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WorksheetsClass 11 Introduction to Accounting
Total questions: 20
Worksheet time: 10mins
An Asset is...
An asset is a resource currently owned and controlled by a business as a result of a past transaction
An asset is a resource owned i the past by a business as a result of a past transaction
An asset is something that costs money
Which of the following is an example of a liability?
Loan
Building
Sales
Accounts receivable
Which of the following is not a branch of accounting?
cost accounting
financial accounting
book keeping and accounting
management accounting
Which is the first step of accounting process?
Classifying
analyzing and interpretation
recording
financial statements.
We record ___________in the books of accounts.
financial transactions
no financial transactions
both financial and non financial transactions
none of these
Qualitative characteristics of accounting information are
Relevance
Reliability
Comparability
All of theses
End product of accounting is __________and _____________of accounting.
(a)
Which one of the following is not an external user of accounting information?
Investor
Creditor
Manager
Customer
Who is known as the father of accounting?
Leonardo da Vinci
Fra Luca Pacioli
Al Khawarizmy
Al Mazendarany
The type or branch of accounting that generates reports for the use of external parties such as creditors, investors and government agencies is known as:
Financial Accounting
Managerial Accounting
Tax Accounting
Forensic Accounting
last step of accounting process is-
classifying
summarising
recording
communicating
The basic purpose of accounting is to
Provide information for decision-making
Compute the applicable income tax
Comply with state requirements
Determine the net income of a company Determine the net income of a company
Transactions and events that cannot be measured in money terms are not recorded in the books of accounts. It is due to Money Measurement Concept.
True
False
The proprietor is treated as a creditor to the extent of his capital according to:
(a) Cost Concept
(b) Business Entity Concept
(c) Going Concern Concept
(d) Materiality Concept
In Accounting, Goods is defined as:
(a) Items which purchased for own consumption.
(b) Items which are purchased for charity.
(c) Items which are purchased for resale.
(d) Items without any defect.
The business owner paid his son's tuition fee and the amount paid is not considered a business transaction. Which of the following concept is being applied?
Separate legal entity concept
Historical cost concept
Duality concept
Consistency concept
