Question 3
What are special purpose books?
Answer
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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:-
'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:- List any five users who have indirect interest in accounting.
- Q:-
Distinguish between debtors and creditors.
- Q:- Explain the qualitative characteristics of accounting information.
- Q:- State what is end product of financial accounting?
- Q:- Giving examples, explain each of the following accounting terms:
Fixed assets
Gain
Profit
Revenue
Expenses
Short-term liability
Capital - Q:-
Differentiate between source documents and vouchers.
- Q:- Enumerate informational needs of management.
- Q:- Describe the informational needs of external users.
- Q:-
Total of these transactions is posted in purchase account :
(i) Purchase of furniture
(ii) Cash and credit purchase
(iii) Purchases return
(iv) Purchase of stationery - Q:-
'Accounting information should be comparable'. Do you agree with this statement? Give two reasons.
- NCERT Chapter
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