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Introduction to Accounting Account - Introduction to Accounting

CBSE - STD 11 Commerce - Account (CBSE - English Medium). 466 questions in this chapter.

Question types

Introduction to Accounting question types

466 questions across 8 question groups — pick any mix to generate a Account paper with step-by-step answer keys.

466
Questions
8
Question groups
5
Question types
Sample Questions

Introduction to Accounting questions

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

Q 2M.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 3M.C.Q (1 Marks)1 Mark
____________ are important characteristics of Financial Statement.
  • A
    Understandability
  • B
    Comparability
  • C
    Reliability
  • ✓
    All of the above

Answer: D.

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Q 4M.C.Q (1 Marks)1 Mark
An amount which is allowed for the prompt settlement of debt arising out of a sale within a specified time and calculated on a percentage basis is known as ________.
  • A
    Trade discount
  • B
    Special discount
  • ✓
    Cash discount
  • D
    None of the above

Answer: C.

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Q 5M.C.Q (1 Marks)1 Mark
On March 31, there is closing stock of Rs. 10,000. This can be classified __________.
  • ✓
    An event
  • B
    A transaction
  • C
    A transaction as well as an event
  • D
    Neither a transaction nor an event

Answer: A.

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Q 16Assertion and Reason.1 Mark
Assertion (A) : Qualitative aspects of the business unit are completely ignored from the books while preparing financial statements.
Reason (R): Window dressing refers to the practice of manipulating accounts so as to conceal vital facts, so that the financial statements may disclose a more favourable position than the actual position.
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Q 17Assertion and Reason.1 Mark
Assertion (A) : Internal users of accounting information include owners and management.
Reason (R): Internal users get accounting information by published reports of the business such a Profit & Loss Account and Balance Sheet. They also get information from unpublished reports or internal reports of the enterprise.
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Q 18Assertion and Reason.1 Mark
Assertion (A) : The main purpose of cost accounting is to ascertain total cost and per unit cost of goods produced.
Reason (R): The main purpose of financial accounting is to record the business transactions and to ascertain profit or loss and the financial position of the business.
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Q 19Assertion and Reason.1 Mark
Assertion (A) : All financial transactions relating to the business are first of all recorded in 'Ledger'.
Reason (R): Separate accounts are opened in the Ledger for purchases, sales, expenses, incomes, assets etc.
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Q 20Assertion and Reason.1 Mark
Assertion (A) : Fixed Assets are shown in the Balance Sheet at their cost and not at their realisable value.
Reason (R): Fixed Assets are shown in the Balance Sheet according to 'Historical Cost Concept'.
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Q 211 Marks Question1 Mark
Godrej Ltd. imported from Germany one machinery for sale in India and another machinery for production purpose. Will you treat them goods or fixed assets?
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Q 241 Marks Question1 Mark
Mr. Jaspal Singh dealing in electronic goods sold 20 TV sets costing ₹ 30,000 each at 40,000 each. Out of this ₹ 5,00,000 were received in cash and the balance is not yet received. State the amount of revenue.
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Q 263 Marks Question3 Marks
Journalise the following in the books of Som Nath & Sons:
2019  
May 1 Purchased a Machinery for ₹ 1,00,000 and the payment was made by issuing a cheque from Proprietor's saving bank account.
May 4 Received an order from Chakravarti for goods of ₹ 4,00,000 alongwith a cheque of 10% of the order as advance.
May 8 Paid cash ₹ 8,000 to Dushyant and discount allowed by him ₹ 800.
May 10 Goods stolen by an employee (Sale Price ₹ 20,000; Cost ₹ 15,000).
May 15 Purchased stationery worth ₹ 8,000 for office use and ₹ 2,000 for personal use.
May 20 Manoj pays us ₹ 5,400 after deducting 10% for prompt payment.
May 28 Sold goods to Kuber costing ₹ 2,00,000 at 25% above cost less trade discount of 10% and cash discount of 5%. Kuber did not avail the cash discount.
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Q 283 Marks Question3 Marks
Journalise the following transactions:
  1. Purchased a Motor Car for ₹ 3,00,000 and paid ₹ 25,000 for its repair and renewal. Entire payment is made by cheque.
  2. Received Rent ₹ 5,000.
  3. Goods worth ₹ 20,000 were distributed as free samples.
  4. Charge depreciation on Motor Car ₹ 32,500.
  5. Rent due to Landlord ₹ 10,000 and Salary due to Clerks ₹ 80,000.
  6. Charge interest on Capital ₹ 20,000.
  7. ₹ 5,000 due from Sanjay Gupta are bad-debts.
  8. Goods worth ₹ 50,000 were destroyed by fire.
  9. ash ₹ 5,000 and goods worth ₹ 20,000 were stolen by an employee.
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Q 293 Marks Question3 Marks
Pass journal entries for the following:
Jan. 5
Purchased goods for Cash ₹ 10,000 and spent ₹ 200 for their carriage.
Jan. 10
Purchased machinery for Cash ₹ 50,000 and spent ₹ 500 for its carriage.
Jan. 15
Paid ₹ 20,000 for cement, ₹ 10,000 for timber and ₹ 5,000 as wages for the construction of building.
Jan. 17
Purchased an old machinery for ₹ 20,000 and spent ₹ 2,500 on its immediate repairs.
Jan. 20
Paid ₹ 500 for repairing some other machinery.
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