FYJC 11th Commerce
Book-Keeping and Accountancy
Chapter: 1
Introduction of Book-Keeping and Accountancy
Q1.
Select the most appropriate alternatives from those given below and rewrite the
statements:
1) Goodwill means a reputation of a business valued in terms of money. a) Trademark b) Assets c) Patent d) Goodwill
2) Discount
earned is transferred to credit side of Profit
& Loss account. a) Current
b) Profit & Loss c)
Trading d) Capital
3) In
every business transaction there must be minimum two
effects. a)
One b) two c) three d) none of these
4) Debit what comes in, credit what goes out. a) Giver b) Expenses and Losses c) Goes out d) Income and gain
5) Every Journal entry require Narration. a) Casting b) Posting c) Narration d) Journalising
6) Trade discount is not recorded in the books of
account. a) Trade b) Cash c) GST d) VAT
7) Outstanding
expenses are shown on the Liability side of
Balance Sheet. a) Assets b) Liability c) Both d) None of these
8) ’c/d’ indicates closing balance. a) Opening b) closing c) positive d) negative
9) Additional
cash introduced in business is recorded in Cashbook.
a)
Purchase Book b) Cash Book c) Journal Proper d) Return Inward Book
10) Subdivision
of Journal is known as Subsidiary book.
a)
Subsidiary b) purchase
return c) purchase d) Journal proper
11) Overdraft
means Credit balance of cash book.
a) closing b) debit c) opening d)
credit
12) Opening
stock is always entered in Trading Account.
a)
Trading b) Profit and Loss c) Bank d) Assets
13) Closing
stock is always valued at cost or market price whichever is Less. a) More b) equal c) less d) zero
14) The
difference between assets and liabilities is called Capital. a)
Drawings b) Income c) Capital d) Expenses
15) Purchase
of animals for cash should be debited to live Stock A/c. a) Live stock A/c b) Goods A/c c) Cash
A/c d) Bank A/c
Q2.
Give the word/term or phrase which can substitute each of the following
statement:
1) Right
hand side of an account.-Credit side
2) The
Assets which cannot be seen, touch or felt. – Intangible Assets
3) Amount
invested in business by the proprietor. – Capital
4) A
person to whom amount is payable. – Creditor
5) Page
number of the Ledger. – Ledger Folio
6) A
book of prime entry. – Journal
7) Petty Cash Book in which the payment side is ruled in suitable columns. – Analytical Petty Cash Book
8) Accounts
of Assets and Properties. ---- Real A/c
9) The
entry which is recorded on both sides of cash book. – Contra Entry
10) Note
issued by the seller on receipt of defective goods from customer.-Credit Note
11) Slip
used to withdraw cash from bank account. –Withdrawal slip
12) Statement
of assets and liabilities. –Balance sheet
13) Expenses
paid before it is due. – Prepaid expenses
14) A
Debit balance to personal Account. - Debtor
15) Name
the account which encourages personal savings. - Savings Bank Account
Q3. State whether the following statements are
True or False:
1) Every
item of Trial Balance has only one effect. False
2) Every
debit has equal and corresponding credit. True
3) Capital =
Liabilities – Assets False
4) The
rule of Nominal Account is Debit the receiver and credit the giver. False
5) Journal
is the book of prime entry. True
6) Narration
is not required for each and every entry False
7) The
process of recording transaction in Journal is called posting. False
8) When
debit side of an account is greater than the credit side, the account shows a
debit balance. True
9) Transaction
recorded on both debit and credit side of cash Book is known as Contra entry.
True
10) The
person who maintains petty cash Book is known as Chief Cashier. False
11) Indirect
expenses are debited to Trading A/c. False
12) Trial
Balance is prepared from the balance of Ledger account. True
13) Balance
sheet is a statement and not an account.
True
14) Gross
profit is transferred to Profit & Loss A/C.
True
15) Double
Entry System of Book- Keeping is scientific method of books of accounts. True
Q4.Find
the Odd one:
1. Personal
A/c, Real A/c, Nominal A/c, Capital A/c.
2. Rent,
Salary, Insurance, Plant and Machinery.
3. Purchases,Debtors,
Factory Rent, Closing Stock
4. Advertisement,
Travelling Expenses, Factory Rent, Insurance.
5. Cash
in Hand, Debtors, Prepaid Expenses, Capital.
6. Balance
Sheet, Purchase Book, Sales Book, Cash Book.
7. Capital,
Bills Payable, Prepaid Rent, Outstanding Wages.
8. Date,
Assets, Particulars, LF.
9. Creditors,
Bank Loan, Bank Overdraft, Investment.
10. Wages,
Freight, Salaries, Royalties.
11. CGST,
RTGS, SGST, IGST.
12. NEFT,
RTGS, Debit Card, GST.
13. Carriage,
Bus Fare, Taxi Fare, Train Fare.
14. Inward
Invoice, Credit Card, Outward Invoice, Debit Note.
15. Trading
A/c, Profit & Loss A/c, Balance Sheet, Journal.
Q5.Complete
the following table:
|
Journal |
Journalising
|
|
Ledger
|
Posting
|
|
|
|
|
Sales Return |
Return
Inward |
|
Purchase Return |
Return Outward |
|
|
|
|
L.F. |
Journal
|
|
J.F. |
Ledger
|
|
|
|
|
Assets |
Debit
Balance |
|
Liabilities |
Credit Balances |
|
|
|
|
Land & Building |
Real
Account |
|
Commission |
Nominal A/c |
|
Profit |
Surplus
|
|
Loss |
Deficit |
|
|
|
|
Debit |
Receipts
|
|
Credit |
Payments |
|
|
|
|
Subsidiary Book |
Credit
Transactions |
|
Cash Book |
Cash Transaction |
Click Here to Download Practice Question Paper & Get ready for Board Exam:
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Bk & Accountancy Practice Test Paper: Chapter 2, 4 ,6 & 8
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