Class-11 (Accountancy ) Unit Test-II

Name of the Students *

Scholar . *

1. Which of the following is a cash transaction?

1 point

(a) Sold goods

(b) Sold goods to Mr. R

(c) Sold goods to Mr. S on credit

(d) Sold goods to Mr. T on account

Clear selection

2. The mathematical expression defining the comparative relationship between assets and liabilities of any person, institution, or business concern is called _____

1 point

(a) Accounting

(b) Accounting equation

(c) Bookkeeping

(d) None of these

Clear selection

3. Balancing of accounts means _______

1 point

(a) Total of debit side

(b) Total of credit side

(c) Difference in a total of debit side and credit side

(d) None of the above

Clear selection

4. Which of the following is correct?

1 point

(a) Profit/Loss = Closing Capital + Additional Capital – Drawings – Opening Capital

(b) Profit/Loss = Closing Capital-Drawings-Additional Capital – Opening Capital

(c) Profit/Loss = Opening Capital + Drawings made – Additional Capital – Closing Capital

(d) Profit/Loss = Closing Capital + Drawings made – Additional Capital – Opening Capital

Clear selection

5. The liabilities of a firm are Rs. 60,000 and the capital of the proprietor is Rs. 40,000. The total assets are:

1 point

(a) 60,000

(b) 1,00,000

(c) 20,000

(d) 40,000

Clear selection

6. Which of the following systems is the Accounting Equation based on?

1 point

(a) Triple-entry system of accounting

(b) Single-entry system of accounting

(c) Double-entry system of accounting

(d) None of the above

Clear selection

7. Which of the following transactions would be recorded in the accounting system based on the money measurement concept?

1 point

(a) The value of plant and machinery of a company

(b) The health of the Chief Executive Officer of an organisation

(c) The quality of a company’s product or service

(d) None of the above

Clear selection

8. Which of the following accounts will be affected by a transaction where the company receives from a debtor?

1 point

(a) Owner’s equity and cash

(b) Owner’s equity and debtors

(c) Debtors and cash

(d) None of the above

Clear selection

9. Which of the following steps are used to calculate the accounting equation?

1 point

(a) The total assets of a business are entered in the company’s Balance Sheet on the assets side

(b)The total liabilities are listed on the Balance Sheet separately on the liabilities side along with the stockholder’s equity

(c) The total liabilities are added to the stockholder’s equity

(d) All of the above

Clear selection

10. Debit means

1 point

(a) an increase in asset

(b) an increase in liability

(c) an increase in the proprietor's equity

(d) a decrease in asset

Clear selection

11. Credit means

1 point

(a) an increase in asset

(b) an increase in liability

(c) a decrease in liability

(d) a decrease in proprietor's equity

Clear selection

12. Bank account is a

1 point

(a) Personal Account

(b) Real Account

(c) Nominal Account

(d) None of these

Clear selection

13. Goodwill account is a

1 point

(a) Personal Account

(b) Real Account

(c) Nominal Account

(d) None of these

Clear selection

14. Balance of Capital Account is shown as

1 point

(a) Capital Account

(b) Liability Account

(c) Revenue Account

(d) None of these

Clear selection

15. Sundry Creditors Account is a

1 point

(a) Revenue Account

(b) Capital Account

(c) Liability Account

(d) None of these

Clear selection

16. The assets which are convertible into cash or cash equivalents within a year are known as

1 point

(a) Fixed assets

(b) Current assets

(c) Tangible assets

(d) None of the above

Clear selection

17. Sale of goods to Ram for cash is debited to

1 point

(a) Ram

(b) Cash A/C

(c) Sale A/C

(d) None of these

Clear selection

18. Drawing Account is

1 point

(a) Personnel Account

(b) Real Account

(c) Nominal Account

(d) None of these

Clear selection

19. Amount withdrawn by o proprietor for personnel use will_________Cash and capital.

1 point

(a) Increase

(b) Decrease

(c) Not Change

(d) None of these

Clear selection

20. 'X' commenced business on 1st April, 2013 with a capital of Rs. 6,00,000. On 31st March 2014, his asset were worth Rs. 8,00,000 and liabilities Rs. 50,000. Find out his closing capital.

1 point

(a) Rs. 7,50,000

(b) Rs. 2,00,000

(c) Rs. 5,50,000

(c) None of these

Clear selection