Accounts Test 1 11th Class
Sikhna band to jeetna band keep learning
1. The accounting equation should remain in balance because every transaction
affects how many accounts?
2. What is GST ? and Explain IGST
3. Mahesh Chandra of Bihar purchased goods for ₹ 1,00,000 from Sunil Soren of
Jharkhand and sold the same to Deepak Patnaik of Odisha for ₹ 1,50,000.
CGST@6%, SGST@6%
4. Ravi Chakravarti sold goods costing ₹ 2,50,000 to Sanjay Dwivedi of West
Bengal at a profit of 40% on cost. CGST@6%, SGST@6%
5. corporation's net income is eventually recorded in the following stockholders'
equity account: __________.
6. Which of the following concepts means that the identity of a business is
separate from its owner?
a. Going concern concept
b. Business entity concept
c. Realisation concept
d. None of the above
7. Which of the following accounts will be affected by a transaction where the
company receives from a debtor?
a. Owner’s equity and cash
b. Owner’s equity and debtors
c. Debtors and cash
d. None of the above
8. Any business event that is measurable in terms of money and can also be
recorded in the account books is called _________.
a. Assets
b. Owner’s equity
c. Transaction
d. None of the above
Accounts Test 1 11th Class
Sikhna band to jeetna band keep learning
9. Which of the following statements is true about the accounting equation?
a. The accounting equation represents that the sources in a business
are not equal to the resources of that business
b. The accounting equation represents that the sources in a business
are equal to the resources of that business
c. The accounting equation represents that the resources are
allocated to the business at cost price
d. None of the above
10. Which of the following systems is the Accounting Equation based on?
a. Triple-entry system of accounting
b. Single-entry system of accounting
c. Double-entry system of accounting
d. None of the above
11. Which of the following is the correct formula for the Accounting Equation?
a. Assets = Liabilities – Shareholder’s Equity
b. Assets = Liabilities + Shareholder’s Equity
c. Liabilities = Assets + Shareholder’s Equity
d. Shareholder’s Equity = Assets + Liabilities
Prepare Accounting Equation
1. What will be effect of the following on the Accounting Equation?
(i) Started business with cash ₹ 45,000
(ii) Opened a Bank Account with a deposit of ₹ 4,500
(iii) Bought goods from M\s. Sun & Co. for ₹ 11,200
2. Prepare an Accounting Equation from the following:
(i) Started business with cash ₹ 1,00,000.
(ii) Purchased goods for cash ₹ 20,000 and on credit ₹ 30,000.
Accounts Test 1 11th Class
Sikhna band to jeetna band keep learning
(iii) Sold goods for cash costing ₹ 10,000 and on credit costing ₹ 15,000
both at a profit of 20%.
3 Prove that the Accounting Equation is satisfied in all the following
transactions of Suresh. Also prepare a Balance Sheet.
(i) Commenced business with cash ₹ 60,000.
(ii) Paid rent in advance ₹ 500.
(iii) Purchased goods for cash ₹ 30,000 and credit ₹ 20,000.
(iv) Sold goods for cash ₹ 30,000 costing ₹ 20,000.
(v) Paid salary ₹ 500 and salary outstanding being ₹ 100.
(vi) Bought motorcycle for personal use ₹ 5,000.
Pass Journal Entry
