ANSWERS TO THE CLASS 11 ASSESSMENT TEST 2 (CHAPTER 3 & 4)

30/ 04 /2020
Class 11 A & B


Class Assessment 2 class 11



1.Which of the following equation is incorrect?
1.Capital = Assets - Liabilities
2.Liabilities = Assets + Capital
3. Liabilities = Assets - Capital
4. Assets = Capital + Liabilities
Ans. 2

2. According to  ______, irrelevant information or facts need to be disclosed.
1. Consistency 2. Matching
3. Going Concern 4. Material

Ans. 4

3. Conservatism Principle takes into account:
1. All future profits and losses 2. All future profits and not losses
3. All future losses and not profits
4.  Neither profits nor losses of the future

Ans. 3

4. A concept that a business enterprise will not be sold or liquidated in near future is known as: 1 going concern 2economic activity 3monetary unit 4none of the above 

Ans. 1.


5 Identify the principle due to which the proprietor of a business is treated as creditor to the extent of his capital.
1.Money Measurement Principle 2. Dual Aspect Principle  3.  Cost Principle 4. Business Entity

Ans.4

6.According to Money Measurement Principle, which of the following will not be recorded in the books of account:

1. Profit on sale of an asset 2.Quality of the staff
3. Salary paid to the manager 4. Goods sold to Amit

Ans. 2

7.During the life-time of an entity, accounting produce financial statements in accordance with which basic accounting concept:
1. Conservatism 2.Matching 3. Accounting Period 4. None of the above

Ans. 3

8. During the Accounting period 2018-19, the total sales were ₹700000, out of which cash sales were of ₹450000. The total expenses for the year were ₹500000 out of which ₹210000 are still outstanding. Determine income of the firm for 2018-19 as per: Cash Basis of Accounting

Ans. 3

9. During the Accounting period 2018-19, the total sales were ₹700000, out of which cash sales were of ₹450000. The total expenses for the year were ₹500000 out of which ₹210000 are still outstanding. Determine income of the firm for 2018-19 as per: Accrual Basis of Accounting

Ans. 2

10. If goods are sold in January on 2 months credit, then as per Cash Basis of Accounting, the sale will be recorded in the month of :
January  February March April

Answer .march

11. If goods are sold in January on 2 months credit, then as per Accrual Basis of Accounting, the sale will be recorded in the month of :
1. January     2. February
3. March     4. April

Ans. 1

12. In accrual basis of accounting, recording is made of:
1. Credit transactions 2. Cash transactions 3. Both 1 and 2 4. Neither 1 nor 2

Ans. 3

13. Identify the Accounting Principle/ Assumption :  It facilitates intra- firm and inter -firm comparison.
1.  Historical Cost Principle  2. Materiality Principle  3. Consistency Assumption 4. Accrual Assumption

Ans. 3

14. . Identify the Accounting Principle/ Assumption : A transaction is recorded in the books when it is entered into and not when the settlement takes place.
1. Accrual Assumption. 2. Going Concern Assumption 3. Business Entity. 4. Conservatism Principle

Ans. 1

15. In the Financial year 2018-19, Amit earned a total revenue of ₹690000, out of which ₹ 470000 was received in cash.  The total expenses paid by him were ₹  440000, out of which ₹ 20,000 pertains to 2019-20. The expenses of ₹30000 are still outstanding. Determine Aman's Income for 2018-19 as per: Cash Basis of Accounting
1. ₹30000  2.₹40000  3. ₹20000 4. ₹80000

Ans. 1


16.In the Financial year 2018-19, Amit earned a total revenue of ₹690000, out of which ₹ 470000 was received in cash.  The total expenses paid by him were ₹  440000, out of which ₹ 20,000 pertains to 2019-20. The expenses of ₹30000 are still outstanding. Determine Aman's Income for 2018-19 as per:  Accrual Basis of Accounting
1. ₹470000. 2. ₹220000.   3. ₹230000
4. ₹ 240000

Ans 4

Comments

Post a Comment

Popular posts from this blog

CHAPTER 9: BOOK OF ORIGINAL ENTRY: COMPOUND ENTRY, OPENING ENTRY, TRADE DISCOUNT, CASH DISCOUNT, ANSWERS TO ASSIGNMENTS # 9 & 10

Image
LEARNING OUTCOMES: After going through this lesson, you shall be able to understand the following concepts. • Recording of a business transaction in Journal • Compound Journal Entry • Opening Entry • Trade discount and Cash discount . Compound Journal Entry In case there are more than two accounts in a transaction, then sometimes instead of passing a number of Journal entries for a single transaction we prefer to pass a single journal entry.  This single journal entry is termed as compound journal entry which involves more than two accounts in a transaction. Let's look into the following transactions: 1. Started business with cash.  2. Purchased goods for cash. 3. Sold goods on credit to X. The above transactions have simple journal entries. They are simple entries because these entries have only one debit account and one credit account.  In a transaction, where there are more than one debit or more than one credit or multiple debits and credits, then, for su
Read more

PRACTICE ASSIGNMENT # 15, ANSWERS TO ASSIGNMENT # 14 AND PA 1 EXAM

TASK # 1  DO THE ASSIGNMENT  GIVEN BELOW FOR PRACTICE. ASSIGNMENT # 15 JOURNALISE THE FOLLOWING TRANSACTIONS: REMEMBERING THE STEPS TO JOURNALISE: 1 Received an order of goods for Rs. 50,000 from Rinku and Received 10 % as advance. 2 Rinku's order was executed and balance money received by cheque. 3 Wages of Rs. 1,000 paid by owner from his personal funds. 4 Rent of owners personal house paid from office cash Rs. 2,000. 5 Paid Rs. 250 for subscribing for newspapers. 6 Received Rs. 700 from sale of old chairs and tables. 7 Paid interest on Loan Rs. 300. 8 Goods stolen of cost price Rs. 2,000 (sales price Rs. 3,000). 9 Paid income tax Rs. 1,000 and Life Insurance Premium Rs. 4,000. 10 Paid Life Insuran
Read more

2. Chapter 1: Introduction to Accounting (Continued)

Chapter 1: Introduction to Accounting (Continued) Learning objectives:  *Meaning of accounting  *Characteristics or Features or Attributes of     Accounting   * Accounting Process   * Objectives of Accounting  *  Advantages of Accounting  *  Limitations of Accounting   *  Users of Accounting Information  *  Qualitative Characteristics of Accounting Information  *  Systems of Accounting  *   Role of Accounting in Business Click the link for my Audio Recapitulation from the Previous Class Advantages of Accounting 1. Provides information about financial performance. 2.  Provides assistance to management. 3.  Facilitates comparative study:  intra firm comparison and inter firm comparison. 4. Replaces memory: it maintains systematic records. 5.  Helps in settlement of tax liability. 6.  Helpful in raising loans. 7.  Evidence in Court. 8.  Helps in sale of business. 9.  Helpful in decision making. Click the link for my Audio
Read more