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XI UNIT TEST 1 ACCOUNTANCY

Total questions: 80

Worksheet time: 46mins

Name
Class
Date
1.

Define Transaction.

4 lines
2.

Explain Assets in detail.

4 lines
3.

Explain Liabilities in detail.

4 lines
4.

Define Capital.

4 lines
5.

Define Drawings.

4 lines
6.

What is Revenue?

4 lines
7.

What is Accountancy ?

a)

Art

b)

Science

c)

Art and science

d)

None of these

8.

Double entry system means

a)

Twice recorded

b)

Once in ledger once in journal

c)

Recording of both aspects of transaction

d)

None of these

9.

Amount invested by proprietor in business

a)

investment

b)

Capital

c)

drawing

d)

None of these

10.

Trade discount means

a)

Cash discount

b)

No discount

c)

Reduction in price

d)

None of these

11.

Current assets example

a)

Debtors

b)

Capital

c)

Drawing

d)

Furniture

12.

The accounting principle that states companies and owners should be account for separately:

a)

Business Entity Concept

b)

Going Concern Concept

c)

Monetary Unit Measurement Concept

d)

Accounting Period Concept

13.

Assets are recorded at their original purchase price according to the:

a)

Materiality Principle

b)

Historical Cost Principle

c)

Cost Benefit Principle

d)

Consistency Principle

14.

When estimating unearned revenues, what principle applies?

a)

Conservatism Principle

b)

Historical Cost Principle

c)

Full Disclosure Principle

d)

Consistency Principle

15.

Switching accounting principles every year would violate the:

a)

Conservatism Principle

b)

Historical Cost Principle

c)

Full Disclosure Principle

d)

Consistency Principle

16.

Records revenues and expenses in a period:

a)

Going Concern Principle

b)

Historical Cost Principle

c)

Matching Principle

d)

Consistency Principle

17.

The owner invests personal cash in the business. Assets will.......

a)

Increase

b)

Decrease

c)

No effect

18.

The owner withdraws cash from the business for personal use. Owner's Equity will...........

a)

Increase

b)

Decrease

c)

No Effect

19.

The company receives cash from a bank loan. Liabilities will.........

a)

Increase

b)

Decrease

c)

No Effect

20.

In May, Company X records the transaction by a debit to Accounts Receivable for RM5,000 and a credit to Service Revenues for RM5,000. What is the effect of this entry upon the accounting equation for Company X?

a)

Assets Increase; Liabilities Decrease

b)

Assets Increase; Owner's Equity Increase

c)

Assets Decrease; Owner's Equity Increase

21.

In June, Company X receives the RM5,000 from Accounts Receivable. What is the effect on the accounting equation and which accounts are affected at Company X?

a)

Assets Increase; Owner's Equity Decrease

b)

No Effect

c)

Assets Increase; Liabilities Decrease

22.

If beginning capital was $25,000, ending capital is $37,000, and the owner's withdrawals were $23,000, the amount of net income or net loss for the period was:

a)

net loss of $35,000

b)

net income of $35,000

c)

net income of $14,000

d)

net loss of $14,000

23.

Transaction & events not capable of being expressed in terms of money are not to be recorded in accounting due to

a)

Going concern

b)

Accounting entity

c)

Money measurement

d)

Periodicity

24.

Accounts receivable normally has ________ balance

a)

Debit

b)

Credit

c)

Negative

d)

Tidak ada jawaban yang benar

25.

Journal is a book of ______entry

a)

Secondary

b)

Original

c)

First

d)

None of these

26.

Recording of transaction in ledger is called as

a)

Journalizing

b)

Posting

c)

Recording

d)

None of these

27.

A collection of all accounts is a ___________

a)

Journal

b)

Trial balance

c)

Ledger

d)

Chart of Accounts

28.

A short description of every transaction made in the journal is called

a)

Summary

b)

Narration

c)

Description

d)

Remark

29.

If both the aspects of a same transaction appear in one account, it is called _______entry

a)

Simple journal entry

b)

Double

c)

Compound

d)

Contra

30.

Nominal accounts are related to

a)

Assets & liability

b)

Expenses & losses

c)

Debtors & creditors

d)

None of these

31.

Real accounts are related to

a)

Assets & liability

b)

Expenses & losses

c)

Debtors & creditors

d)

None of these

32.

