NCERT Solution
Class 11
Accountancy
Recording of Transactions - 1
the book in which all accounts are maintained is k...

Question:
The book in which all accounts are maintained is known as:
(i) Cash Book
(ii) Journal
(iii) Purchases Book
(iv) Ledger

Answer:

(iv) Ledger

1
0
0
Report?

Report a problem on Specifications:

Email id:

Comments

Next Question >

SELECT ex_no,question,question_no,id,chapter FROM question_mgmt as q WHERE courseId='2' AND subId='11' AND ex_no!=0 AND status=1 and id!=4737 ORDER BY views desc, last_viewed_on desc limit 0,10

Popular questions of class 11 Accountancy

Mr. Sunrise started a business for buying and selling of stationery with ₹ 5,00,000 as an initial investment. Of which he paid ₹ 1,00,000 for furniture, ₹ 2,00,000 for buying stationery items. He employed a sales person and clerk. At the end of the month he paid ₹ 5,000 as their salaries. Out of the stationery bought he sold some stationery for ₹ 1,50,000 for cash and some other stationery for ₹ 1,00,000 on credit basis to Mr. Ravi. Subsequently, he bought stationery items of ₹ 1,50,000 from Mr. Peace. In the first week of next month there was a fire accident and he lost ₹ 30,000 worth of stationery. A part of the machinery, which cost ₹ 40,000, was sold for ₹ 45,000.

From the above, answer the following :
1. What is the amount of capital with which Mr. Sunrise started business?
2. What are the fixed assets he bought?
3. What is the value of the goods purchased?
4. Who is the creditor and state the amount payable to him?
5. What are the expenses?
6. What is the gain he earned?
7. What is the loss he incurred?
8. Who is the debtor? What is the amount receivable from him?
9. What is the total amount of expenses and losses incurred?
10. Determine if the following are assets, liabilities, revenues, expenses or none of the these: sales, debtors, creditors, salary to manager, discount to debtors, drawings by the owner.

Q: Explain the qualitative characteristics of accounting information.

Q: Describe the role of accounting in the modern world.

Q: What do you mean by an asset and what are different types of assets?

Differentiate between source documents and vouchers.

Complete the following sentences with appropriate words:
(a) Information in financial reports is based on .....................
(b) Internal users are the ..................... of the business entity.
(c) A ..................... would most likely use an entities financial report to determine whether or not the business entity is eligible for a loan.
(d) The Internet has assisted in decreasing the ..................... in issuing financial reports to users.
(e) ..................... users are groups outside the business entity, who uses the information to make decisions about the business entity.
(f) Information is said to be relevent if it is ......................
(g) The process of accounting starts with ............ and ends with ............
(h) Accounting measures the business transactions in terms of ............ units.
(i) Identified and measured economic events should be recording in ............ order.

What is a journal? Give a specimen of journal showing at least five entries.

Define accounting and state its objectives.

Enumerate informational needs of management.

Complete the following work sheet:
(i) If a firm believes that some of its debtors may ′default′, it should act on this by making sure that all possible losses are recorded in the books. This is an example of the ___________ concept.
(ii) The fact that a business is separate and distinguishable from its owner is best exemplified by the ___________ concept.
(iii) Everything a firm owns, it also owns out to somebody. This co-incidence is explained by the ___________ concept.
(iv) The ___________ concept states that if straight line method of depreciation is used in one year, then it should also be used in the next year.
(v) A firm may hold stock which is heavily in demand. Consequently, the market value of this stock may be increased. Normal accounting procedure is to ignore this because of the ___________.
(vi) If a firm receives an order for goods, it would not be included in the sales figure owing to the ___________.
(vii) The management of a firm is remarkably incompetent, but the firms accountants can not take this into account while preparing book of accounts because of ________ concept.

SELECT ex_no,question,question_no,id,chapter FROM question_mgmt as q WHERE courseId='2' AND subId='11' AND ex_no!=0 AND status=1 and id!=4737 ORDER BY last_viewed_on desc limit 0,10

Recently Viewed Questions of Class 11 Accountancy

Voucher is prepared from:
(i) Documentary evidence
(ii) Journal entry
(iii) Ledger account
(iv) All of the above

Explain the need for drawing up the special purpose books.

The role of accounting has changed over the period of time- Do you agree? Explain.

If the trial balance agrees, it implies that:

(a) There is no error in the books.
(b) There may be two sided errors in the book.
(c) There may be one sided error in the books.
(d) There may be both two sided and one sided errors in the books.

Explain how the following may be ascertained from incomplete records:
(a) Opening capital and closing capital
(b) Credit sales and credit purchases
(c) Payments to creditors and collection from debtors
(d) Closing balance of cash.

Cash received from Karim 6,000 posted to Nadeem.
This is the error of ........................................
State the wrong entry recorded in the book of accounts:

Correct effect should have been:

The rectification entry will be:

When a firm maintains a cash book, it need not maintain ;
(i) Journal Proper
(ii) Purchases (journal) book
(iii) Sales (journal) book
(iv) Bank and cash account in the ledger

The framework of storage and processing of data is called as ........

What is a balance sheet. What are its characteristics?

Comments

Answered by Ekta Mehta
4 months ago

Taking Screenshots on your Samsung Galaxy M31s is very easy and quick.

1
0
0
Report?

Report a problem on Specifications:

Email id:

Comments

Answered by Ekta Mehta
4 months ago

Taking Screenshots on your Samsung Galaxy M31s is very easy and quick.

1
0
0
Report?

Report a problem on Specifications:

Email id:

Comments

Answered by Ekta Mehta
4 months ago

Taking Screenshots on your Samsung Galaxy M31s is very easy and quick.

1
0
0
Report?

Report a problem on Specifications:

Email id:

Comments

Question:
The book in which all accounts are maintained is known as:
(i) Cash Book
(ii) Journal
(iii) Purchases Book
(iv) Ledger

< Previous Question

Next Question >

Popular questions of class 11 Accountancy

Recently Viewed Questions of Class 11 Accountancy

Comments

Comment(s) on this Question

NCERT Solutions

Quick Links

Resources

Support

Question: The book in which all accounts are maintained is known as: (i) Cash Book (ii) Journal (iii) Purchases Book (iv) Ledger

< Previous Question

Next Question >

Popular questions of class 11 Accountancy

Recently Viewed Questions of Class 11 Accountancy

Comments

Comment(s) on this Question

NCERT Solutions

Quick Links

Resources

Support

Question:
The book in which all accounts are maintained is known as:
(i) Cash Book
(ii) Journal
(iii) Purchases Book
(iv) Ledger