WorksheetsGangaram Quiz Class XI
Total questions: 28
Worksheet time: 11mins
Name
Class
Date
1.
Accounting is the language of business.
a)
True
b)
False
2.
Accounting is helpful in raising loans.
a)
True
b)
False
3.
Accounting is not accepted as evidence in legal matters.
a)
True
b)
False
4.
Management of an enterprise is internal user of its accounting information.
a)
True
b)
False
5.
Accounting makes a record of qualitative aspects of business.
a)
True
b)
False
6.
Accounting is a service function.
a)
True
b)
False
7.
Accounting involves only the recording of business transaction.
a)
True
b)
False
8.
Accounts are prepared on the basis of historical costs.
a)
True
b)
False
9.
Only those transactions are recorded in accounting which can be expressed in terms of money.
a)
True
b)
False
10.
Book-keeping starts where accounting ends.
a)
True
b)
False
11.
Creditors are external users of accounting information.
a)
True
b)
False
12.
A creditor would use an individual's credit report to determine whether or not credit may be granted for a mortgage.
a)
True
b)
False
13.
Accounting may be affected by window dressing.
a)
True
b)
False
14.
In accounts recording is made of:
a)
(A) Only Financial Transaction
b)
(B) Only Non-financial transactions
c)
(C) Financial as well as non-financial transactions
d)
(D) Personal transactions of the Proprietor
15.
Ghanshyam is a furniture dealer. Which one of the following will not be recorded in his books?
a)
(A) Purchase of Timber for Rs10,000
b)
(B) Sofa set worth Rs20,000 taken to his home
c)
(C) Sale of household furniture for Rs20,000
d)
(D) Dinning table of Rs15,000 given to his friend as gift
16.
Which of the following transactions is not of financial character?
a)
(A) Purchase of asset on credit
b)
(B) Purchase of asset for cash
c)
(C) Withdrawing of money by proprietor from business
d)
(D) Strike by Employees
17.
Last step of accounting process is:
a)
(A) Provide information to various parties who are interested in business enterprise
b)
(B) Record transactions in the books
c)
(C) To make summary in the form of financial statements
d)
(D) To classify the transactions under separate heads in the ledger
18.
Internal users of accounting are:
a)
(A) Potential Investors
b)
(B) Creditors
c)
(C)Management
d)
(D) Employees
19.
External users of accounting information are:
a)
(A) Researches
b)
(B) Government
c)
(C) Potential Investors
d)
(D) All of the above
20.
External users of accounting information are not:
a)
(A) Lenders
b)
(B) Officers
c)
(C) Employees
d)
(D) Public
21.
Which of the following is not a limitation of accounting?
a)
(A) Based on accounting conventions
b)
(B) Evidence in Legal Matters
c)
(C) Incomplete Information
d)
(D) Omission of Qualitative Information
22.
Which one of the following is not an objective of accounting?
a)
(A) To provide information about the assets, liabilities and capital of the enterprise.
b)
(B) To provide information about the private assets and liabilities of the proprietor.
c)
(C) To maintain records of this business
d)
(D) To provide information regarding the profit and loss of the enterprise.
23.
If accounting information is based on facts and it is verifiable by documents it has the quality of ................
a)
(A) Relevance
b)
(B) Reliability
c)
(C) Understandability
d)
(D) Comparability
24.
Which of the following transactions is of a financial character and will be recorded in the business?
a)
(A) Goods taken from the business by the proprietor for her personal use
b)
(B) Interviewing the candidates for employment
c)
(C) Sale of Household furniture Rs 5,000
d)
(D) Received an order for sales of goods
25.
Book-keeping is mainly concerned with:
a)
(A) Recording of financial data
b)
(B) Designing the systems of summarising the recorded data
c)
(C) Interpreting the data for internal and external uses
d)
(D) Preparation of financial statements of the business enterprise
26.
Which of the following is not a sub-field of accounting?
a)
(A) Financial accounting
b)
(B) Book keeping
c)
(C) Management accounting
d)
(D) Cost Accounting
27.
Which of the following is the most relevant accounting information for taxation authorities?
a)
(A) Cash Balance of the firm
b)
(B) Book Value of the Fixed Assets
c)
(C) Credit Sales of the year
d)
(D) Profit generated during the year
28.
Which of the following limitations of accounting states that accounts may be manipulated to conceal vital facts:
a)
(A) Accounting is not fully exact
b)
(B) Accounting may lead to window dressing
c)
(C) Accounting ignores price level changes
d)
(D) Accounting ignores qualitative elements
100 %
