FINANCIAL ACCOUNTING CLASS - 11 TH

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1 OBJECTIVE QUESTIONS FINANCIAL ACCOUNTING CLASS - 11 TH Accounting : Meaning and Objects I. Multiple Choice Questions 1. Qualitative characteristics of Accounting Informations are : (a) Reliability (b) Relevance (c) Understandable (d) All of the above 2. Accounting cycle includes : (a) Recording (b) Classification (c) Summarising (d) All of the above 3. Which of the following statements is not an objective of accounting? (a) To keep systematic records (b) To ascertain the operational profit or loss (c) To provide information of the personal assets liabilities of the owner of an enterprise (d) To ascertain the financial position of the business 4. Which of the following events represent business transaction: (a) Machinery is purchased for cash (b) Goods are ordered for delivery next month (c) The owner of the firm dies (d) An employee is dismissed from this job 5. Book-Keeping is mainly concerned with : (a) Recording of financial data relating to business operations (b) Designing the systems in recording, classifying the recorded data (c) Interpreting the data for internal and external users (d) Preparation of final accounts 6. The main objective of accounting is to see concern (a) Financial position of the concern (b) Position of the cash book (c) Position of purchases (d) Position of sales 7. Which of the following transactions will be entered in the books of Mr. X, a cloth merchant? (a) He receives a shirt as a gift on his birthday (b) He buys a shirt for his son (c) He sells cloth to one of his customers (d) None of the above II. Matching Questions 1. Part - A Part - B (i) Accountancy (a) Where the work of Book-Keeping ends (ii) The work of Accounting begins (b) Influenced by personal judgements (iii) The limitations of Accounting (c) Not fully Accurate (iv) Accounting Statements (d) Types of Accounting (v) Management Accounting (e) Aet and Science both 2. Part - A Part - B (i) Accounting cycles includes (a) Proof in court (ii) Advantages of Accounting (b) Calculation of Profit and Loss (iii) Functions of Accounting (c) Financial Transactions (iv) Relevance (d) Recording (v) Accounting Record (e) Qualitative characteristics of Accounting Informations G-106, P.C. Colony K. bagh, Patna Contact :

2 3. Part - A Part - B (i) Meaning of Book-Keeping (a) All transactions are recorded in primary books (ii) Characteristics of Accounting (b) Purchased machinery for cash (iii) In Book-Keeping (c) Accounting Business Transactions (iv) Business Transactions (d) Cost Accounting (v) Types of Accounting (e) Recording and Classifications III. Multiple Choice Questions : More than one correct type Questions 1. Accounting means (a) Accounting is a Science as well as an Art both (b) Accounting provides financial informations to efficient conduct and evaluation of the activities of any organisation (c) An employee dismissed from the job is known as an accounting transaction (d) Accounting explains the qualitative aspects of trade 2. The characteristics of Accounting are : (a) A perspective employee is interviewed (b) According to accounting tradition all the assets which are in the possission of business are called goods. (c) Recording of Financial Transactions only (d) recording in terms of money 3. In Book-Keeping : (a) All the business transactions are recorded in the Primary Books (b) Posting is done from the Primary Books (c) Book-Keeping is not dependent on Accounting (d) Trial Balance is prepared 4. In Accountancy : (a) Business transactions are recorded (b) Accounts of Adjustments and Rectification of errors are include (c) Final Accounts are included (d) Special knowledge and ability is necessary 5. Objects of Accounting are : (a) To keep systematic records (b) Calculation of Profit and Loss (c) To ascertain the financial of the business (d) Receiving a huge order for export 6. The advantages of Accounting are : (a) Compliment of Memory (b) Comprative Study (c) Proof in Court (d) Helpful in determination of Tax-liability 7. The types of Accounting are : (a) Purchase Accounting (b) Sales Accounting (c) Financial Accounting (d) Cost Accounting 8. The limitations of Accounting are : (a) Influenced by Personal Judgements (b) Incomplete Information (c) Source of Information (d) Accounts of Rectification of Errors 9. The internal users of Accounting Informations are : (a) Management at the top level (b) Creditors (c) Government (d) Middle and low level Mngt. 10. The external users of Accounting Informations are : (a) Management at all levels (b) Tax Authorities (c) Customers (d) Labour Unions G-106, P.C. Colony K. bagh, Patna Contact :

3 11. The sub-systems of Accounting Information System are : (a) Cash sub-system (b) Purchase and Accounts payable sub-system (c) Sales and Accounts Receivable sub-system (d) Employees sub-system 12. Advantages of Accounting Informations are : (a) Accounting Information is historical in nature (b) It provides to users the information regarding the earning capacity of Enterprise (c) it provides information useful for making economic decisions (d) If reflects the current financial position of a business 13. Qualitative characteristics of Accounting Informations are : (a) Reliability (b) Relevance (c) Understandability (d) Comparability IV. (A) (B) (C) (D) Assertion-Reason Type Questions Following are two given statements. Read both the statements and choose the correct alternative : Both statements are true and Statement-II is the correct explanation of Both statements are true but I is not the correct explanationof Statement-I is true, but I is false Statement-II is true, but is false 1. Statement-I Accountancy starts where book-keeping ends. Statement-II Accountancy refers to the entire body of the theory and practice of Accounting. 2. Statement-I Book-Keeping is the language of business. Statement-II Book-Keeping is an Art or Science. 3. Statement-I Assets are future economic benefits, the rights which are owned or controlled by an organisation or individuals. Statement-II Assets are valuable resources owned by a business which were acquired at a measurable money cost. 4. Statement-I Book-Keeping is primary stage. Statement-II Accounting is secondary stage Accounting starts where bookkeeping ends. 5. Statement-I Accountant is not required to possess analytical skill. Statement-II Book-keeper is not required to possess analytical skill. V. Comprehension/Paragraph based Questions Objective Questions / 3 Only those transactions and events are recorded in accounting which are of a financial character. There are so many transactions in the business which are very important for business but which cannot be measured and expressed in terms of money and hence such transactions will not be recorded. For example, the quarrel between the Production Manager and the Sales Manager, resignation by an able and experienced manager, strike by employees and starting of a new business by the other competitor etc. Though these events affect the earnings of the business adversely but as no one can measure the effect of such events in terms of money, these will not be recorded in the books of the business 1. What type of transactions are recorded in accounting? (a) Only Financial transactions are recorded (b) Financial and non-financial transactions G-106, P.C. Colony K. bagh, Patna Contact : th

