General Instructions:
M.M - 80
1) All parts of a question should be attempted at one place.
2) Internal choices are given wherever mandatory as per CBSE guidelines
3) Working notes should be made, wherever necessary.
Q.1) In accounts, recording is made of: (1)
(a)Financial transactions (b)Non-financial transactions
(c)Both financial and non-financial transactions (d)Personal transactions of owner
Q.2) Gopal is a furniture dealer, which one of the following will not be recorded in his books of
accounts: (1)
(a) Purchase of timber for Rs 50,000
(b) Sofa set worth Rs 40,000 taken for home usage
(c) Sale of household furniture for Rs 5,000
(d) Dining table worth Rs 10,000 given as a gift to his friend
Q.3) If accounting information is based on facts and it is verifiable by documents it has the quality of:
(1)
(a) Relevance (b) Reliability
(c) Understandability (d) Comparability
Q.4)External users of accounting information are not: (1)
(a) Lenders (b) Officers
(c) Employees (d) Public
Q.5) Internal users of accounting information are: (1)
(a) Potential Investor (b) Creditors
(c) Employees (d) Management
Q.6) Book Keeping is mainly concerned with: (1)
(a) Recording of financial Data
(b) Designing the system of summarising the recorded data
(c) Interpreting the data for internal and external users
(d) Preparation of financial statements of business enterprises
Q.7) Which of the following is not a sub-field of accounting: (1)
(a) Financial Accounting (b) Book-Keeping
(c) Management Accounting (d) Cost accounting
Q.8) Which of the following limitations of accounting states that accounts may be manipulated to
conceal vital facts: (1)
(a) Accounting is not fully exact (b) Accounting may lead to window dressing
(c) Accounting ignores price level changes (d) Accounting may ignore qualitative facts
Q.9) Which of the following is capital expenditure: (1)
(a) Wages for manufacturing product (b) Repairs on building
(c) Advertisement expense (d) Wages for building construction
Q.10) Goods means: (1)
(a) Commodity to be bought and sold (b) Commodity to be bought and not to be sold
(c) Commodity to be used as an asset (d) None of the above
Q.11) Tangible asset don’t include: (1)
(a)Goodwill (b) Stock
(c)Furniture (d)Cash
Q.12)Main feature of business transaction is: (1)
(a) Involves economics activity (b) Results in change in financial position
(c) Change must be expresses in terms of money (d) All of the above
Q.13) Term sale is used only for sale of------------------------- and not for ----------------------------- (1)
(a)Asset , investment (b) Asset, goods
(c) Liabilities, goods (d) Goods, assets
Q.14) At the end of financial Year, sale of goods was Rs 50,000/- and closing stock was Rs 40,000/-. This
is an example of: (1)
(a) Transaction (b) Event
(c) Both (d) None
Q.15) Income is measured on the basis of: (1)
(a) Matching concept (b) Consistency concept
(c) Cost concept (d)None
Q.16) Which of these is not a fundamental accounting assumption: (1)
(a) Going concern (b) Accrual
(c) Consistency (d) Materiality
Q.17) Convention of conservatism takes into account: (1)
(a) All future profits and loss (b) All future loss but not profits
(c) All future profits but not loss (d) Neither profit nor loss
Q.18) According to Convention of conservatism, closing stock is valued at: (1)
(a) Cost price (b) Market Price
(c) Market price or cost price whichever is higher (d) Market price or cost price whichever is lower
Q.19) Due to which concept qualitative characters are not recorded in the books: (1)
(a) Business entity Concept (b) Money measurement Concept
(c) Historical cost Concept (d) Dual Aspect concept
Q.20) Due to which of the following, contingent liabilities are shown in balance-sheet: (1)
(a) Dual Aspect Concept (b) Convention of full disclosure
(c) Convention of materiality (d) Going concern Concept
Q.21) Differentiate between book keeping and accounting. (3)
OR
Differentiate between accounting and accountancy
Q.22) Differentiate between cash basis and accrual basis of accounting (3)
OR
Differentiate between Cash discount and trade discount
Q.23) Why it is said that “Accounting is an art as well as science” (4)
Q.24) Define accounting as propounded by AICPA. (4)
Q.25) Briefly explain the process of accounting cycle. (4)
Q.26) Explain any 2 sub fields of accounting (4)
OR
Who are the internal and external users of accounting information?
Q.27) Explain the limitations of accounting (4)
OR
What are the crucial roles that accounting information plays
Q.28) Explain the following accounting terms: (6)
(a) Income (b) Profit (c) Gain (d) Drawings (e) Intangible Assets (f) Voucher
Q.29) Describe the following: (6)
(a) Convention of conservatism (b) Matching principle (c) Convention of materiality
Q.30) Explain the meaning of capital expenditure, revenue expenditure and deferred revenue
expenditure(6)
OR
Distinguish between capital receipts and revenue receipts
Q.31) Differentiate between source document and vouchers. Also state the types of source documents
and vouchers (8)
OR
Prepare a debit note of Himalaya herbals limited – 22, JLN marg Jaipur, for return of goods to supplier
Naturals limited – B-105, Subhash nagar shopping center – Jaipur, worth Rs 2,00,000 dated 25-10-2019
Q.32) Explain the meaning of term “Stock”. Also state it’s various stages. Is there any difference
between inventory and stock? (8)
OR
Briefly explain various stages of accounting as defined by AICPA.
