Accountancy Theory Questions From CBSE Question Papers
One Marks Questions
Q1: Book Keeping and Accounting
(a) Means same and are used interchangeably
(b) Does not mean same and are not used interchangeably
(c) Both (a) and (b)
(d) None of the above
Q2: Capital is
(a) Internal Liability
(b) External liability
(c) Internal as well as external liability
(d) None of these
Q3: According to cost concept
(a) Assets are recorded at the value paid for acquiring them
(b) assets are recorded at estimated market value at the time of purchase
(c) Assets are recorded at lower of cost or market value
(d) None of the above
Q4: Rohan commenced business 1st April with a capital of Rs. 6,00,000. On 31st March 2019 his assets were worth Rs 8,00,000 and liabilities Rs. 50,000. find out his closing capital ----
(a) 7,50,000
(b) 2,00,000
(c) 5,00,000
(d) 1,50,000
Q5: Withdrawal of cash from business by the proprietor is credited to
(a) Drawings A/C
(b) Capital A/C
(c) Cash A/C
(d) Profit and loss A/C
Q6: Cash Memo is a source voucher for purchase of goods
(a) For cash purchases
(b) For credit purchases
(c) For credit sales
(d) For cash sales
Q7: Interstate purchase of goods which GST is levied
(a) CGST
(b) SGST
(c) CGST & SGST
(d) IGST
Q8: ledger account is prepared from
(a) Transactions
(b) Journal
(c) Events
(d) None of these
Q9: Which of the following is not recorded in cash book ?
(a) Bad debt
(b) Depreciation
(c) Credit sales
(d) All of above
Q10: Cash sales of business are recorded in
(a) Sales book
(b) Cash book
(c) Sales return book
(d) Journal proper
Q11: Bank reconciliation statement is
(a) A part of double entry system
(b) not a part of double entry system
(c) part of bank statement
(d) None of these
Q12: Which item is shown as Debit balance in Trial Balance
(a) Creditors
(b) Bank overdraft
(c) Rent outstanding
(d) Cash in Hand
Q13: which of the following is not part of financial statement of a sole proprietorship?
(a) Receipt and payment account
(b) Profit and loss account
(c) Balance sheet
(d) Trading account
Q14: Under the Accrual basis of Accounting expenses are recorded
(a) On payment
(b) On being incurred
(c) either (a) and (b)
(d) None of these
Q15: IFRS are based on
(a) Historical cost
(b) Fair value
(c) Both historical and fair value
Q16: Define revenue with example.
Q17: List any two objectives of accounting
Q18: Mr. vikas who owed us Rs 60000 became insolvent and paid only 40% of this amount not received?
Q19: Distinguish between capital expenditure and revenue expenditure.
Q20: An old machinery was sold to Mahesh for Rs 56000. Name the book in which this entry will be recorded.
Q21: What is meant by noting of bill of exchange?
Q22: Lalit of Delhi purchased goods of Rs 20000 from Mehar of kanpur. Whether IGST or CGST and SGST will be charged by Mehar? Why?
Q23: Under which accounting concept is provision for Doubtful Debts made?
Q24: The debts written off as bad, if recovered subsequently, are credited to the Debtor's Account. Is it correct? Why?
Q25: How is unearned Income shown in the final Accounts?
Q26: Give one limitation of incomplete record.
Q27: A firm earns a revenue of Rs 21000 and the expenses to earn this revenue are Rs 15000. Calculate its income.
Q28: Mr. Raj an electronic goods dealer, gifted a microwave of value Rs 30000 to his friend Rohan and recorded it in books as drawings. Is he correct?
Q29: Due to labour strike, in a factory the production had to stop for a week. The accountant estimated the loss of production and likely loss of profit and recorded it in the books of accounts. Is the accountant correct?
Q30: If machinery is purchased for cash , indicates how accounting equation will be affected?
Q31: Differentiate between cash basis of accounting and Accrual basis of accounting on the basis of timing of recording an income.
Q32: Meena is owner of a restaurant. She paid sons fees from her personal bank account Rs 20000. whether this constitute her business transaction? Give reason.
Q33: Hari gifted a set of six T-shirt to one of his friend. In which accounts this transaction should be debited and credited?
Q34: How would you treat goods given away as charity while preparing financial statement of an organization.