4 (c) All types of transactions are recorded. (d) Accounting of all of the above 2. Which of the following are not recorded in accounting? (a) Quarrel between production manager and sales manager (b) Establishment of all most same business (c) Resignation by cashier (d) All of the above 3. What type of work is performed by accountant: (a) Analytical nature (b) Order type work (c) Understanding work (d) Work of own choice I. Multiple Choice Questions Basic Accounting Terms 1. Assets are : (a) Fixed Assets (b) Floating Assets (c) Fictitious Assets (d) All of the above 2. Liabilities are : (a) Fixed Liabilities (b) Current Liabilities (c) Contigent Liabilities (d) All of the above 3. Capitals are (a) Fixed (b) Floating (c) Working (d) All of the above 4. Goods includes : (a) Purchase of all the commodities (b) Purchase of all the Assets (c) Purchase of those commodities which are purchased for re-sale purpose (d) Purchase of liquid commodities only 5. A person who owes money to the firm is called a : (a) Creditor (b) Debtor (c) Proprietor (d) None of these 6. A person to whom money is owned by the firm is called a : (a) Creditor (b) Debtor (c) Employee (d) None of the above 7. Live Stock includes : (a) Plant and Machinery (b) Animals (c) Stock (d) Life Insurance Policy 8. Dead Stock includes : (a) Land and Building (b) Debtors (c) Creditors (d) Investments 9. Debentures are : (a) Short-term Liability (b) Contigent Liability (c) Long-term Liability (d) Liquid Liability 10. Bank Loan is (a) Current Liability (b) Current Asset (c) Liquid Asset (d) None of the above II. Matching Questions 1. Part - A Part - B (i) Fixed Asset is (a) Long-term loan G-106, P.C. Colony K. bagh, Patna Contact :

5 (ii) Floating Asset is (b) Creditors (iii) Current Liability is (c) Building Construction Expenses (iv) Capital Exopenditure is (d) Cash and Bank Balance (v) Fixed Liability is (e) Land and Building 2. Part - A Part - B (i) Revenue expenditure is (a) Land and Building (ii) Live Stock is (b) Cash Discount (iii) Allowed at the time of sales of goods (c) Horses (iv) Allowed at the time of receipt of payment (d) Trade Discount (v) Dead Stock includes (e) Wages of Workers 3. Part - A Part - B (i) Bank Loan is (a) Creditor (ii) Debentures are (b) Debtor (iii) A person to whom money is (c) Amount withdraw for personal use owned by the firm is called a (d) Long-term liability (iv) A person whoomes money to (e) Current liability the firm is called a (v) Drawings is treated III. Multiple Choice Questions : More than one correct type Questions 1. Features of business transactions are : (a) Economic Activity (b) Non-banking Activity (c) Change in financial position of business (d) Change in measureable in terms of money 2. Features of assets are : (a) Assets are limited (b) Assets must be valuable (c) Assets must not be owned by the business (d) The Assets must not be owned by the business. 3. The types of assets are : (a) Fixed Assets (b) Floating assets (c) Fictitious assets (d) Tangible and intangible assets 4. Fixed assets are : (a) Cash (b) Debtors (c) Land and Buildings (e) Plant and Machinery 5. Current assets are : (a) Bank balance (b) Furniture (c) Investments (d) Closing stock 6. Fictitious assets are : (a) Bills Receivable (b) Motor Car (c) Preliminary Expenses (d) Promotion Expenses of business 7. Wasting assets are (a) Mines (b) Patent rights (c) Trade Marks (d) Goodwill 8. Tangible assets are : (a) Stock (b) Discount (c) Cash (d) Land and Building 9. Intangible assets are : (a) Loss (b) Goodwill (c) Trade Marks (d) Cash at Bank 10. Fixed liabilities are : (a) Creditors (b) Bills Payable (c) Long Term Loans (d) Debentures G-106, P.C. Colony K. bagh, Patna Contact :

6 11. Current liabilities are : (a) Bank Overdraft (b) Short Term Loans (c) Capital (d) Creditors 12. The types of capital are : (a) Fixed capital (b) Fluctuating capital (b) Working capital (d) Fictitious capital 13. The types of expenditure are (a) Daily expenditure (b) Useless expenditure (c) Capital expenditure (d) Revenue expenditure 14. The types of stock are : (a) Live Stock (b) Dead Stock (c) Stock of Raw Material (d) Stock of Closing Stock 15. The types of profit are : (a) Gross Profit (b) Operating Profit (c) Net Profit (d) Good Profit 16. The types of discount are : (a) Useless Discount (b) Good Discount (c) Trade Discount (d) Cash Discount IV. (A) (B) (C) (D) Assertion-Reason Type Questions Following are two given statements. Read both the statements and choose the correct alternative : Both statements are true and Statement-II is the correct explanation of Both statements are true but I is not the correct explanationof Statement-I is true, but I is false Statement-II is true, but is false 1. Statement-I Liabilities are debts, they are amounts owed to creditors. Statement-II Liabilities = Assets - Capital. 2. Statement-I When cash comes it is debited. Statement-II Cash is a Real Account. 3. Statement-I Expenses is the cost of the use of things or services for the purpose of generating revenue. Statement-II Income = Revenue - Expenses. 4. Statement-I Cost is the amount of expenditure (actual or national) incurred on, as attributable to a specified thing or activity. Statement-II Cost can be termed as the amount of resources given up in exchange for some goods or services. The resources given up are money or money s equivalent expressed in terms of money. 5. Statement-I The term purchases includes both cash purchases and credit purchases of goods. Statement-II The term sales includes both cash and credit sales. Accounting : Concepts and Principles I. Multiple Choice Questions 1. Types of Accounting Principles are : (a) Basic Concepts (b) Basic principles (c) Modifying principles (d) All of the above G-106, P.C. Colony K. bagh, Patna Contact :

