Home
Home
Quiz
Class XI Multiple choice Accounting quiz

Class XI Multiple choice Accounting quiz

Class XI Multiple choice Accounting quiz

Accounts Xith q1

Accounts Xith q1

 

1. What is the normal balance for an expense account?

  1. Debit
  2. Credit
  3. Incontestability
  4. Non of the above

2. The act of transferring the information from the General Journal to the General Ledger is called what?

  1. Transferring
  2. pasting
  3. Posting
  4. Journalizing

3. The abbreviations for debit and credit (Dr. and Cr.) come from what language, and mean what?

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

  1. land
  2. machinery
  3. Cash
  4. Capital

 5.Sales are transaction that involve

  1. Payment of rent of business premises
  2. receipt of cash in form of government grant
  3. expenditure by business on product held for resale
  4. receipt of money from costomer for sale of goods of services

6. process of recording all detail of business transaction is known as

  1. Management accounting
  2. Book keeping
  3. budgeting
  4. financial accounting

7. what is the purpose of sale transaction

  1. to categories the transaction of business
  2. to show how much is own by the customer who have bought on credit
  3. to record payment due to supplier
  4. to record all sales made by the business

8.A supplier who supplies goods and services to business on credit is

  1. creditor
  2. debtors
  3. Finance provider
  4. shareholder

9. which of the following would be classifies as creditors in the balance sheet?

  1. provision for depreciation of fixed assets
  2. provision for cost
  3. amount own to supplier for service provided
  4. dividend own to shareholder

10. Purchase of goods from x for cash should be credited to

  1. Purchase a/c
  2. cash A/c
  3. X A/c
  4. none of these

11. Purchase Accounts is related to

  1. asset and liabilities
  2. expense loss and income
  3. debtor and creditor
  4. none of the above

12. Goods given away as charity would be credited to

  1. sale a/c
  2. purchase a/c
  3. theft a/c
  4. none of above

13. payment of Rs 6,000 as wages ti workmen for installation of a machine should be debited to

  1. wages
  2. repair
  3. Machinery
  4. none of the above

14. what will be the amount of capital if cash is Rs 5000,furniture rs 12000 stock Rs 30000 and creditors Rs 6000

  1. Rs 53000
  2. Rs 47000
  3. Rs 41000
  4. Rs 41500

15 Gopal is our debtor for Rs 10000 He become insolvent and only 60 paise in a rupee is received from his This balance of Rs 4000 would be entered to the

  1. debit of discount account
  2. credit of discoutn account
  3. debit of baddebts
  4. credit of bad debts

16 . Rs 5000 Received from Mohan whose account was written of as bad debts previous should be credited to

  1. Mohan a/c
  2. bad debts a/c
  3. baddebts recover a/c

17. Premium paid to the life insurance policy should be debited to

  1. Insurance a/c
  2. Life insurance a/c
  3. drawing a/c
  4. premium a/c

18 . Proprietor used a rented building both for business purpose and as well as residence equally. The rent paid during the year for thebuilding was Rs.1,32,000 debited to rent expenses A/c in the books of business. One month rent is still outstanding. Liability of the business for rent outstanding ___

  1. 11000
  2. 12000
  3. 5500
  4. 6000

19. Goods costing Rs.5,000 will be distributed as wages for Rs.5,000. Market price is Rs.6,000. Journal entry is __

  1. Wages A/c Dr. 6000 To salary A/c 6000

20 .On 1st April, Mr.A sold goods of Rs.10,000 to B and drew a bill for 3 months. Mr. A discounted the bill with bank at 15%. Amount of discount will be?

  1. 125
  2. 375
  3. 250
  4. 380

21. Fixed assets are held by business for

  1. Generating revenue
  2. converting into cash
  3. resale
  4. none of the above

22. Retirement of a Bill means

  1. discounting of bill
  2. dishonour of bill
  3. renewal of bill
  4. payment made before due date

23. Expenditure spend for Increasing the cinema hall seats is called

  1. Revenue expenditure
  2. deffered revenue expenditure
  3. none of the above

24. What are the options available to the holder of a bill in the bills of exchange (Besides retaining the bill, till the due date)?

  1. Discount with the bank
  2. sent to bank for collection
  3. endorse it to its creditor
  4. all of the above

25. What are the options available to the holder of a bill in the bills of exchange (Besides retaining the bill, till the due date)?

  1. Cost
  2. realisation
  3. going concern
  4. matching

26. Amount spent to increasing the earning capacity is a ______ expenditure

  1. Capital
  2. revenue
  3. deferred
  4. capital loss

27. Change in the capital A/c of proprietor may occur due to __

  1. profit earned
  2. loss incurred
  3. capital introduction
  4. all of the above

28. If the goods sent on approval, two vehicles of Rs.55,000 each, are recorded as Rs.75,000 each, then the cost of goods lying with customers is

  1. Rs 110000
  2. 55000
  3. 75000
  4. 150000

29 . Goods purchased costing Rs.60,000 and cash paid Rs.45,000 after receipt of a cash discount Rs.9,000. What is the percentage of trade discount got___

  1. 15%
  2. 10%
  3. 7.5%
  4. 25%

30 is prepared to ascertain the arithmetical accuracy of posting & balancing of accounts.

  1. Balance sheet
  2. trail balance
  3. bank reconciliation statement
  4. journal

31. A decrease in provision for bad debts will effect

  1. Equity capital
  2. increase in profit
  3. decrease in profit
  4. both a and b

32. The trial balance of trade contain contain the following items trade receivable 320000 provision for bad debts and doubtful debts 17000

Furthermore information provide provision on bad debts and doubtful debts 5%
Find out the amount transfer to profit and loss accounts

  1. 18000
  2. 19000
  3. 17000
  4. 20000

33. An unregistered firm is

  1. legal association
  2. illegal association
  3. association of person
  4. none of the above

34. cash Received from ramesh Rs 1500 is correctly entered in the cash book but debited to his accounts because of this error

35. As per trail balance on 31-3 2014
Provision for bad debts 1000
bad debts 2000
Sundry debtors 30600
additional information
Further Bad debts 600
make provition for bad debts -5%
make provision for discount bad debts -2%
provision for discount for sundry debtor will be

  1. 612
  2. 600
  3. 570
  4. 560

36. Rent due for the month of March is recorded ____ in cash book

  1. On receipt side
  2. on payment side
  3. as contra
  4. no where

37.

When two aspects in one transaction are recorded in the cash book it self it is called ____

  1. debit entry
  2. double entry
  3. single entry
  4. contra entry

38. Discount allowed by Arun to Varun. Which is the Correct entry to be made by Arun?

Accounting XIth Q2

Accounting XIth Q2

2 Comments

Leave a Comment

*

*