is the incapability of a person or an enterprises to pay the debts.

    (a)

    Asset

    (b)

    Liability

    (c)

    Insolvency

    (d)

    Sales

  6. GAAPs are:

    (a)

    Generally Accepted Accounting Policies

    (b)

    Generally Accepted Accounting Principles

    (c)

    Generally Accepted Accounting Provisions

    (d)

    None of these

  7. In India, Accounting Standards are issued by

    (a)

    Reserve Bank of India

    (b)

    The Cost and Management Accountants of India

    (c)

    Supreme Court of India

    (d)

    The Institute of Chartered Accountants of India

  8. Which of the following does not follow dual aspect concept?

    (a)

    Increase in one asset and decrease in other asset

    (b)

    Increase in both asset liability

    (c)

    Decrease in one asset and decrease in other asset

    (d)

    Increase in one asset and increase in capital

  9. The basic accounting equation i.e. Capital + Liabilities = Assets is based on

    (a)

    Matching concept

    (b)

    Periodicity concept

    (c)

    Dual aspect concept

    (d)

    Accrual concept

  10. According to ________ concept, every transaction or event has two aspects i.e., dual effect.

    (a)

    Dual aspect concept

    (b)

    Periodicity concept

    (c)

    Matching concept

    (d)

    Cost concept

  11. Point out the incorrect accounting equation

    (a)

    Assets = Liabilities + Capital

    (b)

    Assets = Capital + Liabilities

    (c)

    Liabilities = Assets + Capital

    (d)

    Capital = Assets - Liabilities

  12. Madhan spent Rs.2,000 as repair on purchases of machine from scrap dealer. The transaction will ____

    (a)

    Increase and decrease Asset

    (b)

    Decrease Assets and Capital

    (c)

    Increase and decrease Asset

    (d)

    Increase and Decrease Liability

  13. Accounts involved in this transaction, 'commenced business with cash' are

    (a)

    Nominal accounts

    (b)

    Personal accounts

    (c)

    Real accounts

    (d)

    both (a) & (b)

  14. Received cash for bad debts written off last year is credited to

    (a)

    Debtors A/c

    (b)

    Bad debts recovery A/c

    (c)

    Bad debts A/c

    (d)

    None

  15. Good is an example of______accounts.

    (a)

    Real

    (b)

    Nominal

    (c)

    Tangible real

    (d)

    Intangible real

  16. ___________ is known as principal book of accounts because It is very useful for a business enterprise.

    (a)

    Journal

    (b)

    Ledger

    (c)

    Balance Sheet

    (d)

    Trial Balance

  17. Normally, in a majority of business concern, the ledger is a _______________

    (a)

    Sheet

    (b)

    Bound note book

    (c)

    loose-leaf Ledger

    (d)

    journals

  18. Cash received from Madhan is to be posted to his account on ________________

    (a)

    credit Side

    (b)

    debit side

    (c)

    both side

    (d)

    no side

  19. This account is frequently balanced to ascertain cash on hand

    (a)

    trial balance

    (b)

    asset account

    (c)

    cash account

    (d)

    bank account

  20. Net position of an account can be ascertained from ________.

    (a)

    Journal

    (b)

    Ledger

    (c)

    Trial balance

    (d)

    Balance sheet

  21. The account which has a debit balance and is shown in the debit column of the trial balance is_______

    (a)

    Sundry creditors account

    (b)

    Bills payable account

    (c)

    Drawings account

    (d)

    Capital account

  22. The difference of totals of both debit and credit side of trial balance is transferred to :

    (a)

    Trading account

    (b)

    Difference account

    (c)

    Suspense account

    (d)

    Miscellaneous account

  23. _____________ is prepared on a specific data.

    (a)

    Trial Balance

    (b)

    Journal

    (c)

    Ledger

    (d)

    All of the above

  24. ____________ method is not commonly used as it cannot help in the preparation of financial statements.

    (a)

    Total Method

    (b)

    Balance Method

    (c)

    Total and Balance Method

    (d)

    None of these

  25. Suspense account having credit balance will be shown on the _____________.

    (a)

    Credit side of the Profit and Loss Alc

    (b)

    Debit side of the Profit and Loss Alc

    (c)

    Liabilities side of the Balance Sheet

    (d)

    Assets side of the Balance Sheet

  26. Sales book is used to record_____

    (a)

    all sales of goods

    (b)

    all credit sales of assets

    (c)

    all credit sales of goods

    (d)

    all sales of assets and goods

  27. Days of grace are _____ in number.

    (a)

    three

    (b)

    four

    (c)

    five

    (d)

    nine

  28. ______ is an official appointed by the government.