7 2. Basic concept is (a) Principle of consistency (b) Current business concept (c) Verifiable objective evidence concept (d) Cost-Benefit Principle 3. Basic Principles is : (a) Principles of Revenue Realisation (b) Moneymeasurement concept (c) Principle of industrial practice (d) Principle of consistency 4. Modifying principle is : (a) Principle of revenue realisation (b) Principle of full disclosure (c) Cost-benefit principle (d) Historical cost principle 5. According to the current business concept, a business entity is assumed to have (a) A long life (b) A short life (c) An indefinite life (d) None of the above 6. Contingent Liability is shown in the Balance Sheet because of : (a) Principle of consistency (b) Principle of materiality (c) Principle of full disclosure (d) Convention of conservation 7. Revenue is considered as being earned when: (a) Cash is received (b) Production is done (c) Sale is effected (d) Purchase is effected 8. Accounting does not record non-financial transactions because of : (a) Business entity concept (b) Money measurement concept (c) Principle of industrial prectice (d) Cost-benefit principle 9. According to which of the following concepts even the owner of the business who provides capital is treated as a creditor of the business? (a) Business Entity Concept (b) Cost Concept (c) Money Musurement Concept (d) Principle of Full Disclosure II. Matching Questions 1. Part - A Part - B (i) Names of Accounting Principles (a) There are two aspects in each transactions (ii) From the point of view of income (b) Current business Tax Accounting year is (c) Principles of Revenue Realisation (iii) According to dual aspect concept (d) Concepts (iv) Basic concepts is (e) 1st April to 31st March (v) Basic principle is 2. Part - A Part - B (i) Accounting principles are (a) On the basis of Development of commerce (ii) Modifying principle is (b) Accepiable to all (iii) Basic principle is (c) Cost Benefit Principle (iv) According to the current business (d) Principal of Revenue Realisation concept, a business entity is assumed (e) Long Term to have (v) Accounting principles are developed III. Multiple Choice Questions : More than one correct type Questions 1. Accounting Principles means: (a) Which are implemented at the time of recording of accounting transactions (b) Which are implemented at the time of presentation of Financial Statements. (c) Which are written and certain (d) Which are generally acceptable G-106, P.C. Colony K. bagh, Patna Contact :

8 G-106, P.C. Colony K. bagh, Patna Contact : th 2. Main features of Accounting Principles are : (a) Uselessness (b) Usefulness (c) Feasibility (d) Based on Real Facts 3. The types of Accounting Principles are : (a) Accounting Concepts (b) Conventions of Accounting (c) Accounting Aptitude (d) Accounting System 4. Basic Concepts of Accounting are : (a) Business entity Concept (b) Verifiable objectives evidence concept (c) Going concern concept (d) Money measurement concept 5. Accounting conventions are : (a) Convention of full disclosure (b) Principle of consistency (c) Convention of conservation (d) Accounting year concept 6. As per Dual Aspect Concept (a) Assets = Liabilities + Capital (b) Assets = Liabilities - Capital (c) Capital = Assets - Liabilities (d) Capital = Assets + Liabilities 7. Interest on Capital is : (a) Expense for Business (b) Income for Business (c) Income for Businessman (d) Expense for Businessman 8. In accounting all business transactions are recroded: (a) As having Single Aspect (b) As having Dual Aspect (c) As having Thrice Aspect (d) As having Double Aspect IV. (A) (B) (C) (D) Assertion-Reason Type Questions Following are two given statements. Read both the statements and choose the correct alternative : Both statements are true and Statement-II is the correct explanation of Both statements are true but I is not the correct explanationof Statement-I is true, but I is false Statement-II is true, but is false 1. Statement-I According to business entity concept, business is treated as a unit separate and distinct from its owners, creditors, managers and others. Statement-II The owner of a business is always considered as distinct and separate from the business owners. The proprietor is treated as a creditor of the business to the extent of capital invested by him in the business. 2. Statement-I Accroding to Dual Aspect Concept every business transaction is recorded as having a dual aspect. Statement-II Every transaction affects alleast two accounts. If one account is debited, any other accounts must be credited. 3. Statement-I Every transaction have two aspects. Statement-II Profit and Loss are two sides of a business. 4. Statement-I According to Matching Concept in determining the net profit from business operations, all costs which are applicable to revenue of the period should be charged against the revenue. Statement-II Accordingly for matching costs with revenue, first revenues should be recognised and their cost incurred for generating that revenue should be recognised.

9 G-106, P.C. Colony K. bagh, Patna Contact : th V. Comprehension/Paragraph based Questions Theory base of accounting consists of principles, concepts, conventions, rules and guidelines developed over a period of time to bring uniformity and consistency to the process of accounting in order to enhance its utility to various users of accounting information. In addition, accounting standards issued by The Institute of Chartered Accountants of India (ICAI) also constitute the theory base of accounting. 1. Which of the following are included in theory based of accounting? (a) Concepts (b) Conventions (c) Rules and guidlines (d) All of the above 2. Theory base of Accounting includes : (a) Relevance (b) Accounting Standard (c) Objectivity (d) Feasibility 3. Which of the following are the kinds of Accounting principles (a) Accounting Concepts (b) Assumptions (c) Accounting Conventions (d) All of the above I. Multiple Choice Questions Accounting Standards 1. AS-13 explains : (a) Revenue Recognition (b) Earning Per Share (c) Consolidated Financial Statements (d) Accounting for Investments 2. AS-22 explains : (a) Accounting for Taxes on Income (b) Interim Financial Reporting (c) Intangible Assets (d) Leases 3. Accounting Standards are necessary : (a) For the implementation of certain Policies and Standards (b) For non-implementation of certain Policies and Standards (c) For the implementation of policies and standards according to circumstances (d) None of the above 4. Accounting Standards Board was established on : (a) 20th March, 1979 (b) 21st April, 1979 (c) 25th Feb., 1978 (d) 21st May, Accounting Standards are necessary (a) Due to Reginal Busineas (b) Due to National Business (c) Due to Globalisation of Business (d) None of the above 6. Accounting Standards Board is established : (a) For the preparation of Accounting Standards (b) For the publicity of Accounting Standards (c) For the issue of directions of Accounting Standards (d) For all of the above 7. AS-1 explains (a) Revenue Recognition (b) Disclosure of Accounting Policies (c) Accounting for Investments (d) Intangible Assets 8. AS-8 explains : (a) Accounting for Fixed Assets (b) Accounting for Investments (c) Accounting for Research and Development (d) Accounting for Government Grants