Q35: what do you mean by 'Legacy'.
One Marks Questions
Q1: Book Keeping and Accounting
(a) Means same and are used interchangeably
(b) Does not mean same and are not used interchangeably
(c) Both (a) and (b)
(d) None of the above
Q2: Capital is
(a) Internal Liability
(b) External liability
(c) Internal as well as external liability
(d) None of these
Q3: According to cost concept
(a) Assets are recorded at the value paid for acquiring them
(b) assets are recorded at estimated market value at the time of purchase
(c) Assets are recorded at lower of cost or market value
(d) None of the above
Q4: Rohan commenced business 1st April with a capital of Rs. 6,00,000. On 31st March 2019 his assets were worth Rs 8,00,000 and liabilities Rs. 50,000. find out his closing capital ----
(a) 7,50,000
(b) 2,00,000
(c) 5,00,000
(d) 1,50,000
Q5: Withdrawal of cash from business by the proprietor is credited to
(a) Drawings A/C
(b) Capital A/C
(c) Cash A/C
(d) Profit and loss A/C
Q6: Cash Memo is a source voucher for purchase of goods
(a) For cash purchases
(b) For credit purchases
(c) For credit sales
(d) For cash sales
Q7: Interstate purchase of goods which GST is levied
(a) CGST
(b) SGST
(c) CGST & SGST
(d) IGST
Q8: ledger account is prepared from
(a) Transactions
(b) Journal
(c) Events
(d) None of these
Q9: Which of the following is not recorded in cash book ?
(a) Bad debt
(b) Depreciation
(c) Credit sales
(d) All of above
Q10: Cash sales of business are recorded in
(a) Sales book
(b) Cash book
(c) Sales return book
(d) Journal proper
Q11: Bank reconciliation statement is
(a) A part of double entry system
(b) not a part of double entry system
(c) part of bank statement
(d) None of these
Q12: Which item is shown as Debit balance in Trial Balance
(a) Creditors
(b) Bank overdraft
(c) Rent outstanding
(d) Cash in Hand
Q13: which of the following is not part of financial statement of a sole proprietorship?
(a) Receipt and payment account
(b) Profit and loss account
(c) Balance sheet
(d) Trading account
Q14: Under the Accrual basis of Accounting expenses are recorded
(a) On payment
(b) On being incurred
(c) either (a) and (b)
(d) None of these
Q15: IFRS are based on
(a) Historical cost
(b) Fair value
(c) Both historical and fair value
Q16: Define revenue with example.
Q17: List any two objectives of accounting
Q18: Mr. vikas who owed us Rs 60000 became insolvent and paid only 40% of this amount not received?
Q19: Distinguish between capital expenditure and revenue expenditure.
Q20: An old machinery was sold to Mahesh for Rs 56000. Name the book in which this entry will be recorded.
Q21: What is meant by noting of bill of exchange?
Q22: Lalit of Delhi purchased goods of Rs 20000 from Mehar of kanpur. Whether IGST or CGST and SGST will be charged by Mehar? Why?
Q23: Under which accounting concept is provision for Doubtful Debts made?
Q24: The debts written off as bad, if recovered subsequently, are credited to the Debtor's Account. Is it correct? Why?
Q25: How is unearned Income shown in the final Accounts?
Q26: Give one limitation of incomplete record.
Q27: A firm earns a revenue of Rs 21000 and the expenses to earn this revenue are Rs 15000. Calculate its income.
Q28: Mr. Raj an electronic goods dealer, gifted a microwave of value Rs 30000 to his friend Rohan and recorded it in books as drawings. Is he correct?
Q29: Due to labour strike, in a factory the production had to stop for a week. The accountant estimated the loss of production and likely loss of profit and recorded it in the books of accounts. Is the accountant correct?
Q30: If machinery is purchased for cash , indicates how accounting equation will be affected?
Q31: Differentiate between cash basis of accounting and Accrual basis of accounting on the basis of timing of recording an income.
Q32: Meena is owner of a restaurant. She paid sons fees from her personal bank account Rs 20000. whether this constitute her business transaction? Give reason.
Q33: Hari gifted a set of six T-shirt to one of his friend. In which accounts this transaction should be debited and credited?
Q34: How would you treat goods given away as charity while preparing financial statement of an organization.
Q35: what do you mean by 'Legacy'.
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