Recording Of Transactions CBSE Questions & Answers

Recording Of Transactions

This is Accountancy class 11 recording of transactions CBSE Questions & Answers. There are 15 questions in this test with each question having around four answer choices.

Questions & Answers

1
The International Accounting Standards Committee (IASC) came into existence on :
  • A
    On 30 June 1976
  • B
    On 29 June 1973
    Correct
  • C
    On 15 April 1975
  • D
    On 31 March 1977
2
Institute of Chartered Accountants of India (ICAI) had constituted the Accounting Standard Board (ASB) in :
  • A
    In June 1973
  • B
    In None of these
  • C
    In April 1977
    Correct
  • D
    In March 1977
3
Which of the following Accounting principle is ignored by the cash basis of accounting?
  • A
    Business Entity
  • B
    Accounting Period
  • C
    Matching Principle
    Correct
  • D
    None of these
4
Technical knowledge and skill is not important in case of :
  • A
    Double Entry System
  • B
    Accrual Basis of Accounting
  • C
    Cash Basis of Accounting
    Correct
  • D
    None of these
5
Capital and Revenue items are not distinguished under the :
  • A
    Accrual Basis of Accounting
  • B
    Double Entry System
  • C
    None of these
  • D
    Cash Basis of Accounting
    Correct
6
Which of the following is not a source of document?
  • A
    Pay-in-Slip
  • B
    Cash Memo
  • C
    Invoice
  • D
    Account
    Correct
7
Which of the following is not a type of voucher?
  • A
    Credit voucher
  • B
    Transfer voucher
  • C
    Cash Voucher
  • D
    Electronic goods
    Correct
8
If we debit all expenses and losses, what will be credited?
  • A
    All assets credited
  • B
    What goes out
  • C
    Incomes and gain
    Correct
  • D
    Credit the giver
9
A voucher can be used as?
  • A
    Bill Receivable
  • B
    Cheque
  • C
    Bill Payable
  • D
    Evidence in the Court
    Correct
10
Which of the following equation is not correct?
  • A
    Assets = Capital + Liabilities
  • B
    Liabilities = Assets ? Capital
  • C
    Total Assets=Owner's Equtiy?Creditors Equity
    Correct
  • D
    Capital = Assets ? Liabilities
11
If assets are 50,000 and capital is 20,000 what will be the creditors equity or outside liabilities?
  • A
    30000
    Correct
  • B
    70000
  • C
    50000
  • D
    20000
12
If the Owner's Equity is 20,000 and Creditors Equity is 40,000. What will be the assets of the firm?
  • A
    40000
  • B
    None of these
  • C
    60000
    Correct
  • D
    20000
13
Which of the following is not correct? When : Assets = Liabilities + Capital
  • A
    30,000 = 5,000 + 25,000
  • B
    20,000 = 8,000 + 12,000
  • C
    25,000 = 10,000 + 10,000
    Correct
  • D
    15,000 = 7,000 + 8,000
14
Accounting Equation is the result of ?
  • A
    Cash Basis of Accounting
  • B
    None of these
  • C
    Single Entry System
  • D
    Double Entry System
    Correct
15
The capital of a business 10,000, creditors are 4,000, the total assets are :
  • A
    None of these
  • B
    4000
  • C
    6000
  • D
    14000
    Correct