10 G-106, P.C. Colony K. bagh, Patna Contact : th II. Matching Questions 1. Part - A Part - B (i) AS-22 explains (a) Accounting for investments (ii) AS-13 explains (b) Accounting for taxes of income (iii) AS-10 explains (c) Depreciation Accounting (iv) AS-6 explains (d) Valuation of inventories (v) AS-2 explains (e) Accounting for fixed assets 2. Part - A Part - B (i) Accounting Standards are useful (a) For the implementation of certain policies and standards (ii) Accounting Standards must be (b) For Auditors (iii) Accounting standards are necessary (c) Disclosure of Accounting policies (iv) Clear in AS-1 (d) For the preparation of Accounting Standards (v) Accounting Standards Board is (e) Simple and Clear III. Multiple Choice Questions : More than one correct type Questions 1. Accounting Standards means : (a) As a mode of conduct imposed on accountants by Professional Body (b) Ignorance of certain rules (c) To implement the certain rules (d) As an policy document 2. The nature of Accounting Standards is : (a) Proper recording of business transactions (b) To remove the diverse effects of various accounting policies (c) Not to disclose the business transactions (d) To give informations to the users of financial staements that on which basis these staements have been prepared. 3. The need of Accounting Standards is : (a) For the uniformity in presentation of Accounts (b) To maintain the ambiguity in Accounting Terminology (c) For control on scandal (d) For the localisation of Business 4. The utility of Accounting Standards is : (a) For the unreliability of Financial Statements (b) For the comparability in Financial Statements (c) To reduce the Manipulations and Frauds (d) To help the Auditors 5. AS-5 is : (a) Regarding Net Profit and Loss for the period (b) regarding discontinuiting operations (c) Regarding Intangible Assets (d) Reagrding changes in Accounting policies 6. AS-29 is (a) Regarding accounting for Investments (b) Regarding accounting for Taxes on Income (c) Regarding Provisions (d) Regarding Contigent Liabilities and Contigent Assets

11 IV. (A) (B) (C) (D) Assertion-Reason Type Questions Following are two given statements. Read both the statements and choose the correct alternative : Both statements are true and Statement-II is the correct explanation of Both statements are true but I is not the correct explanationof Statement-I is true, but I is false Statement-II is true, but is false 1. Statement-I Depreciation is charge on fixed assets. Statement-II Depreciation accounting is done according to AS Statement-I Disclosure of Accounting policies is done according to AS-1. Statement-II Valuation of inventories is done according to AS-II. 3. Statement-I Accounting for construction contracts is done according to AS-7. Statement-II Accounting for Research and Development is done according to AS Statement-I Accounting for Taxes on income is done according to AS-29. Statement-II Accounting for impairment of Assets is done According to As Statement-I Accounting for investment is done according to As-13. Statement-II Accounting for Govt. Grant is done according to As-14. Process and Bases of Accounting I. Multiple Choice Questions 1. Systems of Accounting are : (a) Single Entry System (b) Double Entry System (c) Single and Double Entry System (d) Simple Entry System 2. Defects of Double Entry Systems are : (a) Expensive System (b) Errors of Principle cannot be traced (c) Compensatory Errors cannot be traced (d) All of the above 3. Books of Accounts used under Double Entry System are : (a) Purchase Book (b) Sales book (c) Cash Book (d) All of the above 4. Various stages of Double Entry System are : (a) Books of Original Entries (b) Classification (c) Preparation of Final Accounts (d) All of the above 5. Types of Accounts are (a) Two (b) THree (c) Four (d) Five 6. The rule of Personal Accounts is (a) Debit the receiver and Credit the given (b) Debit the giver and credit the receiver (c) Debit what comes in and credit what goes out (d) Debit what goes out and credit what comes in 7. The Rule of Real Account is : (a) Debit all expenses and credit all incomes G-106, P.C. Colony K. bagh, Patna Contact :

12 (b) Debit what comes in and credit what goes out (c) Debit the Receiver and credit the Gives (d) Debit the Giver and credit the Receiver 8. The Rule of Nominal Account is : (a) Debit what comes in and credit what goes out (b) Debit what goes out and credit what comes in (c) Debit all expenses and losses and credit all incomes and gains (d) debit all incomes and gains and credit all expenses and losses II. Matching Questions 1. Part - A Part - B (i) Single Entry System (a) Lucas Pocioli (ii) Double Entry System (b) Rare Possibility of Error (iii) Founder of Double Entry System (c) Double Entry effect of business transaction (iv) Advantages of Double Entry System (d) Scientific (v) Characteristics of Double Entry System (e) Unscientific 2. Part - A Part - B (i) Types of Account (a) Systems of Accounting (ii) Accounts of Insurance Company (b) Disadvantages of Double Entry System (iii) Single Entry System (c) In Double Entry System (iv) Checking the accuracy Account (d) Artificial Personal possible (v) Principle cannot be traced (e) Artificial Personal Error of Account III. Multiple Choice Questions : More than one correct type Questions 1. Systems of Accounting are : (a) Single Entry System (b) Large Entry System (c) Small Entry System (d) Double Entry System 2. Characteristics of Double Entry System are : (a) Single effect of business transactions (b) Double effect of business transactions (c) Recording is not made on the basis of certain prescribed rules (d) Recording of Personal and Impersonal Accounts 3. Merits of Double Entry System are : (a) Scientific System (b) Complete Record (c) Preparation of Trial Balance (d) Knowledge of Financial Position 4. Disadvantage of Double Entry System are : (a) Economical System (b) Expensive System (c) It is very difficult to locate the error of principle (d) Useless System 5. Principles of Doubled Entry System are (a) Two Parties (b) Three Parties (c) definite rules (d) One Party 6. According to Double Entry System Accounts are: (a) Personal Accounts (b) Impersonal Accounts (c) Useless Accounts (d) Nominal Accounts 7. Double Entry System is the best because of : (a) Account Books are incomplete (b) It is a Scientific System (c) Less possibility of frauds (d) Knowledge of Arithmetical accuracy 8. Books of Accounts under Double Entry System are (a) Single Book (b) Double Book (c) memorandum or Waste Book (d) Books of original Enteries G-106, P.C. Colony K. bagh, Patna Contact :

13 G-106, P.C. Colony K. bagh, Patna Contact : th 9. Basis of Accounting are : (a) Cash Basis of Accounting (b) Accrual Basis of Accounting (c) Purchase Basis of Accounting (d) Sales Basis of Accounting 10. Advantages of Cash Basis of Accounting are : (a) Easy and Realise (b) It follows Matching Principle of Accounting (c) It is best for Professional People (d) It does not require the use of estimates and personal judgements IV. (A) (B) (C) (D) Assertion-Reason Type Questions Following are two given statements. Read both the statements and choose the correct alternative : Both statements are true and Statement-II is the correct explanation of Both statements are true but I is not the correct explanationof Statement-I is true, but I is false Statement-II is true, but is false 1. Statement-I Balance Sheet is not prepared in Single Entry System. Statement-II Balance Sheet is prepared only in Double Entry System. 2. Statement-I Those accounts which are not according to Double Entry System are imcomplete Records. Statement-II System of book-keeping in which only cash and personal account are recorded is called single entry system.. 3. Statement-I Purchase of fixed assets is a capital Expenditure. Statement-II Capital Expenditure are shown in Balance Sheet. 4. Statement-I Profit = Closing capital - Opening Capital. Statement-II The difference between closing capital and opening capital is known as profit in single entry. 5. Statement-I The system of Double Entry of Book-Keeping is founded upon the truth that every transaction affetcs two accounts. Statement-II Every Debit must have correspoding credit. I. Multiple Choice Questions Accounting Equations 1. The effect of Computer purchase for the son of the owner of the business will be (a) Decrease in Asset and Capital (b) Increase in Asset and decrease in liability (c) Increase in Capital and decrease in liability (d) Increase in liability and decrease in capital 2. An amount of Rs. 5,000 was spent on a Old machine purchased The effect of this transaction of business will be (a) Decrease in Asset and Capital (b) Increase and Decrease in Asset (c) Increase and Decrease in Liability (d) Increase and Decrease in capita 3. Due to the following transactions the total of Assets and Liabilities of the business will be : (i) Ram started business with cash Rs. 80,000

14 G-106, P.C. Colony K. bagh, Patna Contact : th (ii) Purchased goods on credit Rs. 18,000 (iii) Purchased machinery Rs. 20,000 (a) Rs. 1,18,000 (b) Rs. 98,000 (c) Rs. 1,00,000 (d) Rs. 80, Prepare accounting equations on the basis of the following transactions: (i) Mohan started business with cash Rs. 20,000 (ii) Furniture purchased Rs. 2,000 (iii) Paid Rent Rs. 200 (iv) Purchased goods on credit Rs. 3, Main elements of accounting equation are : (a) Cash, Debtors and Machinery (b) Capital, Creditors and Bills Payable (c) Assets, Liabilities and Capital (d) Investments, Bills Receivable and Furniture 6. If the capital of business Rs.1,50,000; creditors of Rs. 50,000 and bills payable of Rs. 10,000 of a business total assets of the business will be : (a) Rs, 1,60,000 (b) RS. 2,10,000 (c) Rs. 2,00,000 (d) Rs. 60, If total assets of a business are Rs. 3,00,000 and capital of Rs. 2,40,000 then creditors will be : (a) Rs. 60,000 (b) Rs. 5,40,000 (c) Rs. 2,40,000 (d) Rs. none of the above 8. On the basis of following transactions, the closing capital of the business will be: (i) Owner s capital in the beginning Rs. 2,60,000 (ii) Creditors at the end Rs. 40,000 (iii) Income during the year Rs. 1,00,000 (iv) Expenses during the year Rs. 50,000 (a) Rs. 3,60,000 (b) Rs. 1,50,000 (c) Rs. 3,10,000 (d) Rs. 2,60, Ram s opening capital was of Rs. 2,00,000 and closing capital of Rs. 3,00,000. During the year he introduced Rs. 50,000 as his additional capital and withdrawn Rs. 10,00,000 for his private expenses, then his profits will be: (a) Rs. 5,00,000 (b) Rs. 60,000 (c) Rs. 2,90,000 (d) Rs. 2,40, Total Assets of Manish as on 31st Dec., 2005 were Rs. 80,000. His liabilities were : creditors Rs. 20,000; Bank overdraft Rs. 20,000; Bills Payable Rs. 16,000. On that date his capital will be: (a) Rs. 60,000 (b) Rs. 24,000 (c) Rs. 40,000 (d) Rs. 64, If goods is returned to the supplier then we prepare: (a) Debit Note (b) Credit Note (c) Receipt (d) Invoice 12. If goods is returned by the customer then trader prepares: (a) Debit Note (b) Credit Note (c) Pay-in-slip (d) Bill 13. On receipt payment payer gets : (a) Credit Note (b) Debit Note (c) Receipt (d) Pay-in-slip 14. For the deposit of amount into the bank is used : (a) Cheque Book (b) Pay-in-slip (c) Pass Book (d) None of the above

15 G-106, P.C. Colony K. bagh, Patna Contact : th 15. Type of Vouchers are : (a) Cash Vouchers (b) Transfer Vouchers (c) Debit and Credit Vouchers (d) All of the above 16. Assets include: (a) Creditors (b) Bank Loan (c) Investments (d) All of the above 17. Liabilities include (a) Debtors (b) Bills payable (c) Stock (d) All of the above 18. Which of the following is correct equation: (a) Capital = Assets + Liabilities (b) Assets = Liabilities - Capital (c) Liabilities = Capital + Assets (d) Capital = Assets - Liabilities 19. If Capital of a business is Rs. 80,000 and Liabilities are Rs. 20,000 then total Assets of business will be: (a) Rs. 1,00,000 (b) Rs. 60,000 (c) Rs. 80,000 (d) None of the above 20. If total assets of a business are Rs. 4,00,000 and capital is Rs. 3,50,000 then creditors will be: (a) Rs. 4,00,000 (b) Rs. 3,50,000 (c) Rs. 50,000 (d) Rs. 7,50,000 II. Matching Questions 1. Part - A Part - B (i) Source Document of Accounting (a) Wrong Equation (ii) Outstanding Salary (b) Accounting Equation (iii) Assets = Liabilities + Capital (c) Assets (iv) Amount of prepaid insurance (d) Invoice and Bill (v) Assets = Liabilities - Capital (e) Liability 2. Part - A Part - B (i) Amount of Accrued Interest (a) Liabilities (ii) Interest on Investment received in advance (b) Assets (iii) Salary to Business Manager (c) Assets, Liabilities and paid Capital (iv) Element of accounting equation Debit (d) Types of Vouchers (v) Debit and Credit Capital (e) Decrease in Assets and Capital III. Multiple Choice Questions : More than one correct type Questions 1. Which of the following statements are correct? (a) Cash Memo (b) Invoice and Bill (c) Debit and Credit Note (d) Pay-in slip and cheque 2. Voucher means : (a) Written proof of business transactions (b) Cash Book (c) Purchase Book (d) Documentary evidence in support of an entry appearing in the books of accounts 3. Types of Vouchers are : (a) Profil and Loss Vouchers (b) Depreciation Vouchers (c) Cash Vouchers (d) Cash Vouchers 4. Advantages of Voucher are : (a) (b) (c) Recording of partial payments Verification of the entries relating to a transaction Control on Cash payment

16 (d) Proper recording of Depreciation 5. Meaning of Accounting Equation is : (a) Another form of Dual Aspect Concept (b) Another form of Single Aspect Concept (c) Double effect of every business transaction (d) No effect of business transaction 6. According to Accounting Equation : (a) Assets = Total Equity (b) Assets = Creditors Equity + Owner s Equity (c) Liabilities = Assets - Capital (d) Liabilities = Capital + Assets 7. According to Accounting Equation: (a) Both aspect of the equation wil be unequal in every circumstance (b) Both aspects of the equation will be equal in every circumstance (c) Cash + Furniture + Goods + Debtors = Creditors + Capital (d) Cash + Bills Payable - Assets 8. Outstanding Salary for trade is : (a) Income (b) Asset (c) Liability (d) Amount Payable 9. Interest on Investments received in advance for trade is : (a) Liability (b) Asset (c) Advance Amount received (d) Capital 10. Amount of prepaid insurance for trade is : (a) Liability (b) Asset (c) Income (d) Advance payment amount IV. (A) (B) (C) (D) Assertion-Reason Type Questions Following are two given statements. Read both the statements and choose the correct alternative : Both statements are true and Statement-II is the correct explanation of Both statements are true but I is not the correct explanationof Statement-I is true, but I is false Statement-II is true, but is false 1. Statement-I Accounting equation is true in all cases. Statement-II A Voucher may be defined as documentary evidence in support of an entry appearing in the books of accounts. 2. Statement-I Profit = Closing capital - Opening Capital. Statement-II Assets = Liabilities + Capital. 3. Statement-I Debit voucher - For cash payment. Statement-II Credit voucher - For cash receipt. 4. Statement-I Cash vouchers are prepared for cash receipts and cash payments. Statement-II Credit vouchers are prepared for such transactions which are related with cash receipts. 5. Statement-I Non-cash voucher or transfer voucher are one and the same. Statement-II In Case the source document is not available for a transaction, the receipt portion of the debit voucher is filled and is used assource document. G-106, P.C. Colony K. bagh, Patna Contact :

17 G-106, P.C. Colony K. bagh, Patna Contact : th I. Multiple Choice Questions Journal 1. Sale of Old Newspaper shall be credited to :s (a) Cash Account (b) News-Paper A/c (c) Sales Account (d) Bank Account 2. Bank overdraft account is : (a) Personal Account (b) Real Account (c) Nominal Account (d) Bank Account 3. Repair to building would be debited to : (a) Repairs Account (b) Building Account (c) Cash Account (d) None of these 4. Extension to Building would be debited to : (a) Building Account (b) Repairs Account (c) Cash Account (d) Personal Account of the Proprietor 5. Goods purchased from Mohan credited to : (a) Mohan s Account (b) Purchased Account (c) Goods Account (d) Cash Account 6. Purchased goods from jitender for Rs. 5,000 for cash less 8% trade discount and received 2% cash discount, is credited in discount account with Rs. (a) Rs. 400 (b) Rs. 92 (c) Rs. 100 (d) Rs Received 60% out of a total debts of Rs. 8,000 from Sajal because he has been declared insolvent, is debited to Bad Debt account for Rs. (a) Rs. 3,200 (b) Rs. 4,800 (c) Rs. 8,000 (d) Rs. 6, Received an order from M/S Akash Deep Traders for Rs. 10,000 is debited to : (a) Sales Account (b) Rs. Purchase Account (c) Advance Account (d) No entry 9. Purchased goods from Ram for Rs. 2,000 and they paid cartage Rs. 200 is credited to Ram s A/c with what amount : (a) Rs. 2,000 (b) Rs. 2,200 (c) Rs. 200 (d) Rs. 2, Goods sold to Suresh of list price of Rs. 2,000, Trade 10% and Cash 5%. He paid the amount on the same day and availed the cash discount, is debited to cash account with what amount: (a) Rs. 1,700 (b) Rs. 1,710 (c) Rs. 1,900 (d) Rs. 1, Credit note issued to Raman for Rs. 500 for goods damaged in transit, is credited to : (a) Goods in Transits (b) Raman s Account (c) Goods Account (d) Purchases Account 12. Paid for Income Tax and children s school fees is credited to : (a) Drawings s Account (b) Income Tax and Children s Fees Account (c) Cash Account (d) Capital Account 13. The origin of Journal word is : (a) From the word of Italian language (b) From the word of French language (c) From the word of Russian language (d) From the word of English language 14. The Journal of a trader is : (a) Subsidiary Book (b) Cash Book (c) Principal Book (d) Purchase Book

