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Accountancy XI

Description: Free Online Accountancy Class XI Test Preparation and Practice Materials
Number of Questions: 26
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Tags: Accountancy Accountancy Class XI Accounts Material
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The debts owing to others by the business is known as

  1. Liabilities

  2. Expenses

  3. Debtors

  4. Asset


Correct Option: A

The main aim to start a new business is

  1. Earn profit

  2. Earn asset

  3. Earn liabilities

  4. To serve people


Correct Option: A

A written documents in support of a transaction is called

  1. Receipt

  2. Credit note

  3. Voucher

  4. Memo


Correct Option: C

Asset minus liabilities is

  1. Drawing

  2. Capital

  3. Credit

  4. Expenses


Correct Option: B

Branches of Accounting is

  1. four

  2. Three

  3. One

  4. Two


Correct Option: B
Explanation:

Financial A/C , Management A/C , Cost Accounting

Purchase of Rawmaterials is an example to

  1. Revenue

  2. Expenses

  3. liabilty

  4. asset


Correct Option: B
Explanation:

Because it comes under Trading a/c

Purchase return means goods return to supplier due to

  1. Good Quality

  2. super quality

  3. Defective Quality

  4. Changes in Price


Correct Option: C

Income is the differnt between revenue and -----------

  1. Expenditure

  2. Liabilities

  3. assets

  4. Dues


Correct Option: A

A person who owns a business is called

  1. Director

  2. Creditor

  3. Propritor

  4. chairman


Correct Option: C

Every Business Transactions having

  1. One Aspects

  2. Three Aspects

  3. Two Aspets

  4. None


Correct Option: C

Double Entry system was introduced by

  1. American Merchant

  2. Italian Marchant

  3. British Merchant

  4. Indian Merchant


Correct Option: B

Accounts is classified into

  1. 3 types

  2. 2 types

  3. 1 type

  4. all the above


Correct Option: A

Accounting cycles Starts from

  1. Transaction to Trail balance

  2. journal to Trail Balance

  3. Transation to Balance Sheet

  4. None


Correct Option: C

Book keeping is the science and art says by

  1. Luthor

  2. American accounting association

  3. R.N.Carter

  4. Kapoor


Correct Option: C

Murali A/C is an Example for

  1. Personal a/c

  2. Real a/c

  3. Nominal a/c

  4. Double entry a/c


Correct Option: A

Capital is 60000 asset is 100000 then liability is ?

  1. 160000

  2. 40000

  3. 26500

  4. none


Correct Option: B

---------- Establishes the relationship between the items of the profit &Loss account and the Balance sheet

  1. Recording

  2. Summarising

  3. Analysing

  4. Iterpreting


Correct Option: C

Goodwill as an Example of

  1. Tangible Asset

  2. Intangible asset

  3. Nominal A./c

  4. Tangible Liability


Correct Option: B

Business Transaction maybe Classified into

  1. Three

  2. two

  3. one

  4. None


Correct Option: B

Which column is not provided in journal

  1. LF No

  2. Narration

  3. Value

  4. JF No


Correct Option: D

----------- is a data wise record of all transactions

  1. Journal

  2. Ledger

  3. Trail Balance

  4. memo


Correct Option: A

-------------- is a summary of relevant business Tractions

  1. commerce

  2. Economics

  3. Statistics

  4. Accounts


Correct Option: D

In your book Goods sold to Srinivasanshould be debited into

  1. Srinivasan A/C

  2. Sales A/C

  3. Cash A/c

  4. Purchase A/C


Correct Option: A

Real Account is always Shows

  1. Debit Balance

  2. credit Balance

  3. Nil Balance

  4. none


Correct Option: A

Ledger is also called as

  1. Book of Final Entry

  2. Pass Book

  3. Balnce Sheet

  4. Subsidary Book


Correct Option: A

The Accounting Equation connected with

  1. Asset Only

  2. Liabilty only

  3. Capital Only

  4. All the above


Correct Option: D
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