Commerce (English Medium) Class 11 - CBSE Question Bank Solutions

The fundamental steps in the accounting process are diagrammatically presented below:

Why is the evidence provided by source documents important to accounting?

Should a transaction be first recorded in a journal or ledger? Why?

Why are some accounting systems called double accounting systems?

Give a specimen of an account

What is the purpose of posting J.F numbers that are entered in the journal at the time entries are posted to the accounts

If a transaction has the effect of decreasing an asset, is the decrease recorded as a debit or as a credit? If the transaction has the effect of decreasing a liability, is the decrease recorded as a debit or as a credit?

Describe the events recorded in accounting systems and the importance of source documents in those systems?

Describe how debits and credits are used to analyse transactions

Describe how accounts are used to record information about the effects of transactions?

What are special purpose books?

Explain the meaning of posting of journal entries?

Define the purpose of maintaining subsidiary journal

Describe the advantages of sub-dividing the Journal

What is ‘Depreciation’?

Name any two types of commonly used negotiable instruments

State any four essential features of bill of exchange

A bill of exchange must contain “an unconditional promise to pay” Do you agree with a statement?

Rectify the following errors:

1. Credit sales to Mohan ