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TEST Basic Accounting Terms

The document provides information about basic accounting terms for class 11 students. It includes questions about receiving orders, capital vs revenue expenditure, trade discounts, and calculating income from revenue and expenses. It also includes explanations of terms like fictitious assets, current assets, and capital expenditure. There is a multi-step word problem about a business owner's transactions that asks students to calculate starting capital, assets purchased, expenses, the creditor amount, and more.

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Amir Khan
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66 views2 pages

TEST Basic Accounting Terms

The document provides information about basic accounting terms for class 11 students. It includes questions about receiving orders, capital vs revenue expenditure, trade discounts, and calculating income from revenue and expenses. It also includes explanations of terms like fictitious assets, current assets, and capital expenditure. There is a multi-step word problem about a business owner's transactions that asks students to calculate starting capital, assets purchased, expenses, the creditor amount, and more.

Uploaded by

Amir Khan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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[Presented By- The Global Educationalist | TGE Classes, Mobile: +918287656283, E-mail: support@tgeclasses.

in]
es
UGC
TEST
ACCOUNTANCY
Basic Accounting Terms
Class 11th
SCAN ME TO GET THE SCAN ME TO DIRECTLY
PDF OF THIS FILE CALL TO THE EXPERT

Presented By- TGE Classes


Mobile No.: +918287656283
[Assistant Professor, BYJU’S Subject Expert, B.Com. (H), M.Com.,
3 Times UGC-NET Qualified, Pursuing C.A. and C.S.]
Time Allowed – 30 Minutes M.M.- 15

(1 Mark Each)
1. The firm has received a large order to supply goods. Will it be recorded in the books of
account of the firm?
2. Expenditure of revenue nature that gives benefit for more than one accounting is
categorised as:
A. Capital Expenditure C. Deferred Revenue Expenditure
B. Revenue Expenditure D. None of these
3. Trade discount allowed
A. is shown separately in the books of account.
B. is not shown separately in the books of account.
C. can be shown either separately or deducted from the purchase cost.
D. None of the above.
4. A firm on revenue of ₹ 21,000 and the expenses to earn this revenue are ₹ 15,000. Calculate
its income.

(4 Marks Each)
5. Explain the following basic accounting terms:
a) Fictitious Assets, b) Current Assets, c) Capital Expenditure, d) Gain

(7 Marks Each)
6. Mr. Rahim started business for buying and selling of readymade garments with ₹ 8,00,000
as an initial investment. Out of this, he paid ₹ 4,00,000 for the purchase of garments and ₹
50,000 for furniture and ₹ 50,000 for computers and the remaining amount was deposited
into the bank. He sold some of the ladies and kids garments for ₹ 3,00,000 for cash and
some garments for ₹ 1,50,000 on credit to Mr. Vinod.
Subsequently, he bought men’s garments of ₹ 2,00,000 from Mr. Satish. In the first week
of the next month, a fire broke out in his office and stock of garments worth ₹ 1,00,000
was destroyed. Later on, some garments which cost ₹ 1,20,000 were sold for ₹ 1,30,000.
Expenses paid during the same period were ₹ 15,000. Mr. Rahim withdrew ₹ 20,000 from
the business for his domestic use.
1
[Presented By- The Global Educationalist | TGE Classes, Mobile: +918287656283, E-mail: [email protected]]
From the above, answer the following:
a) What is the amount of capital with which Mr. Rahim started the business?
b) What fixed assets did he buy?
c) What is the value of the goods purchased?
d) Who is the creditor and state the amount payable to him?
e) Who is the debtor and what is the amount receivable from him?
f) What is the total amount of expenses?
g) What is the amount of drawings of Mr. Rahim?

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THE GLOBAL EDUCATIONALIST | TGE
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[B.Com. (H), M.Com., Assistant Professor, 3 Times UGC-NET
Qualified, Subject Expert at BYJUS, Pursuing C.A. and C.S.]
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E-mail us on – [email protected]
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