    (a)

    Notary public

    (b)

    Protest

    (c)

    Both

    (d)

    None of these

  29. On 1st January, 2018, Kumar draws a bill on Ramar for 3 months, its due date is

    (a)

    4th April, 2018

    (b)

    1st April, 2018

    (c)

    31st March, 2018

    (d)

    1st March, 2018

  30. The cash book records____.

    (a)

    All cash receipts

    (b)

    All cash payments

    (c)

    Both (a) and (b)

    (d)

    All credit transactions

  31. Single column Cash book may show ___________

    (a)

    Only a debit balance

    (b)

    Only a credit balance

    (c)

    Either debit balance or credit balance

    (d)

    Neither debit balance nor credit balance

  32. Which type of discount is not recorded in the Cash book?

    (a)

    Trade discount

    (b)

    Cash discount

    (c)

    Discount allowed

    (d)

    Discount received

  33. Debit balance in the bank column of the cash book means ____________.

    (a)

    Credit balance as per bank statement

    (b)

    Debit balance as per bank statement

    (c)

    Overdraft as per cash book

    (d)

    None of the above

  34. A bank reconciliation statement is prepared to know the causes for the difference between:

    (a)

    The balance as per the cash column of the cash book and bank column of the cash book.

    (b)

    The balance as per the cash column of the cash book and bank statement

    (c)

    The balance as per the bank column of the cash book and the bank statement.

    (d)

    The balance as per petty cash book and the cash book

  35. Which of the following is not the salient feature of bank reconciliation statement?

    (a)

    Any undue delay in the clearance of cheques will be shown up by the reconciliation

    (b)

    Reconciliation statement will discourage the accountant of the bank from embezzlement

    (c)

    It helps in finding the actual position of the bank balance

    (d)

    Reconciliation statement is prepared only at the end of the accounting period

  36. _______________can be prepared either from the balance as per cash book or bank statement.

    (a)

    Bank reconciliation statement

    (b)

    Financial Statement

    (c)

    Fund flow analysis

    (d)

    None of these

  37. When balance as per Cashbook is the starting point to ascertain balance as per Pass book interest charged by bank is__________________

    (a)

    added

    (b)

    subtracted

    (c)

    not adjusted

    (d)

    none of these

  38. Error of principle arises when

    (a)

    There is complete omission of a transaction

    (b)

    There is partial omission of a transaction

    (c)

    Distinction is not made between capital and revenue items

    (d)

    There are wrong postings and wrong castings

  39. Under the written down value method of depreciation, the amount of depreciation is

    (a)

    Uniform in all the years

    (b)

    Decreasing every year

    (c)

    Increasing every year

    (d)

    None of the above

  40. Depreciation is caused by

    (a)

    Lapse of time

    (b)

    Usage

    (c)

    Obsolescence

    (d)

    a, b and c

  41. A depreciable asset may suffer obsolescence due to______________

    (a)

    Passage of time

    (b)

    Wear and tear

    (c)

    Technological changes

    (d)

    None of the above

  42. Amount spent on increasing the seating capacity in a cinema hall is

    (a)

    Capital expenditure

    (b)

    Revenue expenditure

    (c)

    Deferred revenue expenditure

    (d)

    None of the above.

  43. Interest on bank deposits is

    (a)

    Capital receipt

    (b)

    Revenue receipt

    (c)

    Capital expenditures

    (d)

    Revenue expenditures

  44. Revenue expenditure is intended to benefit

    (a)

    Past period

    (b)

    Future period

    (c)

    Current period

    (d)

    Any period

  45. Balance sheet shows ____________ the of the business.

    (a)

    Profitability

    (b)

    Financial position

    (c)

    Sales

    (d)

    Purchases

  46. Current assets does not include

    (a)

    Cash

    (b)

    Stock

    (c)

    Furniture

    (d)

    Prepaid expenses

  47. Closing stock is valued at

    (a)

    Cost price

    (b)

    Market price

    (c)

    Cost price or market price whichever is higher

    (d)

    Cost price or net realisable value whichever is lower

  48. In accounting, computer is commonly used in the following areas:

    (a)

    Recording of business transactions

    (b)

    Payroll accounting

    (c)

    Stores accounting

    (d)

    All the above

  49. TALLY is an example of

    (a)

    Tailor-made accounting software

    (b)

    Ready-made accounting software

    (c)

    In-built accounting software

    (d)

    Customised accounting software

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