WorksheetsHY PRACTICAL EXAM CLASS XI
Total questions: 30
Worksheet time: 30mins
Journal is a book of ______entry
Secondary
Original
First
None of these
Recording of transaction in ledger is called as
Journalizing
Posting
Recording
None of these
Nominal accounts are related to
Assets & liability
Expenses & losses
Debtors & creditors
None of these
Real accounts are related to
Assets & liability
Expenses & losses
Debtors & creditors
None of these
A Bank Loan is classified as a:
Revenue
Expense
Asset
Liability
If the assets of a business ss are ₹100,000 and equity is ₹20,000, the value of liability will be
₹1,00,000
₹80,000
₹ 1,20,000
₹20,000
Accounting equation is the base of
Single entry system
Double entry system
both of them
none of them
On January 1st 2009 an entity"s balance sheet showed total asset of ₹850 and total liabilities of ₹250. Owners equity at January 1st was?
850
250
1100
600
Purchase good on cash will effect
Cash and Good
Cash Good and Creditor
Cash and Creditor
Cash Creditor and Owner's Equity
Which of these not include as a separate item in the basic accounting equation?
Asset
Liability
Revenue
Equity
Which of the following is not a correct form of the Accounting Equation?
Assets = Claims
Assets = Liabilities + Owner Equity
Assets – Liabilities = Owner’s Equity
Assets + Owner’s Equity = Liabilities
________________ is prepared at the end of the accounting period to show the financial position o f business
Profit & loss account
Balance sheet
Profit & loss statement
Satetment of financial position
Journal is a book of ______entry
Secondary
Original
First
None of these
Financial Statements of a firm are prepared every year on 31st March, according to which concept?
Money Measurement
Revenue Recognition
Materiality
Accounting Period
The revenue from business activities and the expenses associated with earning that revenue are recorded in the same accounting period
adequate disclosure
unit of measurement
historical cost
matching expenses with revenue
The same accounting procedures must be followed in the same way each accounting period
accounting period cycle
objective evidence
consistency
materiality
What is the type of Drawings Account?
(a) Personal
(b) Real
(c) Nominal
Expenses
The rule “Debit all expenses and losses and credit all gains and incomes” is applicable to Personal Account
True
False
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 rule ‘Debit what comes in Credit what goes out’ is applicable to:-
(a) Personal Account
(b) Real Account
(c) Nominal Account
(d) Liability Account
We record ___________in the books of accounts.
financial transactions
no financial transactions
both financial and non financial transactions
none of these
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.
Purchase refers to purchase of......
Stationary for office use
Goods for resale
Assets for the factory
None of the above
Which of the following is not a long term liability
Bank loan
Term loan
Debentures
Creditors
Sale is recognised as a revenue
When the contract for sale is entered into
At the point of sale
After the expiry of credit period allowed to debtors
After the money collected from the customer
Which of the following are goods?
Machines manufactured for sale.
Furniture purchase for sale
Books and stationery purchase by a bool seller
All the above.
Assets which are purchased for the purpose of operating the business and not for resale are called
Current Assets
Fixed Assets
Liquid Assets
Fictitious Assets
The amount spent in order to produce and sell the goods and services which generates income is termed as
Revenue
Loss
Expenses
Liabilities
Goodwill is a
Tangible assets
Liquid assets
Intangible assets
Intangible Liabilities
