CBSE Class 11 Accountancy Question Bank Worksheet

CBSE Class 11 Accountancy Worksheet - Question Bank. 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.

Sub:- Accountancy

Class -XI

TOPIC – INTRODUCTION TO ACCOUNTING

1. Define Accounting.

2. “Only financial transactions are recorded in Accountancy.” Explain the statement.

3. Differentiate between Book- keeping and Accountancy.

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

reasons.

5. Which of the following transactions are of financial character and will be recorded in the

books: a. Credit purchase of goods. b. Strike by employees. c. Interviewing the candidates for

employment. d. Goods worth Rs. 5,000 taken from the business and given by the proprietor to

his friend as gift. e. Sale of household furniture Rs. 2,000.

6. What is meant by window dressing in accounting? 7. How is Accounting influenced by

personal judgements?

8. If the Accounting Information is not clearly presented, which of the qualitative characteristic

of the accounting information is violated?

9. State any 5 users of accounting information.

10.State what is the end product of Financial Accounting?

TOPIC – BASIC ACCOUNTING TERMS

1. Explain the meaning of the following terms:

a. Assets b. Capital c. Liabilities d. Drawings e. Trade Receivables f. Fictitious Assets g. Revenue

h. Cash Discount i. Voucher j. Deferred revenue expenditure 2. Distinguish between: a. Debtors

and Creditors b. Revenue expenditure and Capital expenditure

3. Choose the correct alternative:

a. Current Liabilities include:

i. Bills Payable ii. Creditors iii. Outstanding Expenses iv. All of the above

b. Which of the following is the Capital Expenditure:

i. Wages paid for repair of building ii. Wages paid for white washing of building iii. Wages paid

for construction of building iv. Wages paid for cleaning of building

4. G Ltd. imported from Germany one machinery for sale in India and another machinery for

production purpose. Will you treat them goods or fixed assets?

5. Mr. X dealing in electronic goods sold 20 T.V. sets costing Rs.30,000 each at Rs. 40,000 each.

Out of this Rs.5,00,000 were received in cash and the balance is not yet received. State the

amount of revenue.

6. What is the reason that the capital expenditure is shown in the Balance Sheet?

TOPIC – THEORY BASE OF ACCOUNTING

1. “Capital is a liability for a business.” Explain this statement with the principle applied.

2. Discuss the principle based on the premise “do not anticipate profits but provide for all

losses.”

3. What is accrual concept?

4. Why should a business follow the consistency principle?

5. Due to which principle qualitative transactions are not recorded in the books: a. Business

Entity Principle b. Money Measurement Principle c. Historical Cost Principle d. Dual Aspect

Principle

6. Due to which of the following, contingent liabilities are shown in the Balance Sheet: a. Dual

Aspect Principle b. Principle of Full Disclosure c. Principle of Materiality d. Going Concern

Concept

7. What is meant by GAAP?

8. Why the full cost of an asset is not treated as an expense in the year of its purchase?

9. Mohan the owner of the business receives an order of goods worth Rs.2,00,000. He has also

received Rs.25,000 against this order. Mohan wants to record it as a sale. Is Mohan correct in

doing so?

10. Define the following: a. IFRS b. Accounting Standard.

TOPIC - BASE OF ACCOUNTING

1. Define the following: a. Cash basis of Accounting b. Accrual basis of Accounting

2. Which basis of Accounting is recognized under the Companies Act, 1956.

3. In which basis of Accounting, Outstanding expenses are not recorded?

4. Differentiate between Accrual and Cash basis of Accounting (any4).

5. Mr. Y, a businessman, during the financial year 2012-13 earned Rs.3,00,000. Out of which he

received Rs.2,50,000. He incurred an expense of Rs.1,00,000, out of which Rs.30,000 are

outstanding . He also received income relating to previous year Rs.25,000 and paid Rs.10,000

expense of last year. You are required to calculate his income for the year if

a. He follows cash basis of Accounting

b. He follows accrual basis of Accounting.

TOPIC – ACCOUNTING EQUATION AND ACCOUNTING PROCEDURE

1. X commenced business on 1st April,2013 with a capital of Rs.6,00,000.On 31st March,2014

his assets were worth Rs.8,00,000 and liabilities Rs.50,000. Find out his closing capital and

profits earned during the year.

2. Calculate the amount of total assets and capital as on 31.12.2013 in each of the following

cases:

i. Shyam started a business on 1.1.2013 with a capital of Rs.10,000 and a loan of Rs. 5,000

borrowed from Chirag. During the year, he made a profit of Rs.5,000.

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