Introduction To Accounting CBSE Questions & Answers

Introduction To Accounting

This is Accountancy Class 11 Introduction to Accounting CBSE Questions & Answers. There are 15 questions in this test with each question having around four answer choices.

Questions & Answers

1
The information provided in the annual financial statement do not include__
  • A
    Balance sheet
  • B
    Profits or loss made during the year
  • C
    Information of personal assets of owner
    Correct
  • D
    None of these
2
Which of the following can be considered as a business transaction?
  • A
    Death of a employee
  • B
    Goods are purchased on credit
    Correct
  • C
    Appointment of an efficient Manager
  • D
    Personal assets sold by owner
3
Identified and measured accounting events should be recorded in which order
  • A
    None of these
  • B
    Chronological order
    Correct
  • C
    Horizontal
  • D
    Any order
4
Which stakeholder would be most interested in the VAT and other tax liabilities of the firm
  • A
    Government and other regulators
    Correct
  • B
    Management
  • C
    None of these
  • D
    Social responsibility groups
5
Which stakeholder would be most interested in the earning capacity of a business firm?
  • A
    Customers
  • B
    Government and other regulators
  • C
    Suppliers
  • D
    Investors
    Correct
6
Which stakeholder would be most interested in the ethical or environmental activities of the firm
  • A
    Suppliers
  • B
    Management
  • C
    Social responsibility groups
    Correct
  • D
    Government and other regulators
7
Which stakeholder would be most interested in whether the firm has a long-term future
  • A
    Government and other regulators
  • B
    Management
  • C
    Lenders
    Correct
  • D
    Suppliers
8
Which stakeholder would be most interested in profitability and share performance
  • A
    Suppliers and Creditors
    Correct
  • B
    Management
  • C
    Government and other regulators
  • D
    Social responsibility groups
9
Which stakeholder would be most interested in the ability of the firm to carry on providing a service or producing a product.
  • A
    Management
  • B
    Social responsibility groups
  • C
    Customers
    Correct
  • D
    Suppliers and Creditors
10
Which qualitative characteristic of accounting information is reflected when accounting information is clearly presented?
  • A
    Reliability
  • B
    Relevance
  • C
    Understandability
    Correct
  • D
    Comparability
11
Use of common unit of measurement and common format of reporting promotes;
  • A
    Reliability
  • B
    Relevance
  • C
    Comparability
    Correct
  • D
    Understandability
12
Match the following.
Question 12 figure 1
  • A
    i(c), ii(a), iii(b)
  • B
    i(b), ii(c), iii(a)
  • C
    i(a), ii(c), iii(b)
    Correct
  • D
    i(a), ii(b), iii(c)
13
Providing banking services to the customers is an example of
  • A
    Expenses
  • B
    Revenue
  • C
    Purchase
  • D
    Sale
    Correct
14
Excess of expenses over revenue is
  • A
    Profit
  • B
    Gain
  • C
    Expense
  • D
    Loss
    Correct
15
The objective of providing discount is to encourage the debtors to pay the dues promptly is
  • A
    Seasonal discount
  • B
    Trade discount
  • C
    None of these
  • D
    Cash discount
    Correct