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

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