MCQ Chapter 1 Accountancy Class 11 Maharashtra Board Introduction to Book- Keeping and Accountancy 1. What is the focus of AS-9?Fixed asset accountingRevenue recognition in the profit and loss accountTax accountingInventory valuationQuestion 1 of 202. Per AS-10, what comprises the cost of fixed assets?Only maintenance costsOriginal cost and attributable costs for intended useOnly depreciation costsOnly the purchase priceQuestion 2 of 203. When are government grants recognized under AS-12?When applied forWhen cash is receivedWhen compliance with conditions is assuredWhen approvedQuestion 3 of 204. How are current investments recorded per AS-13?At cost priceAt lower of cost or fair valueAt market valueAt fair valueQuestion 4 of 205. What does AS-22 include in net profit or loss calculation?Only deferred taxOnly current taxBoth current and deferred taxNo tax expensesQuestion 5 of 206. How does book-keeping benefit investors?Tracks production processesHelps make informed investment decisionsManages customer ordersMonitors employee performanceQuestion 6 of 207. Which is a non-monetary transaction?Cash purchase of goodsBarter exchange of goodsCredit sale of machinerySalary paymentQuestion 7 of 208. What is deferred revenue expenditure?Expenditure for fixed assetsRevenue expenditure with benefits beyond one yearExpenditure with no benefitsExpenditure for daily operationsQuestion 8 of 209. What is a cash discount?A reduction on the catalogue priceA discount not recorded in the booksA concession for prompt paymentA discount on credit sales onlyQuestion 9 of 2010. What is a not-for-profit concern?A profit-making businessA trading concernAn organization for societal servicesA commercial enterpriseQuestion 10 of 2011. What is profit in accounting?When cost price exceeds selling priceWhen selling price exceeds cost priceWhen expenses equal revenuesWhen liabilities equal assetsQuestion 11 of 2012. What are fictitious assets?Tangible assets with valueImaginary assets with no realizable valueAssets convertible to cash quicklyAssets with long-term benefitsQuestion 12 of 2013. What are fixed liabilities?Short-term debts payable within a yearLong-term funds like capital or loansUnrecorded liabilitiesDaily operational debtsQuestion 13 of 2014. What is net worth in accounting?Total liabilitiesExcess of assets over liabilitiesAnnual profitTotal revenueQuestion 14 of 2015. Which concept supports immediate loss recognition?ConsistencyMatchingConservatismRealizationQuestion 15 of 2016. What is the foundation of double-entry book-keeping?Money Measurement conceptDual Aspect conceptBusiness Entity conceptGoing Concern conceptQuestion 16 of 2017. Why are accounting standards essential?To eliminate financial recordsTo ensure consistency and comparabilityTo complicate reportingTo focus on non-monetary dataQuestion 17 of 2018. What are Ind AS?Unmodified Indian Accounting StandardsInternational Accounting Standards adapted for IndiaStandards for small businesses onlyGovernment-issued standardsQuestion 18 of 2019. What does the Going Concern concept affect?Non-monetary transaction recordingAsset and liability valuationProfit recognitionPolicy disclosureQuestion 19 of 2020. Why is understandable accounting information valuable?It restricts the user baseIt makes information accessible to more usersIt reduces financial reportingIt conceals critical dataQuestion 20 of 20 Loading...
Leave a Reply