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
Income statement include
  • A
    Profit and loss account only
  • B
    Statement of profit and loss
    Correct
  • C
    Balance sheet only
  • D
    Trial Balance only
2
Position statement refers to
  • A
    Profit and loss account
  • B
    Ledger
  • C
    Balance sheet
    Correct
  • D
    Trading account
3
Accounting is
  • A
    Profit of business
  • B
    None of these
  • C
    Language of business
    Correct
  • D
    Objective of business
4
Which branch of accounting deals with information related to cost
  • A
    Financial accounting
  • B
    Management accounting
  • C
    All of these
  • D
    Cost accounting
    Correct
5
Match the following
Question 5 figure 1
  • A
    a(iii), b(i), c(ii)
    Correct
  • B
    None of these
  • C
    a(iii), b(ii), c(ii)
  • D
    a(i), b(iii), c(ii)
6
Single entry system is also known as
  • A
    Accounts from incomplete records
    Correct
  • B
    Accounts from complete records
  • C
    Accounts for Real and Nominal nature
  • D
    Accounts from Auditors
7
Following are the advantages of Double entry system except
  • A
    Check on accuracy
  • B
    Minimize fraud
  • C
    Compare study
  • D
    Can not prepare trail balance
    Correct
8
Researchers area of interest is
  • A
    Protecting environment
  • B
    All
  • C
    Future profitability
    Correct
  • D
    Safety
9
Which of the following statement is False
  • A
    Accounting information must be understandable
  • B
    Financial statements are not comparable
    Correct
  • C
    Accounting information must be of financial nature
  • D
    Accounting information must be reliable
10
If sale is Rs.21,000 and cost of goods sold is 15,000, what is the actual profit:
  • A
    7000
  • B
    5000
  • C
    6000
    Correct
  • D
    12000
11
Which of the following items are regarded as Goods (i) Machinery purchased by X for the production of goods (ii) Machinery manufactured by ABC for sale (iii) Furniture purchased by Rohit Pal a grocery owner (iv) Furniture purchased by Raman a dealer in furniture Options are
  • A
    ii, iv
    Correct
  • B
    i,ii,iii
  • C
    i,iii
  • D
    ii,iii
12
Which of the following is treated as an asset?
  • A
    Outstanding interest
  • B
    Interest received
  • C
    Accrued interest
    Correct
  • D
    Interest received in advance
13
You are a senior accountant of Ram Enterprises Limited. you would take three steps to make your company’s financial statements understandable and decision useful except
  • A
    Understanding
  • B
    Inconsistency
    Correct
  • C
    Compatibility
  • D
    Reliability
14
On 1 April 2001 Pankaj wants to buy a building for business purpose. Which of the following is the relevant information for him?
  • A
    Building cost details of 2003
  • B
    Similar building cost 10 years back
  • C
    Building cost details of 1998
  • D
    In year 2001 same type of a firm purchased building for Rs.55,00,000
    Correct
15
Ram started a business for buying and selling of stationery with Rs.5, 00,000 as an initial investment. Of which he paid Rs.1, 00,000 for furniture, Rs.2, 00,000 for buying stationery item. What is the amount of capital with which he started business
  • A
    Rs.500000
    Correct
  • B
    Rs.600000
  • C
    Rs.800000
  • D
    Rs.200000