Accountants use Generally Accepted Accounting Principles (GAAP) to make the financial information communicated

I. relevant II. reliable III. comparable IV profitable

a)

I, II and III

b)

I, II and IV

c)

I, III and IV

d)

)II, III and IV

33.
Any activity which is done with a motive to earn a profit is, He is called____________?
a)
Business
b)
Capital
c)
Investment
d)
Drawings
34.
When the Businessman draws some amount of money or goods from the business for personal use, He is Called___________?
a)
Drawings
b)
Bed Debts
c)
Expenses
d)
Liabilities
35.
The activities of business such as sale, purchase, income and advances and loans, when written in the books of account this procedure is known as______________?
a)
Entry
b)
Accounts
c)
Transaction
d)
None of these
36.
The return of the full or a part of the goods purchased by the Businessman to his suppliers, He is called_______________?
a)
Purchase Return
b)
Sale Return
c)
Puchase
d)
Sale
37.
_______________means the return of full or a part of goods sold by the customer to the businessman?
a)
Sale Return
b)
Purchase Return
c)
Puchase
d)
Sale
38.

Amount spent for purchasing fixed asset is a ............................

a)

Capital

b)

Revenue

c)

Capital expenditure

d)

Revenue Expenditure

39.
Recording transactions is a journal in a chronological order on a daily basis is known as______________________.
a)
Recording
b)
Updating
c)
Interpreting
d)
Journalizing
40.
Amount owed by a business
a)
liability
b)
asset
c)
capital
d)
account
41.
Revenues minus expenses equals _____________________.
(Revenues-Expenses = _______________)
a)
Profit
b)
Overhead
c)
Income
d)
None of the above
42.
Bank Overdraft
a)
Cash and Cash Equivalents
b)
Trade and Other Payables
c)
Non current Liabilities
d)
Current Liabilities
43.

Which of the following items would not fall under the definition of an asset ?

a)

Creditors

b)

Debtors

c)

Cash

d)

Machinery

44.

An entry recording on the Right-hand side or column of an account is called _______

a)

Debit

b)

Credit

c)

Accrual

45.
Which principle/guideline requires the company's financial statements to have footnotes containing information that is important to users of the financial statements?
a)
Historical Principle
b)
Business Entity
c)
Accrual Principle
d)
Adequate disclosure Principle
46.

Concept: When a business activity is large enough to impact business decisions, it should be recorded clearly in the financial statements

a)

realization of revenue

b)

materiality

c)

unit of measurement

d)

consistent reporting

47.

Concept: Financial statements are prepared with the expectation that business will remain in operation indefinately

a)

going concern

b)

materiality

c)

accounting period cycle

d)

matching revenue with expenses

48.

It helps in calculating tax on business income calculated for a particular time period.

a)

Dual Aspect Concept

b)

Revenue Recognition Concept

c)

Accounting Period Concept

d)

Going Concern Concept

49.

It encourages the accountant to post each entry in opposite sides of two affected accounts

a)

Money Measurement Concept

b)

Full disclosure convention

c)

Dual aspect Concept

d)

Realisation concept

50.

It helps in knowing actual expenses and actual income during a particular time period.

a)

Matching Concept

b)

Accrual Concept

c)

Revenue Recognition Concept

d)

Cost Concept

51.
Bought supplies on account means Supplies has increased and what other account has changed?
a)
Cash has decreased
b)
Account Payable has increased
52.
Cost incurred in its efforts to create revenue
a)
Expense
b)
 Revenue
c)
Withdrawal
d)
Liability
53.
The company repays the bank that had lent money to the company. What is the effect on accounting equation?
a)
Inc. in Assets  I  Dec. in Equity
b)
Dec. in Assets  I  Dec. in Liabilities
c)
Dec. in Liabilities  I  Dec. in Liabilities
54.
The company purchases a significant amount of supplies on credit. What is the effect on accounting equation?
a)
Inc. in Assets  I  Dec. in Equity
b)
Inc. in Assets  Inc. in Liabilities
c)
Dec. in Assets  I  Inc. in Liabilities
55.

Outstanding Rent is ........

a)

Liability

b)

Asset

c)

Expense

d)

Income

56.

Accrued Commission is...

a)

Income

b)

Asset

c)

Liability

d)

Expense

57.

Salary received in advance is ......

a)

Asset

b)

Expense

c)

Income

d)

Liability

58.

Prepaid wages is ......

a)

Liability

b)

Asset

c)

Income

d)

Expense

59.

APP: Show the effect of the transaction- Sold goods worth R3000 on credit.

a)

Dr Bank 3000 & Cr Trading stock 3000

b)

Dr Debtors control 3000 & Cr Sales 3000

c)

Dr Sales 3000 & Cr Trading Stock 3000

d)

Dr Debtors control 3000 & Cr Trading stock 3000

60.

A credit sale of inventory will

a)

Increase Assets and Increase A/C Receivable

b)

Decrease Assets and Decrease A/C Receivable

c)

Increase GST Payable

d)

None of the Above

61.

Asset= 235,000

Liabilities= ?

