CBSE Class 11 Accountancy Sample Paper Set 10 Solved

1 What are the two accounting systems to record financial transactions in the books of account?

2 A firm has received a large order to supply goods. Will it be recorded in the books of account of the firm? Give reason

3 What is ‘Accrual Basis of Accounting’? 

4 Which accounting principle requires that personal expenses of proprietor or partners should be debited to Drawings Account?

5 State three differences between Book Keeping and Accounting.

6 Define Accounting. Discuss three objectives of Accounting. 

7 Qualitative characteristics are attributes that make accounting information useful to users. Explain these qualitative characteristics.

8 Name and explain two internal users and two external users of accounting information. 

9 Accounting has certain limitations. Discuss any four.

10 Explain the terms (a)Capital, (b)Liabilities, (c)Assets and (d)Drawings.

11 Give a brief explanation of the following accounting conventions.

(a) Full Disclosure (b) Consistency (c) Materiality (d) Conservatism

12 Define ‘Accounting Standards’. State any three objectives of Accounting Standards. 

13 Enter the following transactions in Surya’s Account and balance the same.

14 The following Trial Balance is not correct. Draw the correct one.

15 Prepare an Analytical Petty Cash Book on the Imprest System from the following:

16 Rohit has the following transactions. 

Prepare the accounting equation to show the effect of the above transactions on the assets, liabilities and capital.

17 Pass journal entries for the following transactions.

18 Prepare Cash Book with Bank Column of Bhaskar, Lucknow from the following transactions

19 Enter the following transactions in the subsidiary books and post them into ledger.

EXPECTED VALUE POINTS AND SCHEME OF EVALUATION

 Answers

1 The two accounting systems are

(i) Double Entry System

(ii) Accounts from Incomplete Records or Single Entry System

2 No, it will not be recorded in the books of accounts because it is not a transaction. 

3 ‘Accrual Basis of Accounting’ means the transaction is recorded at the time when it is entered into and not when the settlement takes place.

4 Accounting Entity or Business Entity Principle. 

5 Basis of differences between Book Keeping and Accounting:

Scope, Stage, Objective, Nature of Job, Performance, Special Skills (any three)

6 Accounting is a systematic process of identifying, measuring, recording, classifying, summarizing, interpreting and communicating financial information.

Objectives of Accounting :

(i)Maintaining Accounting Records

(ii)Determining Profit or Loss

(iii)Determining Financial Position (Discuss)

7 Qualitative characteristics of accounting :

Reliability, Relevance, Understandability, Comparability (Discuss the points)

8 Internal Users – Owners, Management, Employees & Workers

External Users – Banks & Financial Institutions, Investors, Creditors, Government, Researchers, Consumers & Public (Any two of each)

9 Limitations of Accounting

(i)Accounting is not fully exact

(ii)Unrealistic information

(iii)Accounting ignores the qualitative elements

(iv)Accounting ignores the effect of price level changes

(v)Accounting may lead to window dressing. (Explain any four)

10 (a)Capital – The amount invested in an enterprise by the proprietor or by partners.

(b)Liabilities- It means amount owed by the business.

(c)Assets – Properties owned by an enterprise.

(d)Drawings – It is the amount withdrawn or goods taken by the proprietor or partners for personal use.

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