The periodic total of purchases return journal is posted to :
(i) Purchase account
(ii) Profit and loss account
(iii) Purchase returns account
(iv) Furniture account
(iii) Purchase returns account
Popular Questions of Class 11th accountancy
- Q:- Explain the qualitative characteristics of accounting information.
- Q:-
Differentiate between source documents and vouchers.
- Q:- Define accounting and state its objectives.
- 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:- 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:- When should revenue be recognised? Are there exceptions to the general rule?
- Q:- Discuss the concept-based on the premise do not anticipate profits but provide for all losses.
- Q:- What do you mean by an asset and what are different types of assets?
- Q:-
'Accounting information should be comparable'. Do you agree with this statement? Give two reasons.
Recently Viewed Questions of Class 11th accountancy
- Q:- Describe the role of accounting in the modern world.
- Q:-
Double column cash book records:
(i) All transactions
(ii) Cash and bank transactions
(iii) Only cash transactions
(iv) Only credit transactions - Q:- Explain the meaning of gain and profit. Distinguish between these two terms.
- Q:- Define accounting and state its objectives.
- Q:-
Balancing of account means :
(i) Total of debit side
(ii) Total of credit side
(iii) Difference in total of debit & credit
(iv) None of these - Q:-
State whether the following statements are True or False :
(a) Journal is a book of secondary entry.
(b) One debit account and more than one credit account in a entry is called compound entry.
(c) Assets sold on credit are entered in sales journal.
(d) Cash and credit purchases are entered in purchasejJournal.
(e) Cash sales are entered in sales journal.
(f) Cash book records transactions relating to receipts and payments.
(g) Ledger is a subsidiary book.
(h) Petty cash book is a book having record of big payments.
(i) Cash received is entered on the debit side of cash book.
(j) Transaction recorded both on debit and credit side of cash book is known as contra entry.
(k) Balancing of account means total of debit and credit side.
(l) Credit purchase of machine is entered in purchase journal. - Q:-
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 - Q:-
Explain the double entry mechanism with an illustrative example.
- Q:- When should revenue be recognised? Are there exceptions to the general rule?
- Q:-
Describe the events recorded in accounting systems and the importance of source documents in those systems?
- NCERT Chapter