11th Standard Accountancy full portion important One Mark Questions - 2020

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Questions:

Multiple Choice Question

56 x 1 = 56

The errors can be classified into ________ types.

(a)

one

(b)

Two

(c)

Three

(d)

Four

Purchase of office furniture Rs. 4,800 has been debited to general expense account which error is it?

(a)

Error of commission

(b)

Error of principle

(c)

Compensating error

(d)

None of these

Which of the following account with normal balance is shown at the credit side of a trial balance?

(a)

Cash account

(b)

Bank account

(c)

Equipment account

(d)

Accrued expenses account

Expenses which have been incurred in the accounting period but not paid till the end of the accounting period are called______.

(a)

Outstanding expenses

(b)

Prepaid expenses

(c)

Accrued income

(d)

Income received in advance

Wages is an example of ___________

(a)

Capital expenses

(b)

Indirect expenses

(c)

Direct expenses

(d)

Revenue expenses

For oil wells _____________method Of depreciation is to be followed

(a)

Exhaustion

(b)

Wear & Tear

(c)

Depletion

(d)

None of the above

Bank book always shows____________.

(a)

debit balance

(b)

credit balance

(c)

nil balance

(d)

credlt balance and debit balance

Double entry means__________.

(a)

Entry in two sets of books

(b)

Entry in two pages

(c)

Entry for two aspects of a transaction

(d)

None

Trade discount allowed at the time of sale of goods is__________.

(a)

Recorded in Sales Book

(b)

Recorded in Cash Book

(c)

Recorded in Journal

(d)

Not recorded in Books of Accounts

10.

Trial Balance is a statement which shows_____of all accounts

(a)

Debit or Credit Balances

(b)

Balance and Totals

(c)

Positive and Negative Balances

(d)

Opening and Closing balances

11.

Bad debts entry is passed in__________.

(a)

Sales Book

(b)

Cash Book

(c)

Journal Book

(d)

None of these above

12.

Accounting requires ______

(a)

Clerical skill

(b)

Analytical skill

(c)

Routine skill

13.

Direct expenses appear in _______

(a)

Profit & loss account

(b)

Trading account

(c)

Cash account

14.

_______________ consists of input devices and output de,vices that make a complete computer system.

(a)

Software

(b)

Hardware

(c)

Scanner

(d)

Printer

15.

Cash in hand is an example of ____________

(a)

Current assets

(b)

Fixed assets

(c)

Current liability

(d)

Contingent liability

16.

The most important element in computertsed Accounting system ____________

(a)

Hardware

(b)

Procedure

(c)

Software

(d)

People

17.

Deferred revenue expenditure is to be written off ___________

(a)

In the year in which the expenses are incurred

(b)

In the year in which the benefit of expenses are exhausted

(c)

Within 3 to 5 years

(d)

Within 5 to 10 years

18.

The loss which is not incurred in the normal course of business is ___________

(a)

Capital loss

(b)

Revenue loss

(c)

both 'a' and 'b'

(d)

None of these

19.

Outstanding expense account is a representative ______ account.

(a)

Personal

(b)

Real

(c)

Both 'a' and 'b'

(d)

None of these

20.

____________ method is appropriate for the fixed assets having certain period of working life.

(a)

Diminishing balance

(b)

Sinking fund

(c)

Straight line

(d)

Depreciation fund

21.

Net position of an account cannot be ascertained from _________.

(a)

Journal

(b)

Ledger

(c)

Trial balance

(d)

Balance sheet

22.

The famous book "Arthasastra" was written by ___________

(a)

Kautilya

(b)

Chandrakupta

(c)

Luco Pacioli

(d)

Batlibai

23.

Purchased goods from Murthy on credit should be credited to _________

(a)

Murthy A/c

(b)

Cash A/c

(c)

Purchases A/c

(d)

Goods A/c

24.

Accrued interest on investment will be shown______.

(a)

On the credit side of profit and loss account

(b)

On the assets side of balance sheet

(c)

Both (a) and (b)

(d)

None of these

25.

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

26.

TALLY is an example of _______.

(a)

Tailor-made accounting software

(b)

Ready-made accounting software

(c)

In-built accounting software

(d)

Customised accounting software

27.

An example of output device is _______.

(a)

Mouse

(b)

Printer

(c)

Scanner

(d)

Keyboard

28.

Depreciation is provided on ____________

(a)

Fixed assets

(b)

Current assets

(c)

Outstanding charges

(d)

All assets

29.

Cash received from sale of fixed asset is credited to ____________

(a)

Profit and loss account

(b)

Fixed asset account

(c)

Depreciation account

(d)

Bank account

30.

Goods returned by Senguttuvan were taken into stock, but no entry was passed in the books. While rectifying this error, which of the following accounts should be debited?

(a)

Senguttuvan account

(b)

Sales returns account

(c)

Returns outward account

(d)

Purchases returns account

31.

Which of the following errors will not affect the trial balance?

(a)

Wrong balancing of an account

(b)

Posting an amount in the wrong account but on the correct side

(c)

Wrong totalling of an account

(d)

Carried forward wrong amount in a ledger account

32.

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

33.

Carriage inwards 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

34.

Amount received from IDBI as a medium term loan for augmenting working capital ______.

