State the three fundamental steps in the accounting process.
The fundamental steps in the accounting process are diagrammatically presented below.
Popular Questions of Class 11th accountancy
- Q:- Explain the qualitative characteristics of accounting information.
- Q:- Define accounting and state its objectives.
- Q:-
Differentiate between source documents and vouchers.
- Q:- 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. - Q:- When should revenue be recognised? Are there exceptions to the general rule?
- Q:- Describe the role of accounting in the modern world.
- Q:- Giving examples, explain each of the following accounting terms:
Fixed assets
Gain
Profit
Revenue
Expenses
Short-term liability
Capital - Q:- Discuss the concept-based on the premise do not anticipate profits but provide for all losses.
- Q:-
'Accounting information should be comparable'. Do you agree with this statement? Give two reasons.
- Q:- What do you mean by an asset and what are different types of assets?
Recently Viewed Questions of Class 11th accountancy
- Q:-
'Accounting information should be comparable'. Do you agree with this statement? Give two reasons.
- Q:- Why is the evidence provided by source documents important to accounting?
- Q:-
A sequence of actions taken to transform the data into decision useful information is called.......
- Q:-
If wages paid for installation of new machinery is debited to wages Account, it is:
(a) An error of commission.
(b) An error of principle.
(c) A compensating error.
(d) An error of omission. - Q:- 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. - Q:- Explain the qualitative characteristics of accounting information.
- Q:-
Read the following transactions and identify the cause of difference on the basis of time gap or errors made by business firm/bank. Put a sign (✓) for the correct cause.
S. No. Transactions Time Gap Errors
made by
business/
bank1.
2.
3.
4.
5.
Cheque issued to customer but not presented for payment.
Cheque amounting to Rs. 5,000 issued to
M/s. XYZ but recorded as Rs. 500 in the cash book.Interest credited by the bank but yet not recorded by
the bank.Cheque deposited into the bank but not yet collected
by the bank.Bank charges debited to firm's current account by the
bank. - Q:-
Give two examples each of the organisations where ‘ready-to-use’, ‘customised’, and ‘tailored’ accounting packages respectively suitable to perform the accounting activity.
- Q:-
A Trial balance is prepared:
(a) After preparation financial statement.
(b) After recording transactions in subsidiary books.
(c) After posting to ledger is complete.
(d) After posting to ledger is complete and accounts have been balanced. - Q:- When should revenue be recognised? Are there exceptions to the general rule?
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