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 concept of 'Double Entry System' was developed by :
  • A
    American Institute of Certified Public Accountants.
  • B
    Fra Luca Pacioli
    Correct
  • C
    Institute of Chartered Accountants of India
  • D
    None of these
2
Accounting is which stage of Accountancy?
  • A
    Primary Stage
  • B
    None of these
  • C
    Secondary Stage
    Correct
  • D
    Professional Stage
3
The first step of Accounting is :
  • A
    Communication of financial information
  • B
    None of these
  • C
    Collection & identification of financial transactions
    Correct
  • D
    Summarising the financial transactions
4
In the following which is not the branch of Accounting?
  • A
    Management Accounting
  • B
    Cost Accounting
  • C
    Statistics
    Correct
  • D
    Financial Accounting
5
Book-Keeping is which stage of Accountancy?
  • A
    None of these
  • B
    Professional Stage
  • C
    Secondary Stage
  • D
    Primary Stage
    Correct
6
The main function of Accounting is :
  • A
    Comparability
  • B
    Reliability
  • C
    Calculation of Profit and Loss only
  • D
    Recording and classification of financial transactions
    Correct
7
In the following, which is not the internal user of Accounting?
  • A
    Owners
  • B
    Employees
  • C
    Creditors
    Correct
  • D
    Management
8
When both aspects of a transaction are recorded, it is known as :
  • A
    Single Entry System
  • B
    None of these
  • C
    Double Entry System
    Correct
  • D
    Bahi Khata System
9
Capital is the money invested by :
  • A
    Proprietor
    Correct
  • B
    Debtors
  • C
    Creditors
  • D
    Bank
10
A firm earns a revenue of Rs. 5,000 and the expense to earn this revenue is Rs. 3,000. Income of the firm will be :
  • A
    5000
  • B
    3000
  • C
    2000
    Correct
  • D
    8000
11
11.Which of the following is long term liability ?
  • A
    Bills payable
  • B
    Debentures
    Correct
  • C
    Creditors
  • D
    Outstanding expense
12
Which of the following is an intangible asset ?
  • A
    Furniture
  • B
    Bill receivable
  • C
    Patents
    Correct
  • D
    Machinery
13
Which of the following is not a fixed asset ?
  • A
    Building
  • B
    Computers
  • C
    Cash in hand
    Correct
  • D
    Furniture
14
Which of the following is not a business transaction ?
  • A
    Purchased machinery for 50,000
  • B
    Salary paid to manager 15,000
  • C
    Purchased a gift of 2,000 for wife
    Correct
  • D
    Paid rent for office 5,000
15
Which of the following is drawings ?
  • A
    Money withdrawn and paid to the creditors 8,000
  • B
    Money withdrawn and rent paid for the office 4,000
  • C
    Money withdrawn and purchased car for personal use 5,00,000
    Correct
  • D
    Money withdrawn and furniture purchased for the office 10,000