11th Standard Accountancy First Mid Term Model Question Paper | QB365

11th Standard Syllabus & Materials

11th Standard

TN 11th Tamil இயற்கை வேளாண்மை,சுற்றுச்சூழல் -செய்யுள் - மனோன்மணீயம் Important Questions And Answers Study Material - QB365 Set A

NEW

11th Standard

TN 11th Tamil என்னுயிர் என்பேன் -துணைப்பாடம் - இசைத்தமிழர் இருவர் Important Questions And Answers Study Material - QB365 Set A

NEW

11th Standard

TN 11th Tamil மொழி கலை -செய்யுள் - ஒவ்வொரு புல்லையும் Important Questions And Answers Study Material - QB365 Set A

NEW

11th Standard

TN 11th Tamil பீடு பெற நில் - இலக்கணம் - பகுபத உறுப்புகள் Important Questions And Answers Study Material - QB365 Set A

NEW

11th Standard

TN 11th Tamil பீடு பெற நில் - துணைப்பாடம் - வாடிவாசல் Important Questions And Answers Study Material - QB365 Set A

NEW

11th Standard

TN 11th Tamil பீடு பெற நில் - செய்யுள் - குறுந்தொகை Important Questions And Answers Study Material - QB365 Set A

11th Standard Accountancy First Mid Term Model Question Paper

Published on: 01/08/2019

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.

Questions + Answers key

Take MCQ Accountancy Test

QB365 Student Learing Managemnet System

Std: 11th Standard - Accountancy

chapter: - Model Question paper

Visit QB365-SLMS - https://www.qb365.in/slms/ Complete Questions and Answers

Questions:

Multiple Choice Question

10 x 1 = 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

IFRS is __________

(a)

International Financial Reporting Standards

(b)

Indian Funds Reporting Standards

(c)

Indian Finacial Reporting Standards

(d)

None of these

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

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

(a)

debtor

(b)

creditor

(c)

profit

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

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

(a)

journal

(b)

ledger

(c)

trial balance

(d)

balance sheet

A firm has assets 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

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

___________________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

10.

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

Generic 2

5 x 2 = 10

11.

What are the basic assumption of accounting?

12.

What do you mean by legal evidence?

13.

The firm of M/s. Long and Short has the following ledger balances on 1^st 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?

14.

What is debit balance?

15.

What is "Full Disclosure Principle" of accounting?

Generic 3

5 x 3 = 15

16.

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

17.

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

18.

From the following balances extracted from the books of Mr Kannan at trader on automobiles, prepare trial balance as on 31^st March 2017.

	Rs		Rs
Cash in 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

19.

What are the basic concepts of accounting?

20.

Write a brief note on Accounting Standards.

Generic 5

3 x 5 = 15

21.

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

22.

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

23.

What are the differences between Book keeping and Accounting?

Visit QB365-SLMS - https://www.qb365.in/slms/

Answers Key:

Multiple Choice Question

10 x 1 = 10

(a)
It lists down the balance of accounts

(a)
International Financial Reporting Standards

(a)
debtor

(d)
All of the above

(d)
Rs.40,000

(d)
Balancing

(a)
Cost concept

10.

(d)
None of the above

Generic 2

5 x 2 = 10

11.

The four basic assumptions of accounting are:
(i) Business entity assumption,
(ii) Money measurement assumption,
(iii) Accounting period assumption,
(iv) Going concern assumption.

12.

Accounting records are generally accepted as evidence in courts of law and other legal authorities in the settlement of disputes.

13.

Journal Entries
Date	Particulars		Debit Rs	Credit Rs
2014 April 1	Cash A/c	Dr	20,000
	Stock A/c	Dr	30,000
	Building A/c	Dr	60,000
	Debtors A/c	Dr	20,000
	To Creditors A/c			16,000
	To Capital A/c			1,14,000
	(Opening balance of assets and liabilities brought forward)

14.

(i) The excess of debit total over the credit total is called the debit balance.
(ii) When there is only debit entries in an account, the amount itself is the balance of that account, i.e., the debit balance

15.

(i) The accounts must disclose all material information.
(ii) The Accounting reports should disclose full and fair information to the related parties.
(iii) The financial position and performance should be disclosed very honestly to all the users.

Generic 3

5 x 3 = 15

16.

SI.No	Items	Classification
(a)	Capital	Personal account
(b)	Building	Real account
(c)	Carriage inwards	Nominal account
(d)	Cash	Real account
(e)	Commission received	Nominal account
(f)	Bank	Personal account
(g)	Purchases	Nominal account
(h)	Chandru	Personal account
(i)	Outstanding wages	Personal account

17.

