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Basic Accounting Terms Account - Basic Accounting Terms

CBSE - STD 11 Commerce - Account (CBSE - English Medium). 71 questions in this chapter.

Question types

Basic Accounting Terms question types

71 questions across 5 question groups — pick any mix to generate a Account paper with step-by-step answer keys.

71
Questions
5
Question groups
5
Question types
Sample Questions

Basic Accounting Terms 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
Consider the following items:
  1. Prepaid Salary.
  2. Accrued Interest $($Receivable$).$
  3. Loan $($Short term$).$
  4. Bank Overdraft.
Current Liability would include:
  • A
    $1, 2, 3, 4$
  • B
    $2, 3, 4$
  • C
    $4, 3, 1$
  • ✓
    $3, 4$

Answer: D.

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Q 2M.C.Q (1 Marks)1 Mark
Goods means:
  • ✓
    Commodity to be bought and sold.
  • B
    Commodity to be bought but not to be sold.
  • C
    Commodity to be used as an asset.
  • D
    All of the above.

Answer: A.

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Q 5M.C.Q (1 Marks)1 Mark
Trade Discount is:
  • A
    Which is allowed at the time of receiving the payment.
  • ✓
    Which is allowed at the time of sale of goods.
  • C
    Which is allowed both at the time of receiving payment and sale of goods.
  • D
    Allowed in all of the above.

Answer: B.

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Q 203 Marks Question3 Marks
Classify the following into:
  1. Assets.
  2. Liabilities.
  3. Expenses.
  4. Revenues.
Sales, Bank balance, Debtors, Bank Overdraft, Creditors, Salary to manager, Discount to debtors, Cost of goods sold.
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Q 234 Marks Question4 Marks
Explain the following terms:
  1. Revenue.
  2. Trade Payables.
  3. Fictitious Assets.
  4. Working Capital.
Working Capital = Current Assets - Current Liabilities.
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