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Sunday, March 17, 2019

AHSEC - Class 11: Accountancy Multiple Choice Questions

Multiple Choice Questions
Frequently Asked multiple choice questions in AHSEC CLASS 11 Board Exam
a)   Accounting is the source of income / evidence / financial information.            [H.S.’ 08]
b)   Accounting records qualitative character of business.                               False                     [H.S.’ 10]
c)    According to conservatism / Materiality principle “all anticipated losses should be recorded in the books of accounts but not gains”.               [H.S.’ 10]
d)   Book-keeping is a systematic record of all Business transactions.         [H.S.’ 08]

e)   The rule for personal account is Debit the receiver and Credit the giver.          [H.S.’ 08]
f)    A ledger is a Secondary book.    [H.S.’ 08]
g)   Fixed assets sold for cash is recorded in Cash book.  [H.S.’ 08]
h)   Debit balance in pass book shows bank overdraft.  [H.S.’ 08]
i)     Trial Balance is an account / a statement / information.            [H.S.’ 08]
j)     Depreciation is not charges on building / land / machinery.    [H.S.’ 08]
k)   A bill of exchange is a conditional document.                                False
l)     Accommodation bill are not negotiable instruments. False
m) Bills receivable account is a Real account.
n)   There are three parties to a bill of exchange.
o)   A promissory note is drawn by Purchase.
p)   Bills receivable books are a part of the:  (a) Journal (b) Ledger (c) Profit & Loss account.
q)   A promissory note is made by: (a) Seller (b) Purchaser (c) Endorsee
r)    Balance Sheet includes all accounts / real and personal accounts / personal accounts only. [H.S.’ 08]
s)    Contingent liabilities in shown / not shown in the balance sheet.                         [H.S.’ 10]
t)    Outstanding rent in a revenue / liability.        [H.S.’ 10]
u)   Accounting records only the transactions of Qualitative nature.          [H.S.’ 15]
v)   Assets = Liabilities + Capital.                                 [H.S.’ 15]
w) Excess of Opening capital over closing capital represents loss.                              [H.S.’ 15]
x)   Closing stock is usually not shown in the Trial Balance.              True       [H.S.’ 15]
y)   A Bank Reconciliation Statement is prepared by customer of a bank. True                       [H.S.’ 15]
z)    The full form of CPU is Current Processing Unit.                           Central Processing Unit                                [H.S.’ 15,16]
aa)   The SQL is used to access data in a database.                              True       [H.S.’ 15]
bb)  Every business transaction has Two (Dual) aspects.
cc)    Trial Balance is a Proof only of the Arithmetical accuracy of the accounts.
dd)  Single Entry System is an Incomplete and Unscientific system.
ee)  Accounting is both a science and an art.                         True
ff)     Accountants regard a business separate from its proprietors.                             True
gg)   Credit note is prepared by Creditor (Seller).                              
hh)  Debit note is prepared by Debtor(Purchaser).            True
ii)       Computerized Accounting System is a system of maintaining records of financial / non-financial transactions in electronic form.
jj)      “Recognize all losses, anticipate no GAIN.”
kk)   Accounting is the LANGUAGE of business.
ll)       Journal is a book of PRIME OR ORIGINAL entry.
mm)          Under incomplete record system, profit is indicated if the opening capital is LESS than the closing capital.
nn)  A Bank Reconciliation Statement is prepared by bank.                            FALSE, CUSTOMER
oo)  Trial Balance is a proof only of the arithmetical accuracy of the accounts.       TRUE
pp)  Accounting software is an integral part of the Computerized Accounting System/Manual Accounting System.
qq)  The full form of CPU is Central Processing Unit/Computer Programming Unit.

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