CBSE Class 10 Elements of Book Keeping and Accountancy Sample Paper Set 02

Q1. The purpose of preparing final accounts is to ascertain: 

a) Profit or loss

b) Capital

c) The value of assets

d) Profit or loss and financial position

Q2. Trading Account shows: 

a) Financial position of the concern

b) Gross profit

c) Net profit

d) Net profit and financial position

Q3. Balance sheet shows: 

a) Profit or loss

b) Financial position

c) Errors of accounts

d) Total debtors

Q4. Trading and Profit & Loss Account is prepared: 

a) At the end of calendar year

b) At the beginning of the accounting year

c) On every Diwali

d) At the end of accounting year

Q5. Balance Sheet is prepared: 

a) For a particular period

b) On a particular date

c) For the whole year

d) For a decade

Q6. Balance sheet shows: 

a) Assets only

b) Liabilities only

c) Both assets & Liabilities

d) Neither assets nor liabilities

Q7. Excess of credit in Profit and Loss account is called: 

a) Net profit

b) Net loss

c) Gross profit

d) Gross loss

Q8. Wages and Salaries appearing in Trial Balance is shown: 

a) On the debit side of Trading A/c

b) On the debit side of Profit and Loss Account

c) On the Asset Side of the Balance Sheet

d) On the liabilities side of Balance Sheet

Q9. Land is: 

a) Current Asset

b) Fixed asset

c) A liability

d) Capital

Q10. Identify the current asset from the following: 

a) Plant

b) Cash at bank

c) Creditors

d) Capital

Q11. Generally accounts under single entry system are maintained by: 

a) Sole Trader

b) Company

c) Society

d) Partnership Firms

Q12. Single entry system of book keeping is: 

a) Accurate

b) Systematic

c) Unscientific

d) Rationale

Q13. When closing capital is more than the opening capital, it denotes: 

a) Drawings

b) Loss

c) No profit no loss

d) Profit, if there is no introduction of fresh capital

Q14. When closing capital is less than the opening capital, it denotes: 

a) Profit

b) Loss

c) Loss, if there is no drawing

d) Expenses

Q15. Which of the following is correct about Single Entry System: 

a) Simple Method

b) Difficult Method

c) Expensive Method

d) Both difficult and expensive method

Q16. Single Entry System is a: 

a) Complete System

b) Incomplete System

c) Hybrid System

d) None of the above

Q17. Drawer in bill of exchange is a person: 

a) Who draws a bill

b) Who accepts the bill

c) Who makes the payment

d) Who receives the payment

Q18. Endorsing the bill means: 

a) Giving the bill on charity

b) Depositing the bill with the government treasury

c) Transferring the bill to another person by the holder

d) Receiving the bill from creditors

Q19. Give three differences between Trading Account and Profit and Loss Account. 

Q20. Calculate Closing Capital: 

Opening capital Rs.1,70,000: Profit for the year Rs.1,20,000: Drawings Rs.70,000. During the year proprietor sold ornaments of his wife

for Rs.20,000 and invested the same in business.

Q21. What is meant by “Accounting from Incomplete Records”? State any two characteristics of incomplete records. 

Q22. Give any three differences between Balance Sheet and Statements of Affairs. 

Q23. From the Balance Sheet given below, calculate: 

1) Total Fixed Assets

2) Total Current Assets

3) Total Current Liabilities

Q24. Surya maintains books on Single Entry System. He gives you the following information: 

Capital on 1^st April,2014 Rs.30,000

Capital on 1^st April, 2015 Rs.32,800

Drawings made during the period: April, 2014 to March, 2015- Rs.10,800.

Capital introduced on 1^st August, 2012 Rs.5,000

You are required to calculate the profit or loss made by Mohan.

Q25. What is meant by a Bill of Exchange? State any two of its characteristics. 

Q26. Explain any three terms: 

a) Dishonour Of a Bill

b) Noting Charges

c) Discounting of a bill

d) Endorsement of a bill

Q27. Give any four objectives of preparing financial statements. 

Q28. Calculate net sales and net purchases from the following information: 

Sales Rs 1,00,000 , Purchases Rs 50,000

Sales Return Rs 5,000 , Purchase Return Rs 8,000

Q29. Explain any four advantages of Bills of Exchange. 

Q30. State any four advantages of Single Entry System. 

Q31. State any four limitations of Single Entry System. 

Q32. If ‘Adjusted Purchases’ and ‘Closing Stock’ are given in the Trial Balance, will you transfer ‘Closing Stock’ to the trading account? Explain briefly. 

Please click the link below to download CBSE Class 10 Elements of Book Keeping and Accountancy Sample Paper Set B