18 15. The functions of Journal are : (a) To present the date-wise record of every transactions (b) To present the detail of debit and credit of every transaction (c) To give the base of posting for transactions (d) All of the above 16. The objects of Journal are : (a) To provide the convenience in posting (b) To provide the brief narration of transactions (c) To help in the solution of trade disputes (d) All of the above 17. The advantages of Journal are : (a) Narration of every transaction (b) Date-wise entry of every transaction (c) Reliable proof (d) All of the above 18. Trade discount is given : (a) On the purchase of goods on credit (b) On cash payment (c) On sale of goods (d) On receipt of cash before time 19. On capital invested by the proprietor in the business will be credited : (a) Cash Account (b) Capital Account (c) Proprietor Account (c) Goods Account 20. Recording of transaction in the journal is called : (a) Posting (b) Casting (c) Journalising (d) None of the above 21. The purchase journal contains : (a) All purchases (b) All purchases of goods (c) Cash purchases of goods (c) Credit purchases of goods 22. Acounts which are related to gains or losses are called as (a) Personal Account (b) Real Account (c) Nominal Account (d) None of the above 23. Accounts related to property are called: (a) Real Account (b) Personal Account (c) Nominal Account (d) None of the above 24. Interest on Capital (a) Increase assets and decreases capital (b) Increase expense and decrease liability (c) Increase and Decrease Capital (d) Increase liability and decreases capital 25. Recovery of bad debts previously written off: (a) Increase Assets and Revenue (b) Decrease Assets and Expenses (c) Increase Assets and Capital (d) Increases Expenses and Assets 26. Which of the following books should be used to record purchase of furniture on credit? (a) Cash Book (b) Jourrnal Proper (c) Purchase Book (c) Furniture Book 27. Which of the following accounts is increased by debit entries? (a) Machinery Account (b) Purchases Returns Account (c) Discount Received Account (d) Purchase Account 28. The credit balance in the Bank Account is : (a) An Asset (b) An Liability (c) An expense (d) An income G-106, P.C. Colony K. bagh, Patna Contact :

19 29. Returns Outward Book makes a record of : (a) Goods returned by the suppliers (b) Goods returned by the Customers (c) Goods returned by the proprietor (d) None of the above 30. Amount paid for the life policy of the proprietor will be debited: (a) In Life Insurance Account (b) In Capital Account (c) In Drawings Account (d) None of the above II. Matching Questions 1. Part - A Part - B (i) Cash Discount (a) An example of Personal Account (ii) Goods taken for personal use (b) An example of Nominal Account (iii) Drawings Account (c) Personal Account (iv) Discount Account (d) On receipt of cash before time (v) Bank Overdraft Account (e) Drawings 2. Part - A Part - B (i) The Journal of a trader is (a) Increase in Capital (ii) Credit Purchases (b) A Liability (iii) Accounts which are related to (c) Principal book gains or losses are called (d) Nominal Account (iv) Credit balance of Bank Account is (e) Recorded in purchase Journal III. Multiple Choice Questions : More than one correct type Questions 1. Journal means : (a) Ledger (b) Trial Balance (c) In which originally business transactions are recorded (d) It is a main book of trader 2. The feature of Journal are : (a) it is a book in which all the transactions are recorded, as and when they take place (b) It is a book in which all the business transactions are recorded at the last (c) In it all the transactions are recorded serially and datewise. (d) In it all the transactions are recorded according to will 3. Objects of Journal are : (a) It simplifies ledger (b) Recording of both aspects of every transaction (c) It simplifies the preparation of vouchers (d) None of the above 4. Advantages of Journal are : (a) More possibility or errors (b) Less possibility or errors (c) It simplifies the posting in different accounts (d) Incomplete narration of business transactions 5. The Columns in the proforma of Journal are : (a) Date (b) Particulars (c) Ledger Folio/L.F. (d) Number of page of Cash Book 6. The rules of journalising are : (a) Debit the giver and credit the receiver (b) Debit the receiver and credit the giver (c) Debit what comes in and credit what goes out (d) debit all expenses and losses and credit all incomes and gains 7. Classification of Goods is : (a) Debtors Account (b) Creditors Account (c) Purchases Account (d) Sales Account G-106, P.C. Colony K. bagh, Patna Contact :

