Book Recommended by author : ULTIMATE BOOK OF ACCOUNTANCY (By Dr.

Vinod Kumar, Vishvas Publications)

CBSE TEST PAPER-03

Class - XI Accountancy (Introduction to Accounting)

Topic : Introduction to Accounting

1.

What are the four main qualitative characteristics of accounting information?

[1]

2.

What is meant by Single Entry System or Accounts from Incomplete Records?

[1]

3.

What is meant by Double Entry System?

[1]

4.

Give any one advantage of Double Entry System.

[1]

5.

Give any one Limitation of Double Entry System.

[1]

6.

What is meant by Accounting Cycle?

[2]

7.

Accounting is known as the language of the business. Comment on this statement.

[2]

8.

What will you prepare to know the financial position of the business?

[2]

9.

Which statement is prepared to know the profitability of the business?

[2]

10.

What is the use of Accounting information to the financial institutions and bankers?

[2]

11.

What is the use of Accounting information to the Government?

[2]

12.

Accounting provides a legal evidence. Comment on this statement.

[2]

13.

Accounting information should be verifiable and free from personal bias. Name the
qualitative characteristic of accounting information denoted by this statement.

[2]

14.

What is meant by Qualitative information?

[2]

15.

What is the end product of financial accounting?

[2]

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Accountancy Challenge
Challenge : 1
Book Keeping is mainly concerned with:
(a) Recording of financial data
(b) Summarising the recorded data
(c) Analysis and Interpretation of data
(d) Preparation of Balance Sheet

Challenge : 2
In Accounts recording is made of:
(a) Non financial transactions
(b) Only cash transactions
(c) Only financial transactions
(d) Only credit transactions

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