(a)

Capital expenditures

(b)

Revenue expenditures

(c)

Revenue receipts

(d)

Capital receipt

35.

Expenditure incurred Rs.20,000 for trial run of a newly installed machinery will be ______.

(a)

Preliminary expense

(b)

Revenue expenditure

(c)

Capital expenditure

(d)

Deferred revenue expenditure

36.

In recent times, the copy of the records can be obtained by the customer electronically, which is called _______________

(a)

E-Commerce

(b)

ATM

(c)

E-Statement

(d)

Electronic Commerce

37.

_______________is simply a copy of the customer's account in the books of a bank.

(a)

Cash book

(b)

Bank Statement

(c)

Bank Account

(d)

None of these

38.

Which one of the following is not a timing difference?

(a)

Cheque deposited but not yet credited

(b)

Cheque issued but not yet presented for payment

(c)

Among directly paid into the bank

(d)

Wrong debit in the cash book

39.

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

40.

The person who prepares the bill is called the _____

(a)

drawer

(b)

drawee

(c)

payee

(d)

acceptance

41.

'Cash withdrawn by the proprietor from the business for his personal use' causes

(a)

Decrease in assets and decrease in owner's capital

(b)

Increase in one asset and decrease in another asset

(c)

Increase in one asset and increase in liabilities

(d)

Increase in asset and decrease in capital

42.

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

43.

A cash book with discount, cash and bank column is called_______

(a)

Simple cash book

(b)

Double column cash book

(c)

Three column cash book

(d)

Petty cash book

44.

Cash book is a_______

(a)

Subsidiary book

(b)

Principal book

(c)

Journal proper

(d)

Both subsidiary book and principal book

45.

Closing entries are recorded in _____

(a)

Cash book

(b)

Ledger

(c)

Journal proper

(d)

Purchases book

46.

Purchases book is used to record______

(a)

all purchases of goods

(b)

all credit purchases of assets

(c)

all credit purchases of goods

(d)

all purchases of assets

47.

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

48.

Which of the following method(s) can be used for preparing trial balance?

(a)

Balance method

(b)

Total method

(c)

Total and Balance method

(d)

a, b and c

49.

In a ledger account, when the debit total and credit total are equal it is called ________________

(a)

debit balance

(b)

credit balance

(c)

both 'a' and 'b'

(d)

nil balance

50.

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

51.

The process of transferring the debit and credit items from journal to ledger accounts is called

(a)

Casting

(b)

Posting

(c)

Journalising

(d)

Balancing

52.

The land is purchased for Rs. 5,00,000 and its market value is Rs. 8,00,000 at the time of preparing final accounts the land value is recorded only for _____________

(a)

Rs. 5,00,000

(b)

Rs. 8,00,000

(c)

Rs. 3,00,000

(d)

Rs. 6,50,000

53.

The concept which assumes that a business will last indefinitely is

(a)

Business Entity

(b)

Going concern

(c)

Periodicity

(d)

Conservation

54.

The profounder of double entry system of book-keeping is ___________

(a)

J. R. Batlibai

(b)

Luca Pacioli

(c)

Old Kesal

(d)

Menhar

55.

Financial position of a business is ascertained on the basis of ______.

(a)

Journal

(b)

Trial balance

(c)

Balance Sheet

(d)

Ledger

56.

The root of financial accounting system is ______.

(a)

Social accounting

(b)

Stewardship accounting

(c)

Management accounting

(d)

Responsibility accounting

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Answers Key:

Multiple Choice Question

56 x 1 = 56

(d)
Four

(b)
Error of principle

(d)
Accrued expenses account

(a)
Outstanding expenses

(a)
Exhaustion

(d)
credlt balance and debit balance

(d)
Not recorded in Books of Accounts

10.

(a)
Debit or Credit Balances

11.

12.

(b)
Analytical skill

13.

(b)
Trading account

14.

(b)
Hardware

15.

(a)
Current assets

16.

(d)
People

17.

18.

(a)
Capital loss

19.

(a)
Personal

20.

21.

(a)
Journal

22.

(a)
Kautilya

23.

(a)
Murthy A/c

24.

25.

(d)
Cost price or net realisable value whichever is lower

26.

(b)
Ready-made accounting software

27.

(b)
Printer

28.

(a)
Fixed assets

29.

(b)
Fixed asset account

30.

(b)
Sales returns account

31.

(b)
Posting an amount in the wrong account but on the correct side

32.

(b)
Debit side of profit and loss account

33.

(a)
In the trading account

34.

(d)
Capital receipt

35.

36.

37.

(b)
Bank Statement

38.

(d)
Wrong debit in the cash book

39.

(d)
Reconciliation statement is prepared only at the end of the accounting period

40.

(a)
drawer

41.

(a)
Decrease in assets and decrease in owner's capital

42.

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

43.

44.

(d)
Both subsidiary book and principal book

45.

46.

47.

48.

(d)
a, b and c

49.

(d)
nil balance

50.

(d)
Balancing

51.

(b)
Posting

52.

(a)
Rs. 5,00,000

53.

(b)
Going concern

54.

(b)
Luca Pacioli

55.

56.

(b)
Stewardship accounting

11th Standard Accountancy full portion important One Mark Questions - 2020

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