Owner's Activity= 58,000

(a)  

62.

Asset= ?

Liabilities= 876,000

Owner's Activity= 98,290

(a)  

63.

Increase in asset is _______ and increase in capital is _____.

a)

debited, credited

b)

credited, debited

c)

credited, credited

d)

debited, debited

64.

Increase in expense is _____ and increase in liability is ______.

a)

debited, credited

b)

credited, debited

c)

credited, credited

d)

debited, debited

65.

Channing sold sold 40 DVDs for $20 each. He received $300 cash and sold the rest on account. Complete the journal entry. Select all that apply.

a)

Debit Cash $300, Debit Accounts Receivable $500 , Credit Sales Revenue $800

b)

Debit Cash $300, Credit Sales Revenue $300

c)

Debit Accounts Receivable $500, Credit Sales Revenue $800

d)

Debit Accounts Payable $500 , Debit Cash $300, Credit Sales Revenue $800

e)

Debit Cash $20, Credit Sales Revenue $20

66.
Goods worth Rs. 7,000 given away as charity would be credited to :
a)
Sales A/c
b)
Purchases A/c
c)
Charity A/c
d)
Trustee A/c
67.
Payment of Rs. 6,000 as wages to workmen for installation of a machine should be debited to:
a)
Wages A/c
b)
Repairs A/c
c)
Machinery A/c
d)
Installation A/c
68.
Gopal is our debtor for Rs. 10,000. He became insolvent and only 60 paise in a Rupee is received from him. The balance of Rs. 4,000 would be entered to the:
a)
Debit of discount A/c
b)
Credit of discount A/c
c)
Debit of bad debts A/c
d)
Credit of bad debts A/c
69.

Cheques received but deposited on the next day are recorded in:

a)

(a) Cash column of the cash book

b)

(b) Bank column of the cash book

c)

(c) Both of these

d)

(d) None of these

70.

In three column Cash Book, when does contra entry occurs?

a)

(a) Withdrawal of cash from bank

b)

(b) Payment to creditors

c)

(c) Withdrawal of cash from bank for personal use

d)

(d) all of the above

71.

Rent due for the month of March will appear _________ in the Cash Book.

a)

(a) On the receipt side

b)

(b) On the payment side

c)

(c) as a contra entry

d)

(d) no where

72.

2. The balance of cash column of cash book never shows a:

a)

(a) Credit Balance

b)

(b) Debit Balance

c)

(c) None of the above

d)

(d) All of the above

73.

If Shyam has sold goods to Ramesh for cash, the entry will be recorded in

a)

Cash book

b)

Sales book

c)

Journal

d)

Purchase book

74.

Paid rupees 3000 to Mohan. It will be recorded in cash book

a)

In credit side

b)

In debit side

c)

In liability side

d)

In assests side

75.

Journal Entry for Selling Furniture in Cash is?

a)

Furniture A/C (Debit) - To Cash A/C (Credit)

b)

Cash A/C (Debit) - To Furniture A/C (Credit)

c)

Cash A/c (Debit) - To Sales A/c(Credit)

d)

Sales A/c (Debit) - To Furniture A/c(Credit)

76.

Journal Entry for Depreciation is?

a)

Asset A/C (Debit) - To Depreciation A/C(Credit)

b)

Depreciation A/C (Debit) - To Cash A/C (Credit)

c)

Depreciation A/C (Debit) - To Asset A/C (Credit)

d)

Asset A/C (Debit) - To Cash A/C(Credit)

77.

Journal Entry for Accrued Income is?

a)

Accrued Income A/C (Debit) - To Sales A/C (Credit)

b)

Accrued Income A/C (Debit) - To Income A/C (Credit)

c)

Accrued Income A/C (Debit) - To Cash A/C (Credit)

d)

Income A/C(Debit) - To Sales A/C (Credit)

78.

Below Journal Entry is for a Credit Sale?

Cash A/C (Debit) - To Sales A/C (Credit)

a)

TRUE

b)

FALSE

79.

Paid Salary to Staff via Bank Transfer 1,00,000.

a)

Salary A/C (Debit) - To Cash A/C (Credit)

b)

A) Salary A/C (Debit) - To Bank A/C (Credit)

c)

A) Cash A/C (Debit) - To Bank A/C (Credit)

d)

A) Salary A/C (Debit) - To Income A/C (Credit)

80.

Deposited 10,000 in Bank.

a)

Cash A/C (Debit) - To Bank A/C (Credit)

b)

Bank A/C (Debit) - To Capital A/C (Credit)

c)

Bank A/C (Debit) - To Cash A/C (Credit)

d)

Cash A/C (Debit) - To Capital A/C (Credit)

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