Journal Entries
Date	Particulars	Debit Rs.	Credit Rs.
2018 Jan. 1	Cash A/c Dr. To Capital A/c (Being the amount invested by Sumy in the business as Capital)	3,00,000	3,00,000
3	Purchases A/c Dr. To Cash A/c (Being the goods purchased for Cash)	15,000	15,000
13	Abisha A/c Dr. To Sales A/c (Being the goods sold on credit)	4,500	4,500
20	Purchases A/c Dr. To Sumy A/c (Being the goods bought from Sumy on Credit)	6,750	6,750
24	Cash A/c Dr. To Abisha A/c (Being the cash received from Abisha)	4,500	4,500
28	Sumy A/c Dr. To Cash A/c (Being the amount paid by Sumy)	6,450	6,450
30	Cash A/c Dr. To Sales A/c (Being the goods sold for cash)	24,000	24,000
30	Salaries A/c Dr. To Cash A/c (Being the amount paid for salary)	9,000	9,000
30	Karthick A/c Dr. To Purchases return A/c (Being the goods return to Karthick)	10,000	10,000

18.

**In the book of** **Mr.** **Kannan Trial Balance as on 31.03.2017**
S.No	Name of account	L.F.	Debit balance Rs	Credit balance Rs
1	Cash in hand		5,500
2	Discount received			300
3	Creditors			15,000
4	Buildings		50,000
5	Opening stock		6,000
6	Direct expenses		5,000
7	Carriage outwards		3,500
8	Capital			45,000
9	Purchases		49,700
10	Sales			59,400
	Total		1,19,700	1,19,700

19.

The following are the basic concepts of accounting :
(i) Business entity concept
(ii) Money measurement concept
(iii) Going concern concept
(iv) Cost concept
(v) Dual aspect concept
(vi) Accounting period concept
(vii) Matching concept
(viii) Realisation concept
(ix) verifiable and objective evidence concept
(x) Accrual concept.

20.

(i) Accounting Standards provide the framework and norms so that the financial statements of different enterprises become comparable.
(ii) It becomes necessary to standardise the accounting principles and policies to ensure consistency, comparability, adequacy and reliability of financial reporting.
(iii) Accounting standards in India are issued by the Institute of Chartered Accountants of India (lCAI).
Definition:
In the words of Kohler, "Accounting standards are codes of conduct imposed by customs, law or professional bodies for the benefit of public accountants and accountants generally".

Generic 5

3 x 5 = 15

21.

Trial Balance of Thiru. Muthu as on 30.06.2014
S.No	Name of Account / Particulars	Debit balance Rs	Credit balance Rs
1	Drawings	13,000
2	Capital		72,000
3	Sundry Creditors		21,500
4	Bills payable		12,000
5	Sundry debtors	25,000
6	Bills receivable	22,600
7	Loan from Siva		5,000
8	Furniture	2,250
9	Opening stock	23,500
10	Cash in hand	20,450
11	Cash at bank:	26,250
12	Trade marks	7,000
13	Interest paid	1,750
14	Sales		84,000
15	Salaries	4,750
16	Sales returns	500
17	Purchase returns		500
18	Travelling expenses	2,300
19	Commission	1,050
20	Trading expenses	200
21	Discount (Cr.)		2,000
22	Rent paid	1,000
23	Bank: overdraft		3,000
24	Purchases	48,000
25	Bad debts	400
	Total	2,00,000	2,00,000

22.

S.No.	Transaction	Cash Rs.	Stock Rs.	Total Assets Rs.	=	Total Liabilities Rs.	Capital Rs.
a)	Started business with cash	+80,000					+80,000
	Balance	+80,000					+80,000
	Equation			+80,000	=	+80,000
b)	Cash purchases	-30,000	+30,000
	Balance	+50,000	+30,000				+80,000
	Equation			+80,000	=	+80,000
c)	Paid salaries by cash	-5,000					-5,000
	Balance	+45,000	+30,000				+75,000
	Equation			+75,000	=	+75,000
d)	Deposited money in CDM	-5,000	+5,000
	Balance	+40,000	+35,000				+75,000
	Equation			+75,000	=	+75,000
e)	Introduced additional capital	+10,000					+10,000
	Balance	+50,000	+35,000				+85,000
	Equation			+85,000	=	+85,000

23.

S.No	Basis of distinction	Book-keeping	Accounting
1	Scope	It is concerned with recording and classification the business transaction	It is concerned with recording, classification, summarising, analysing and interpreting the financial data
2	Stage	Book-keeping is the primary stage in accounting. It is the base for Accounting.	Apart from the primary stage, it includes secondary stage of analysis and interpretation.
3	Nature of job	It is routine and clerical in nature.	It is analytical in nature
4	Knowledge required	It requires basic knowledge of the principles of journalising and posting	It requires thorough knowledge of accounting principles, procedures, and practices.
5	Skill required	Analytical skill is not required for book-keeping.	It requires analytical skill