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Questions and Answers
If a firm believes that some of its debtors may 'default', it should act on this by making sure that all possible losses are recorded in the books. This is an example of the __________ concept.
If a firm believes that some of its debtors may 'default', it should act on this by making sure that all possible losses are recorded in the books. This is an example of the __________ concept.
- Consistency concept
- Business Entity Concept
- Money measurement concept
- Prudence Concept (correct)
The fact that a business is separate and distinguishable from its owner is best exemplified by the __________ concept.
The fact that a business is separate and distinguishable from its owner is best exemplified by the __________ concept.
- Money measurement concept
- Business Entity Concept (correct)
- Consistency concept
- Prudence Concept
The management of a firm is remarkably incompetent, but the firms accountants cannot take this into account while preparing book of accounts because of __________ concept
The management of a firm is remarkably incompetent, but the firms accountants cannot take this into account while preparing book of accounts because of __________ concept
- Consistency concept
- Money measurement concept (correct)
- Prudence Concept
- Business Entity Concept
Which of the following is not a business transaction?
Which of the following is not a business transaction?
Which qualitative characteristics of accounting information is reflected when accounting information is clearly presented?
Which qualitative characteristics of accounting information is reflected when accounting information is clearly presented?
Which of the following document will be used by a business when they are returning goods to the supplier as they were defective?
Which of the following document will be used by a business when they are returning goods to the supplier as they were defective?
Use of common unit of measurement and common format of reporting promotes:
Use of common unit of measurement and common format of reporting promotes:
Which of the following is documentary evidence that records the details of a transaction and is prepared in a specific format?
Which of the following is documentary evidence that records the details of a transaction and is prepared in a specific format?
A petty cash voucher is a source document?
A petty cash voucher is a source document?
What is the full form of GST?
What is the full form of GST?
GST was implemented in India from
GST was implemented in India from
Provision is created by debiting __________
Provision is created by debiting __________
Long term assets without any physical existence but, possessing a value are called
Long term assets without any physical existence but, possessing a value are called
Which of the following is not a type of reserve
Which of the following is not a type of reserve
Dividend Equalisation Reserve is:
Dividend Equalisation Reserve is:
If the insurance premium paid Rs. 1,000 and prepaid insurance Rs. 300. The amount of insurance premium shown in the profit and loss account will be __________
If the insurance premium paid Rs. 1,000 and prepaid insurance Rs. 300. The amount of insurance premium shown in the profit and loss account will be __________
The following balances appeared in Trial Balance of Anil proprietorship
Debtors 80,000 Bad debts 2,000 Provision for doubtful debts 5,000
Adjustments :
Bad debts Rs 500 Provision on debtors @ 3%.
How much is the amount to be shown in Profit and Loss Account
The following balances appeared in Trial Balance of Anil proprietorship Debtors 80,000 Bad debts 2,000 Provision for doubtful debts 5,000 Adjustments : Bad debts Rs 500 Provision on debtors @ 3%. How much is the amount to be shown in Profit and Loss Account
Rahul's trial balance provide you the following information: Debtors Rs 80,000 Bad debts Rs 2,000 Provision for doubtful debts Rs 4,000 It is desired to maintain a provision for bad debts of Rs1,000 State the amount to be debited/credited in profit and loss account:
Rahul's trial balance provide you the following information: Debtors Rs 80,000 Bad debts Rs 2,000 Provision for doubtful debts Rs 4,000 It is desired to maintain a provision for bad debts of Rs1,000 State the amount to be debited/credited in profit and loss account:
The debts which are to be repaid within a short period (a year or less) are referred to as,
The debts which are to be repaid within a short period (a year or less) are referred to as,
Copyrights, Patents and Trademarks are examples of
Copyrights, Patents and Trademarks are examples of
Flashcards
Prudence Concept
Prudence Concept
Ensures all potential losses are recorded, even if not yet certain.
Business Entity Concept
Business Entity Concept
A business is separate from its owner; transactions are recorded from the business's perspective.
Money Measurement Concept
Money Measurement Concept
Only transactions that can be measured in monetary terms are recorded.
Not a Business Transaction
Not a Business Transaction
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Understandability (Accounting)
Understandability (Accounting)
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Debit Note
Debit Note
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Comparability (Accounting)
Comparability (Accounting)
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Voucher
Voucher
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GST full form
GST full form
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GST Implementation Date in India
GST Implementation Date in India
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Provision creation
Provision creation
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Intangible Assets
Intangible Assets
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Not a type of reserve
Not a type of reserve
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General Reserve
General Reserve
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Current Liabilities
Current Liabilities
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Intangible assets
Intangible assets
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Dual Aspect Concept
Dual Aspect Concept
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IFRS Full Form
IFRS Full Form
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Trade Discount
Trade Discount
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Cash Discount
Cash Discount
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Petty Cash Book
Petty Cash Book
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Purchase Return Book
Purchase Return Book
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Sales Return Book
Sales Return Book
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Cash Book
Cash Book
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Bank Reconciliation Statement
Bank Reconciliation Statement
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Depreciation
Depreciation
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Provision for Depreciation
Provision for Depreciation
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Profit and Loss Account
Profit and Loss Account
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Balance Sheet
Balance Sheet
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Drawings
Drawings
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Study Notes
- This is an accountancy sample paper covering topics for Class XI.
- The paper has a total of 80 marks.
Key Concepts and Principles
- Prudence Concept: Records possible losses to account for debtor defaults
- Business Entity Concept: Distinguishes the business as separate from its owner
- Money Measurement Concept: Prevents incompetent firm management from influencing accounting records
Business Transactions
- Paying son's fees from a personal bank account is not a business transaction.
Accounting Information
- Understandability is reflected when accounting information is clearly presented.
Documents
- Debit Note: Used when returning defective goods to the supplier
- Documentary evidence of a transaction is recorded and prepared in a specific format
Source Documents
- Source documents include petty cash vouchers, vouchers, and invoices
GST
- Full Form: Goods and Services Tax
- Implemented in India starting April 1, 2017
Accounting Terms
- Provision: Created by debiting the profit and loss account
- Intangible Assets: Long-term assets without physical existence possessing value
- Provision for bad debt is not a type of reserve
- Dividend Equalisation Reserve is a type of Specific Reserve
- Current Liabilities are debts to be repaid within a short period (a year or less).
- Copyrights, Patents, and Trademarks are examples of Intangible assets
Calculations
- If the insurance premium paid is Rs. 1,000 and prepaid insurance is Rs. 300, the amount of insurance premium shown in the profit and loss account will be Rs. 700.
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Description
This is a sample paper for accountancy class XI, covering key concepts and principles such as the prudence concept and business entity concept. It also covers business transactions and accounting information. The paper also includes GST and source documents.
