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Accounting Principles Account - Accounting Principles

CBSE - STD 11 Commerce - Account (CBSE - English Medium). 100 questions in this chapter.

Question types

Accounting Principles question types

100 questions across 7 question groups — pick any mix to generate a Account paper with step-by-step answer keys.

100
Questions
7
Question groups
5
Question types
Sample Questions

Accounting Principles questions

One sample from each question group in this chapter. Select any group above to see the full set with answer keys.

Q 1M.C.Q (1 Marks)1 Mark
M.s. Future Ltd. has invested ₹ 10,000 in the shares of Relicam Industries Ltd. Current market value of these shares is ₹ 10,500. Accountant of Future Ltd. wants to show ₹ 10,500 as value of investment in the books of accounts, which accounting convention restricts him from doing so?
  • A
    Full disclosure.
  • B
    Consistency.
  • ✓
    Conservatism.
  • D
    Materiality.

Answer: C.

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Q 2M.C.Q (1 Marks)1 Mark
Providing depreciation on fixed asset is in accordance with which of the following principles concepts:
  1. Going concern.
  2. Matching Concept.
  3. Materiality.
  • ✓
    $(i)$ and $(ii)$
  • B
    $(ii)$ and $(iii)$
  • C
    $(i)$ and $(iii)$
  • D
    All the three.

Answer: A.

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Q 3M.C.Q (1 Marks)1 Mark
According to the Cost Concept:
  • A
    Assets are recorded at lower of cost and market value.
  • B
    Assets are recorded by estimating the market value at the time of purchase.
  • ✓
    Assets are recorded at the value paid for acquiring it.
  • D
    Assets are not recorded.

Answer: C.

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Q 4M.C.Q (1 Marks)1 Mark
Due to which of the following, contingent liabilities are shown in the Balance Sheet:
  • A
    Dual Aspect Concept.
  • ✓
    Convention of Full Disclosure.
  • C
    Convention of Materiality.
  • D
    Going Concern Concept.

Answer: B.

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Q 5M.C.Q (1 Marks)1 Mark
Concept of Consistency means:
  • A
    All the firms in the same industry should use identical accounting principles and procedures.
  • B
    All principles and procedures of accounting are utilized.
  • ✓
    Accounting principles and methods should remain consistent from one year to another.
  • D
    All of the above.

Answer: C.

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Q 12Fill In The Blanks[1 Marks ]1 Mark
If a firm believes that some of its debtors may 'default'. It should act on this by making sure that all possible losses are recorded in the books. This is an example of the ............... convention.
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Q 223 Marks Question3 Marks
Land and Buildings are shown at ₹ 10 Lac in the Balance Sheet of the business owned by Mr. Yuvraj. However, as per the certificate of Govt. approved valuer the realisable value of Land and Building is ₹ 200 Lac. Mr. Yuvraj wants to show the Land and Building at this value in his books. Can he do so?
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Q 233 Marks Question3 Marks
A firm has stationery stock amounting to ₹ 400 as at the end of financial year. Accountant of the firm has written it off to Profit & Loss Account. Is he right in doing so?
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Q 253 Marks Question3 Marks
Raja Ltd. purchased securities for ₹ 50 lakh. At the end of the year, the market value of such securities was ₹ 40 lakh. While preparing the financial statements, the company valued the securities at cost i.e. at ₹ 50 lakh. Is it a correct treatment?
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