Quiz on Introduction to Accounting | Class 11 Accountancy

Try this Quiz on Introduction to Accounting | Class 11 Accountancy

Quiz on Introduction to Accounting

Quiz

 

1. Which of the following is not a business transaction?
   1.   Bought furniture of Rs 10,000 for business
   2.   Paid for salaries of employees Rs 5000
   3.   Paid son's fees from her personal bank account Rs 20,000
   4.   Paid son's fees from the business Rs 20,000
2. Which qualitative characteristic of accounting information is reflected when accounting information is clearly presented?
   1.   Understandability
   2.   Relevance
   3.   Reliability
   4.   Comparability
3. Use of common unit of measurement and common format of reporting promotes:
   1.   Understandability
   2.   Reliability
   3.   Relevance
   4.   Comparability
4. What is the last step of accounting as a process of information?
   1.   Recording of data in the books of accounts
   2.   Preparation of summaries in the form of financial statements
   3.   Communication of information
   4.   Analysis and interpretation of information
5. ______ users are groups outside the business entity who uses the information to make decisions about the business entity.
   1.   Internal
   2.   External
   3.   Management
   4.   Owner
6. The full form of GAAP is
   1.   Generally Accepted Accounting Procedures
   2.   Generally Accepted Accounting Principles
   3.   General Accepting Accounting Principles
   4.   None of the above
7. The amount received from sale of goods or services is called
   1.   Revenue
   2.   Profit
   3.   Expense
   4.   Gain
8. If revenues are Rs 500,000 and expenses are Rs 550,000, profit/loss will be
   1.   Profit Rs 50,000
   2.   Loss Rs 50,000
   3.   Profit Rs 500,000
   4.   Loss Rs 500,000
9. Tick the current liabilities out the following.
   1. Creditors
   2. Bills Payable
   3. Debtors
   4. Debentures
   5. Outstanding expenses
   6. Long term loan
10. Tick the current assets out the following.
    1. Land
    2. Stock
    3. Furniture
    4. Machinery
    5. Debtors
    6. Cash in hand
    7. Cash at bank
    8. Building
    9. Prepaid expenses
    10. Creditors
    11. Bills Receivables