CBSE Class 11 Accountancy Introduction To Accounting Enrichment Worksheet

CBSE Class 11 Accountancy Worksheet - Introduction to Accounting Enrichment. Students can download these worksheets and practice them. This will help them to get better marks in examinations. Also refer to other worksheets for the same chapter and other subjects too. Use them for better understanding of the subjects.

ICLASS XI INTRODUCTION TO ACCOUNTING ENRICHMENT WORKSHEET - 1

1) What is the main task of :

a) Financial accounting

b) Cost accounting

c) Management accounting

2) Explain with examples:

a) Liquid assets

b) Fictitious assets

c) Contingent liabilities

d) Deferred revenue expenditure

3) State what is the end product of financial accounting?

4) “Accounting information should be comparable”. Do you agree with this statement? Give two reasons.

5) “The role of accounting has changed over the period of time”. Explain

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Important Questions for NCERT Class 11 Accountancy Introduction to Accounting
 

Question. Current Liabilities include:
(A) Bills Payable
(B) Creditors
(C) Outstanding Expenses
(D) All of the above

Answer :  D

Question Which of the following is a business transaction?
(a) Goods purchased on credit.
(b) An employee being dismissed.
(c) Proprietor purchasing a car for own use.
(d) Sale of personal asset by the proprietor.

Answer :  A

Question. Which of the following is capital expenditure?
(A) Wages
(B) Wages paid for building construction
(C) Repair expenses of building
(D) Advertisement Expenses

Answer :  B

Question. A person who owes money to the firm is called …….
(A) Debtor
(B) Creditor
(C) Supplier
(D) None of these

Answer :  A

Question. Goods means:
(A) Commodity to be bought and sold
(B) Commodity to be bought but not to be sold
(C) Commodity to be used as an asset
(D) All of the above

Answer :  A

Question Trade Discount allowed
(a) is shown separately in the books of account.
(b) is not shown separately in the books of account.
(c) can be shown either separately or deducted from purchase cost.
(d) None of the above.

Answer :  B

Question Which of the following transaction is not of financial character?
(a) Purchase of asset on credit
(b) Purchase of asset for cash
(c) Withdrawing of money by proprietor from business
(d) Strike by employees.

Answer :  D

Question Revenue from Operations refers to
(a) Revenue earned from Operating Activities.
(b) Revenue earned from activities that are not Operating Activities.
(c) Both (a) and (b).
(d) None of the above.

Answer :  A

Question. Trade Discount is:
(A) Which is allowed at the time of receiving the payment
(B) Which is allowed at the time of sale of goods
(C) Which is allowed both at the time of receiving payment and sale of goods
(D) Allowed in all of the above

Answer :  B

Question. Cash Discount is:
(A) Which is received at the time of making the payment
(B) Which is allowed at the time of sale of goods
(C) Which is received at the time of purchase of goods
(D) Which is received both at the time of making payment and purchase of goods

Answer :  A

Question Purchase refers to the buying of
(a) Stationery for office use.
(b) Assets for the factory.
(c) Goods for resale.
(d) Investment.

Answer :  C

Question. Current assets do not include:
(A) Debtors
(B) Motor Car
(C) Bank Balance
(D) Prepaid Expenses

Answer :  B

Question. Tangible Assets do not include:
(A) Goodwill
(B) Furniture
(C) Stock
(D) Cash

Answer :  A

Question. Which of the following will be treated as drawings:
(A) Withdrawing money for payment of salary to employees
(B) Withdrawing money for payment to creditors
(C) Withdrawing money from business for private expenses
(D) Withdrawing money for purchase of asset

Answer :  C

Question. Main feature of business transaction is:
(A) It involves an economic activity
(B) It results in a change in the financial position of the firm
(C) Change must be capable of being expressed in terms of money
(D) All of the above

Answer :  D

Question. Current Liabilities do not include:
(A) Bills Payable
(B) Creditors
(C) Outstanding Exp.
(D) Debentures

Answer :  D

Question. Purchases refers to the buying of
(A) Stationery for office use
(B) Assets for the factory
(C) Goods of resale
(D) Investment

Answer :  C

Question. The term sales is used only for the sales of …… and is never used for the sale of …….
(A) Assets, Investments
(B) Assets, Goods
(C) Intangible Assets, Goods
(D) Goods, Assets

Answer :  D

Question. Out of the following assets which one is NOT an intangible asset?
(A) Patents
(B) Investments
(C) Goodwill
(D) Trademark

Answer :  B

Question. At the end of financial year, during which sale of goods was worth Rs.5,00,000, the closing stock is valued at Rs.40,000. This is
(A) An event
(B) A transaction
(C) Both an event as well as transaction
(D) None of (A) and (B)

Answer :  C