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Accountancy XI (Unit Test -1)

Mr. R. John, PGT (Com)

 

  Answer all questions  
1 Define the term drawings.  
2 Give two examples of current assets.  
3 What are source documents ?  
4 What is meant by GAAP ?  
5 Business units will last indefinitely. Name the concept and explain the need for it.  
6 Discuss the concept-based on the premise ‘do not anticipate profits but provide for all losses’,  
7 Who are the external users of information  
8 What are the elements of a voucher  ?  
9 Explain the qualitative characteristics of accounting information  
10 Explain the following

  1. Full disclosure concept
  2. Double entry system
 
11 Define Accounting ? Explain the objectives of accounting.  
12 Show the accounting equation on the basis of the following transactions  
  a. Stared business with cash Rs. 1,40,000/-  
  b. Rent received Rs. 2,000/-  
  c. Purchased goods on credit Rs. 20,000/-  
  d. Sold goods (cost Rs. 8000) for Rs. 10,000/-  
  e. Salary outstanding Rs. 4,000/-  
  f. Paid cash to creditos Rs. 6,000/-  
  g. Bought plant and machinery Rs.30,000/-  
  h. Insurance  paid in advance Rs. 1,800/-  

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