11th Accounts

Accounting

• includes Book Keeping

• does not include Book Keeping

• may or may not include Book Keeping

• None of these

Which is the last step of accounting as a process of information?

• Recording of transaction

• Preparation of final statements

• Communication of information

• Analysis and interpretation of information

Which of the following is not a business transaction?

• Purchases of goods for resale amounted to Rs. 50,000

• Paid salaries and wages amounted to Rs. 10,000

• Paid rent for office premises Rs. 5,000

• Purchases a LCD for personal use

Which of the following is a limitation of accounting?

• Assistance to management

• Replaces Memory

• Unrealistic information

• Evidence in Court

Amount paid or payable against purchases of goods is

• Revenue expenditure

• Capital Expenditure

• Both (a) and (b)

• None of these

Goodwill is a/an

• Tangible Asset

• Intangible Asset

• Current Asset

• Fictitious Asset

Bank overdraft is

• short-term liability

• long-term liability

• contingent liability

• None of these

Which of the following are goods?

• Machine manufactured for sale

• Furniture purchased for sale

• Books and stationary purchased by a book seller

• All of the above

Which of the following is a liability?

• Furniture

• Rent payable

• Interest received

• Stock

The nature of accrued income is

• revenue

• liability

• expenses

• asset