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11th Accounts Ch-1

Total questions: 16

Worksheet time: 8mins

Name
Class
Date
1.

Bookkeeping is ______.

a)

An art

b)

A science

c)

Both an art as well as science

d)

None of these

2.

___________ is the last step of accounting as a process of information.

a)

Recording of data in the books of accounts

b)

Preparations of summaries in the form of financial statement

c)

Communication of information

d)

Analysis and interpretation of information

3.

The person, firm, or institution who does not pay the price in cash for the goods purchased or the services received is called ______.

a)

Creditor

b)

Proprietor

c)

Debtor

d)

None of these

4.

Use of a common unit of measurement and common format of reporting promotes _____.

a)

Comparability

b)

Understandability

c)

Relevance

d)

Reliability

5.

Cash, goods, or assets invested by the proprietor in the business for earning profit is called ______.

a)

Profit

b)

Capital

c)

Fixed assets

d)

None of these

6.

Which qualitative characteristics of accounting information are reflected when accounting information is clearly presented?

a)

Comparability

b)

Understandability

c)

Relevance

d)

Reliability

7.

Which is not the advantage of Accounting

a)

Helps in taking Business Decission

b)

Helps in Financial Information

c)

Helps in Comparative Study

d)

Helps in Window Dressing

8.

Accountings ignores which element?

a)

Quantitative

b)

Quanlative

c)

Qualitative

d)

Quaalii

9.

The end result of which gives Trading A/c,Profit & Loss A/c & Balance sheet?

a)

Cost A/cing

b)

Financial A/cing

c)

Management A/cing

d)

None of these

10.

Which is not an example of Inter firm Comparasion?

a)

Jio with Airtel

b)

Jio with BSNL

c)

Jio with Jio

d)

Jio with V!

11.

Which is not an example of external users?

a)

Owner

b)

Investors

c)

Employees

d)

Banks

12.

Trading A/c gives?

a)

KP or KL

b)

GP or GL

c)

NP or NL

d)

SP or SL

13.

"Double Entry system helps to detect Fraud"

Do you agree with the given Statement?

a)

Not at all

b)

Yes

c)

Can't say

d)

May be

14.

"Single entry system is accepted by Law"

Do you agree with the given Statement?

a)

Not at all

b)

Yes

c)

Can't say

d)

May be

15.

The objectives of Accounting are?

a)

Systematic Records

b)

Financial Statements

c)

Management Decissions

d)

All of these

16.

Which is performed by Senior staff as it requires Special skills?

a)

Book keeping

b)

Accounting

c)

Both of these

d)

None of These