20 G-106, P.C. Colony K. bagh, Patna Contact : The types of discount are : (a) Purchase Discount (b) Trade Discount (c) Purchase Return Discount (d) Cash Discount 9. Trade discount is which : (a) Allowed by seller to the customer at a fixed percentage on the printed price list at the time of sales. (b) It is allowed to encourage prompt payment (c) Deducted in the Invoice or Cash Memo (d) Not deducted in the Invoice or Cash Memo 10. Cash Discount is which : (a) Not recorded in Books of Accounts (b) Allowed by the seller to purchaser for prompt payment (c) Allowed to encourage the prompt payment (d) Allowed to encourage the sales IV. (A) (B) (C) (D) Assertion-Reason Type Questions Following are two given statements. Read both the statements and choose the correct alternative : Both statements are true and Statement-II is the correct explanation of Both statements are true but I is not the correct explanationof Statement-I is true, but I is false Statement-II is true, but is false 1. Statement-I Expenses are debited. Statement-II Profit & Loss Account is a nominal account. 2. Statement-I Journal is a book of original entry. Statement-II Journal has four columns. 3. Statement-I At the time of passing entry in Personal Account rules of debit the receiver and credit the giver is followed. Statement-II At the time of passing entry in Real Account rules of Debit what comes in and Credit what goes out is followed. 4. Statement-I The book in which all the business transactions are entered systematically for the first time is known as Jourmal. Statement-II The journal or daily record as originally used was a book of primary entry in which transactions were copied in order of date, from a memorandum or waste book. The entries as they were copied. Were (classified into debits and credits so as to facilitate their being correctly posted afterwards in the ledger. 5. Statement-I The process of recording transactions in the Journal is called Journalising. Statement-II A Journal is called a book of original entry because all transactions are entered first in this book. Books of Original Entry - Cash Book I. Multiple Choice Questions 1. Paid, Rs. 3,000 to Mohan, It will be recorded in the cash-book (a) In credit side (b) In debit side (c) In Liability side (d) In Asset side 2. Trade Discount allowed to Ram Rs. 100, will be debited to : (a) Discount A/c (b) Ram s A/c (c) Sales A/c (d) None of the above th

21 3. Petty cash-book is kept to record : (a) Assets of the business (b) Liabilities of the business (c) Day to day small expenses (d) Stock of goods 4. The characteristics of cash-book are : (a) Recording of cash transactions (b) Part of ledger (c) Debit and credit side (d) All of the above 5. Similarities of cash book and ledger are : (a) Proforma of both is the source (b) Word To and By is used in both (c) Both are balanced in the same way (d) All of the above 6. The types of two columnar of cash book are : (a) Cash and discount columns (b) Bank and discount columns (c) Cash and Bank columns (d) All of the above 7. Cash discount allowed to Ram Rs. 50. It will be debited to (a) Ram s A/c (b) Discount A/c (c) Cash A/c (d) None of the above 8. Cash discount received. It will be credited to : (a) Discount A/c (b) Creditors A/c (c) Debtors A/c (d) Cash A/c 9. Payment made by cheque will be credited to : (a) Cash A/c (b) Bank A/c (c) Debtors A/c (d) Creditors A/c 10. Interest allowed by the bank will be credited to : (a) Bank A/c (b) Cash A/c (c) Interest A/c (d) Asset A/c 11. Cash withdrawn from the bank for private use will debited to : (a) Drawings (b) Cash A/c (c) Bank A/c (d) Asset A/c 12. Income-Tax paid by cheque. It will be credited to : (a) Income-Tax A/c (b) Cash A/c (c) Bank A/c (d) Income A/c 13. Ram s cheque dishonoured. It will be debited to : (a) Cheque A/c (b) Cash A/c (c) Ram s A/c (d) Bank A/c 14. Name the columnthe cash book which is totalled but not balanced: (a) Discount A/c (b) Cash A/c (c) Bank A/c (d) Asset A/c 15. Cash Book is a : (a) Journal (b) Ledger (c) Journalised Ledger (d) None of the above 16. The advantages of Cash Book are : (a) There is no need to open the Cash Account separately (b) Record of Bank transactions (c) To calculate the Cash Balance (d) All of the above 17. The Balace of Bank overdraft is (a) Debit Balance (b) Credit Balance (c) Debit or Credit Balance (d) Neither Debit nor Credit Balance 18. When a firm maintains a Cash Book, it need not maintain: (a) Sales Journal (b) Purchase Journal (c) General Journal (d) Cash Account in the ledger 19. Double Column Cash Book records: (a) Only Cash Transactions (b) All Transactions (c) Cash Purchase and Cash Sales Transactions G-106, P.C. Colony K. bagh, Patna Contact : th

22 19. Double Column Cash Book records: (a) Only Cash Transactions (b) All Transactions (c) Cash Purchase and Cash Sales Transactions (d) Cash and Bank transactions is a contra entry: (a) Selling goods for cash (b) depositing cheque into bank which was received the same day (c) Depositing cheque into bank which was received the previous day (d) Receiving cash from Mohan and allowed him discount 21. All credit transactions are recorded of the cash book (a) In debit side (b) In credit side (c) Either in debit side or in credit side (d) Neither in debit side nor in credit side many have contra entry: (a) Simple Cash Book (b) Cash and Discount Column Cash Book (c) Cash and Bank Column Cash Book (d) All Cash Books 23. Cash Book does not record : (a) Credit Purchases (b) Credit Sales (c) Outstanding Expenses (d) All the above transactions 24. Bank column of the Cash Book has balance. (a) Debit (b) Credit (c) Outstanding Expenses (d) All the above transactions 25. Double column Cash Book records: (a) Only cash transactions (b) All transactions (c) Cash purchases and cash sales transactions (d) Cash and Bank transactions II. Matching Questions 1. Part - A Part - B (i) Object of maintaining Cash Book is (a) Debit or Credit (ii) Opening balance of cash is written (b) Total is done (iii) Note recorded in Cash Book (c) Credit Purchase (iv) Discount column of Cash Book (d) On the debit of Cash Book (v) Balance of Bank column of Cash Book (e) To know the cash balance 2. Part - A Part - B (i) The balance of Petty Cash Book is (a) Interest given by the Bank (ii) Petty Cash Book maintain records of (b) Assets (iii) Interest Account is credited (c) Bank Account (iv) Payment made by cheque will be credited (d) Cash and Bank transactions (v) Double column Cash Book Records (e) All Petty Expenses III. Multiple Choice Questions : More than one correct type Questions 1. Main subsidiary Books are : (a) Cash Book (b) Ledger (c) Purchase Book (d) Sales Book 2. Advantages of subsidiary books are : (a) Lack of Flexibility (b) Division of work according to ability (c) Delay in accounting work (d) Increase in efficiency G-106, P.C. Colony K. bagh, Patna Contact :

(c) Tangible assets / (d) Intangible assets / Expenses increasing the earning capacity of business are : (c) Decrease in tax liabi

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