CBSE Class 11 Accountancy Introduction To Accounting Assignment Set B

Read and download free pdf of CBSE Class 11 Accountancy Introduction To Accounting Assignment Set B. Get printable school Assignments for Class 11 Accountancy. Standard 11 students should practise questions and answers given here for Accountancy in Grade 11 which will help them to strengthen their understanding of all important topics. Students should also download free pdf of Printable Worksheets for Class 11 Accountancy prepared as per the latest books and syllabus issued by NCERT, CBSE, KVS and do problems daily to score better marks in tests and examinations

Q.1 .Resignation by a Marketing Manager is not recorded in the books of accounts. Why?

Q.2. Name the branch of commerce , which keeps a record of monetary transactions in a set of books.

Q.3. Mention any two external users of accounting information.

Q.4. Give the area of interest for the creditors while using accounting information.

Q.5. A firm earns a revenue of Rs.70,000 and the expenses to earn this revenue are Rs.56,000.Calculate its income.

Q.6. Give two examples of intangible assets.

Q.7. Ajay, a businessman, has paid the school fees of his daughter from his personal bank account. Is it a business transaction?

Q.8.What are fictitious assets?

Q.9. Who is a debtor? give example

Q10 Mention the concept on which the following statements are based: -

1} The insignificant items and events having an insignificant economic effect need not be disclosed.

2} “Same accounting method should be used from one accounting period to the Next.”

3} Business is treated as an entity separate and distinct from its owner

4} Only those transactions and events are recorded in accounting which can be expressed in terms of money.

5} Business will continue to exist for a longer period of time and there is no intention to close it or reduce its size significantly.

6} All anticipated losses should be recorded in the books of accounts but all unanticipated or unrealized gains should be ignored.

7} There should be sufficient disclosure of information, which is of sufficient interest to the users of financial statement.
Q11 Give an example of the following:-
I] Intangible Assets
2] Current Liabilities
3] Income
4] Fixed Assets
Q12 Define the following: -
1] Journal & Ledger
2] Debtors & Creditors
3] Drawings & Capital
4] Trial Balance
5] Journal & Ledger
6] Debtors & Creditors
7] Drawings & Capital
8] Balance Sheet
9] Cost
10] Entry
Q13 Give one transaction for each of the following that will : -
1] Increase an asset and Increase capital
2} Decrease an asset and Decrease a Liabilities
3} Increase an asset and Decrease an asset
4} Decrease the capital and Increase the Liabilities

Important Questions for NCERT Class 11 Accountancy Introduction to Accounting

Question Accounting  
(a) includes Book Keeping.
(b) does not include Book Keeping.
(c) may or may not include Book Keeping.
(d) None of these.

Answer : A

Question Which of the following will not be recorded in the books of account?   
(a) Sales of goods
(b) Payment of salary
(c) Quality of staff
(d) Purchase of Goods

Answer : C

Question Book Keeping is concerned with   
(a) recording financial data relating to business operations.
(b) designing for systems recording, classifying and summarising recorded data.
(c) interpreting data for internal and external users.
(d) All of the above.

Answer : A

Question Which is the last step of accounting as a process of information?   
(a) Recording the transaction
(b) Preparation of financial statements
(c) Communication of information
(d) Analysis and interpretation of information

Answer : C

Question. Which one of the following is not an objective of accounting?   
(A) To provide information about the assets, liabilities and capital of the enterprise.
(B) To provide information about the private assets and liabilities of the proprietor.
(C) To maintain records of the business
(D) To provide information regarding the profit and loss of the enterprise.

Answer : B

Question. If accounting information is based on facts and it is verifiable by documents it has the quality of ……   
(A) Relevance
(B) Reliability
(C) Understandability
(D) Comparability

Answer : B

Question Which of the following transactions will not be recorded in the books of account?   
(a) Purchased a LCD for personal use, paying the amount from personal bank account.
(b) Purchased machinery for manufacture.
(c) Purchased machinery for resale.
(d) Paid salaries and wages.

Answer : A

Question Accounting does not show the realisable value of business. It is a/an   
(a) limitation of Accounting.
(b) advantage of Accounting.
(c) Both (a) and (b).
(d) None of these.

Answer : A

Question Which of the following is a limitation of accounting?   
(a) Assistance to Management
(b) Replaces Memory
(c) Unrealistic Information
(d) Evidence in Court

Answer : C

Question Which of the following is not a long-term liability?
(a) Creditors
(b) Term-loan
(c) Debentures
(d) Capital

Answer :  A

Question Which of the following are goods?
(a) Machines manufactured for sale.
(b) Furniture purchased for sale.
(c) Books and stationery purchased by a book seller.
(d) All of the above.

Answer :  D

Question The nature of capital is
(a) an asset.
(b) a liability.
(c) an income.
(d) an expense.

Answer :  B

Question Sale is recognised as revenue
(a) when the contract for sale is entered into.
(b) at the point of sale or performance of service.
(c) after the expiry of credit period allowed to debtors.
(d) after the money collected from the customers.

Answer :  B

Question The nature of accrued income is
(a) revenue.
(b) liability.
(c) expenses.
(d) asset.

Answer :  D

Question Out of the following assets, which one is not an intangible asset?
(a) Machinery
(b) Patents
(c) Goodwill
(d) Trade Mark

Answer :  A

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