SUPERIOR GROUP OF COLLEGES

CLASS I.COM 1 SUBJECT ACCOUNTING TOTAL MARKS 30

NAME ROLL NO. TIME ALLOWED 50 MIN

Question No. 01) Choose the most suitable answer. Marks: 5

Question No. 02) Attempt 10 Short Questions: Marks: 20

1) Define Accounting? 7) Define “Capital”.

2) What is “book-keeping”? 8) What is “Purchases”?
3) Define the term “transaction”? 9) Define Sales.
4) Define the term “Business”? 10) What is “Trade discount”?
5) Who is the “Proprietor”? 11) Define the term “Debtor”?
6) Explain the term “Drawings”. 12) Define creditors.

Question No. 03) Marks: 5

Show the effect of the following transactions on the Accounting Equation.
i. Mr. Roshan commenced business with cash Rs. 2,00,000.
ii. He purchased furniture for Rs. 10,000.
iii. He purchased goods worth Rs. 50,000 for cash and goods worth Rs. 30,000 on credit.
iv. He paid rent of building Rs. 2,000.
v. He sold goods to Saleem for Rs. 20,000 costing Rs. 17,000.