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11th Standard English Medium Accountancy Subject Books of Prime Entry Book Back 2 Mark Questions with Solution Part - I

Published on: 08/06/2021

QB365 provides detailed and simple solution for every Book back Questions in class 11 Accountancy Subject. It will helps to get more idea about question pattern in every book back questions with solution.

Download Tamil Nadu 11th Standard Accountancy question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.

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Std: 11th Standard - Accountancy

chapter: - Book back Questions

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Questions:

Generic 2

5 x 2 = 10

Give the golden rules of double entry accounting system.

How are personal accounts classified?

What is meant by journalising?

What is accounting equation?

What are source documents?

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Answers Key:

Generic 2

5 x 2 = 10

Golden rules of double entry system
Personal account	Debit the receiver	Credit the giver
Real account	Debit what comes in	Credit what goes out
Nominal account	Debit all expenses and losses	Credit all incomes and gains

Personal accounts can be classified into natural, artificial and representative personal accounts

The process of analysing the business transactions under the heads of debit and credit and recording them in the journal is called journalising.

(i) Accounting equation is a mathematical expression which shows that the total of assets is equal to the total of liabilities and capital.
(ii) This is based on the dual aspect concept of accounting.
(iii) This means that total claims of outsiders and the proprietor will always be equal to the total of assets of business enterprise.
Assets = Liabilities + Capital + Revenues - Expenses

(i) Source documents are the authentic financial evidence of transactions. These documents show the nature of transaction, the date, the amount and the parties involved.
(ii) Source documents include cash receipt, invoice, debit note, credit note, pay-in-slip, salary bills, wage bills, counterfoils of cheques and any other form of written document proof.