RYAN INTERNATIONAL SCHOOL

UNIT TEST - I
CLASS-XI SUB. : ACCOUNTS (PAPER-1)
TIME : 30 MIN. MM: 18

Q.1 Word used for not showing the actual position in the financial statement is _____. (1)

Q.2 The amount which is paid for increasing profit earning capacity of business is called
_____. (1)

Q.3 Monetary benefit received from sale of noncurrent assets is called _____. (1)

Q.4 Long–term transactions are also known as Revenue transactions. (TRUE/FALSE) (1)

Q.5 Which of the following is an example of deferred revenue expenditure?

(a) Purchase of a calculator
(b) Loss on issue of debentures
(c) Motor Vehicle purchased for the business.
(d) Money invested outside the business (1)

Q.6 A ltd sold goods to B ltd worth Rs 60,000 and allowed trade discount @ 2,5 %. If B ltd
pay the amount within 10 days then he will be allowed cash discount of 2.5 %. B ltd
paid the amount within 10 days. Calculate the amount which is to be paid by Bltd to A
ltd. (1)

Q.7 A Business firm is planning to diversify its business operations. Will it be recorded in
the books ? (1)

Q.8 Which of the following is of financial character ?

(a) Sent a fax to a supplier
(b) Purchase of goods on credit
(c) Appointment of an employee
(d) General manager resigned from the organization (1)

Q.9 According to Ind- AS , financial statements are prepared on the accrual basis of
accounting. (TRUE/FALSE) (1)

Q.10 State the objective of Ind- AS. (1)

Q.11 Is Ind- AS mandatory to be adopted by every company in India . (Yes/No) (1)

Q.12 Identify the assumption of accounting that provides the very basis for showing the value
of assets in the Balance Sheet.
a) Going Concern Concept
b) Objectivity
c) Full Disclosure
d) Materiality (1)

Q.13 What is the full form of GAAP? (1)

Q.14 i) The money measurement concept states that only the money related transactions
can be recorded in the books of accounts.
ii) The creativity of the employee that contributes to the profit in the Research
Department can be recorded under the money measurement Concept.
a) Option (i) is the correct Statement
b) Option (ii) is the correct Statement
c) Both Option (i) and (ii) are the correct Statement
d) None of the Option is the correct Statement (1)

Q.15 Calculate the Liabilities, If Assets=Rs.1,00,000, capital= Rs. 40,000.

a) Rs.60,000
b) Rs.1,60,000
c) Rs.1,00,000
d) Rs.40,000 (1)

Q.16 Identify the stakeholder group who would be most interested in the following :
(i) The ethical or environmental activities of the firm
(ii) Whether the firm has a long term future
(iii) The ability of the firm to carry out on providing quality products (3)

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