Account class 11

1. In accounting the terms debit and credit indicates.

• a)Incease & Decrease

• b) Left & Right

• c) Expenses & income

• d) Assets & Liabilities

2. Resources invested by the owner refers to

• a)Assets

• b) Liabilities

• c) Revenue

• d) Capital

3. Process of entering transaction into the journal is called:

• a) posting

• b) balancing

• c) journalizing

• d) None & above

4 . In accounting the terms ‘Nominal accounts’ indicates.

• a) Increase & Decrease

• b) Left & Right

• c) Expenses & income

• d) Assets & Liabilties

5. The reason of depreciation is,

• a) Loss on sale

• b) Discount

• c) Purchase

• d) Accident

6. Wages paid for installation of machinery refers to;

• a) Capital expenditure

• b) Revenue expenditure

• c) Revenue receipts

• d) Capital receipts

7. A film Purchased machinery for Rs. 22000 having life 3 years. The estimated value at end Rs. 1000. What is the amount of depreciation under SLM?

• a) 6000

• b) 7000

• c) 9000

• d) 5000

8. Who prepared the cash book?

• a) Teacher

• b) Business man

• c) Accountant of the busines

• d) Employee of the bank

9. The maximum number of share of company as indicated;

• a) Issued Capital

• b) Authorized capital

• c) Paid up capital

• d) Called up Capital

10. Which transaction are not recorded in purchase book?

• a) Purchased goods from city shopping center.

• b) Purchased goods from New road shopping center.

• c) Purchased office computer for Rs. 35000 from Micro net solution.

• d) Purchased goods from Astha Departmental stores on credit.