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Important One Mark Question Paper In 11th Accountancy

Published on: 06/08/2018

In this question paper covers, some of the important multiple choice questions are covered. The questions that covered from the book back and creative questions.

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

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Questions:

Multiple Choice Question

49 x 1 = 49

Good is an example of______accounts.

(a)

Real

(b)

Nominal

(c)

Tangible real

(d)

Intangible real

Net position of an account can be ascertained from ________.

(a)

Journal

(b)

Ledger

(c)

Trial balance

(d)

Balance sheet

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

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

(a)

Asset

(b)

Liability

(c)

Insolvency

(d)

Sales

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

(a)

Net profit

(b)

Net loss

(c)

gross loss

(d)

balance

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

(a)

4^th April, 2018

(b)

1^st April, 2018

(c)

31^st March, 2018

(d)

1^st March, 2018

This account is frequently balanced to ascertain cash on hand ________

(a)

trial balance

(b)

asset account

(c)

cash account

(d)

bank account

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

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

10.

Who developed the double - entry book - keeping system?

(a)

Batliboi

(b)

Luco pacioli

(c)

Grewal

(d)

Gupta

11.

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

12.

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

(a)

Nominal accounts

(b)

Personal accounts

(c)

Real accounts

(d)

both (a) & (b)

13.

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

14.

TALLY is an example of _______.

(a)

Tailor-made accounting software

(b)

Ready-made accounting software

(c)

In-built accounting software

(d)

Customised accounting software

15.

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

16.

A depreciable asset may suffer obsolescence due to______.

(a)

Passage of time

(b)

Wear and tear

(c)

Technological changes

(d)

None of the above

17.

Depreciation is caused by ____.

(a)

Lapse of time

(b)

Usage

(c)

Obsolescence

(d)

a, b and c

18.

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

19.

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

20.

Current assets does not include _______.

(a)

Cash

(b)

Stock

(c)

Furniture

(d)

Prepaid expenses

21.

Balance sheet shows the ________ of the business.

(a)

Profitability

(b)

Financial position

(c)

Sales

(d)

Purchases

22.

Revenue expenditure is intended to benefit ______.

(a)

Past period

(b)

Future period

(c)

Current period

(d)

Any period

23.

Interest on bank deposits is ______.

(a)

Capital receipt

(b)

Revenue receipt

(c)

Capital expenditures

(d)

Revenue expenditures

24.

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.

25.

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

26.

_______________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

27.

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

28.

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

29.

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

30.

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

31.

____________ 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

32.

_____________ is prepared on a specific data.

(a)

Trial Balance

(b)

Journal

(c)

Ledger

(d)

All of the above

33.

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

34.

Point out the incorrect accounting equation

(a)

Assets = Liabilities + Capital

(b)

Assets = Capital + Liabilities

(c)

Liabilities = Assets + Capital

(d)

Capital = Assets - Liabilities

35.

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

(a)

Trade discount

(b)

Cash discount

(c)

Discount allowed

(d)

Discount received

36.

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

37.

______ is an official appointed by the government.

(a)

Notary public

(b)

Protest

(c)

Both

(d)

None of these

38.

Days of grace are _____ in number.

(a)

three

(b)

four

(c)

five

(d)

nine

39.

The cash book records____.

(a)

All cash receipts

(b)

All cash payments

(c)

Both (a) and (b)

(d)

All credit transactions

40.

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

41.

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

42.

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

43.

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

(a)

credit Side

(b)

debit side

(c)

both side

(d)

no side

44.

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

(a)

Sheet

(b)

Bound note book

(c)

loose-leaf Ledger

(d)

journals

45.

___________ 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

46.

_____________has rightly been termed as the language of the business.

(a)

Accounting

(b)

Book-keeping

(c)

Accountant

(d)

None of these

47.

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

48.

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

49.

GAAPs are:

(a)

Generally Accepted Accounting Policies

(b)

Generally Accepted Accounting Principles

(c)

Generally Accepted Accounting Provisions

(d)

None of these

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Answers Key:

Multiple Choice Question

49 x 1 = 49

(d)
Intangible real

(b)
Ledger

(a)
Dual aspect concept

(a)
4^th April, 2018

(d)
All of the above

10.

(b)
Luco pacioli

11.

(b)
Bad debts recovery A/c

12.

(d)
both (a) & (b)

13.

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

14.

(b)
Ready-made accounting software

15.

(d)
All the above

16.

17.

(d)
a, b and c

18.

(b)
Decreasing every year

19.

20.

21.

(b)
Financial position

22.

23.

(b)
Revenue receipt

24.

(a)
Capital expenditure

25.

(b)
subtracted

26.

(a)
Bank reconciliation statement

27.

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

28.

29.

(a)
Credit balance as per bank statement

30.

31.

(a)
Total Method

32.

(a)
Trial Balance

33.

(a)
Increase and decrease Asset

34.

35.

(a)
Trade discount

36.

(a)
Only a debit balance

37.

(a)
Notary public

38.

(a)
three

39.

40.

41.

42.

43.

(a)
credit Side

44.

(b)
Bound note book

45.

(b)
Ledger

46.

(a)
Accounting

47.

48.

(d)
The Institute of Chartered Accountants of India

49.

(b)
Generally Accepted Accounting Principles

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