SKV VIDHYAASHRAM SR SEC SCHOOL, NAMAKKAL

UNIT TEST – 2 (2023-24)

SUBJECT : ACCOUNTANCY MARKS – 40

CLASS : XI COMMERCE TIME- 1.30 Hrs
SECTION – A
General Instructions:
1 This question paper contains 19 questions.
2. Marks are indicated against each question.
3. Answers should be brief and to the point.
4. Answers to the questions carrying 2 marks may be about 10 to 20 words.
5. Answers to the questions carrying 3 marks may be about 50 to 75 words.
6. Answers to the questions carrying 6 marks may be about 200 words.
7. Attempt all parts of the questions together

I. Answer the following (1X10=10)

1. Bookkeeping is .
(a) An art (b) A science (c) Both an art as well as science (d) None of these
2. is the last step of accounting as a process of information.
(a) Recording of data in the books of accounts (b) Preparations of summaries in the form of financial
statement (c) Communication of information (d) Analysis and interpretation of information
3. The person, firm, or institution who does not pay the price in cash for the goods purchased or the
services received is called .
(a) Creditor (b) Proprietor (c) Debtor (d) None of these
4. Use of a common unit of measurement and common format of reporting promotes .
(a) Comparability (b) Understandability (c) Relevance (d) Reliability
5. Cash, goods, or assets invested by the proprietor in the business for earning profit is called _.
(a) Profit (b) Capital (c) Fixed assets(d) None of these
6. Which qualitative characteristics of accounting information are reflected when accounting information
is clearly presented?
(a) Comparability (b) Understandability (c) Relevance (d) Reliability
7. The process of recording, classifying, and summarising all business transactions in order to know
the financial result is called .
(a) Bookkeeping (b) Accounting (c) Journalising (d) None of these
8. Which of the following is not a business transaction?
(a) Bought furniture of Rs. 10,000 for business (b) Paid for salaries of employees Rs. 5,000
(c) Paid son’s fees from her personal bank account Rs. 20,000 (d) Paid son’s fees from the business
9. The art of recording all business transactions in a systematic manner in a set of books is called .

1
(a) Accounting (b) Bookkeeping (c) Ledger (d) None of these
10. XYZ wants to buy a building for her new business today. Which of the following is the relevant
data for her decision?
(a) Similar business acquired the required building in 2000 for Rs. 10,00,000 (b) Building cost details of
2003 (c) Building cost details of 1998 (d) Similar building cost in August 2005 for Rs. 25,00,000

II. Answer the following (2X5=10)

11. Define entity
12. Define transaction
13. What is refenue?
14.What are expenses
15. What is gain
III. Answer the following (3X5=15)
16. What are purchase and purchase returns?
17. Who are debtors and creditors?
18. What are the difference between expenses and expenditure?
IV. Answer the following (1X5=5)
19. Who are the users of accounting information? Also e xplain the qualitative characteristics
of accounting information.