XI Standard - 11th - Commerce - June Monthly Test Question Paper - Samacheer Kalvi

 

JUNE MONTHLY TEST

 STD: - XI                                                                                                              MARKS: 50

SUBJECT: - ACCOUNTANCY                                                                           HOURS: 1 1/2hrs

I. CHOOSE THE CORRECT ANSWER                                                                         10 X 1= 10

1. The root of financial accounting system is

      (a) Social accounting (b) Stewardship accounting   (c) Management accounting

      (d) Responsibility accounting

2. Which one of the following is not a main objective of accounting?

      (a) Systematic recording of transactions (b) Ascertainment of the profitability of the business

      (c) Ascertainment of the financial position of the business (d) Solving tax disputes with tax      authorities

 3. Which one of the following is not a branch of accounting?

      (a) Financial accounting (b) Management accounting  (c) Human resources accounting

       (d) None of the above.

 4. Financial position of a business is ascertained on the basis of

      (a) Journal (b) Trial balance (c) Balance Sheet (d) Ledger

 5. Who is considered to be the internal user of the financial information?

       (a) Creditor (b) Employee (c) Customer (d) Government

6. The business is liable to the proprietor of the business in respect of capital introduced by the    person according to

      (a) Money measurement concept (b) Cost concept (c) Business entity concept

      (d) Dual aspect concept

7. The concept which assumes that a business will last indefinitely is

      (a) Business Entity (b) Going concern (c) Periodicity (d) Conservatism

8. GAAPs are:

    (a) Generally Accepted Accounting Policies b) Generally Accepted Accounting Principles

    (c) Generally Accepted Accounting Provisions (d) None of these

9. The rule of stock valuation ‘cost price or realisable value’ whichever is lower is based on the

     Accounting principle of:

     (a) Materiality (b) Money measurement (c) Conservatism (d) Accrual

 

10. In India, Accounting Standards are issued by

     (a) Reserve Bank of India (b) The Cost and Management Accountants of India

      (c) Supreme Court of India (d) the Institute of Chartered Accountants of India

II. VERY SHORT ANSWER                                                                                   4 X 2 = 8

   11. Define accounting.

   12. What are the steps involved in the process of accounting?

   13. Name any two bases of recording accounting information.

   14. Define book-keeping.

III. SHORT ANSWER                                                                                                4 X 3 = 12

   15. Explain the meaning of accounting.

   16. What is matching concept?

   17. Discuss briefly the branches of accounting.

   18. What is meant by accounting concepts?

 

 IV.ANSWER THE FOLLOWING IN DETAIL                                                     4X5=20

    19. Discuss in detail the importance of accounting.

    20. Discuss the role of an accountant in the modern business world.

    21. Write a brief note on Accounting Standards.

    22. Why are the following parties interested in accounting information?

             (a) Investors (b) Government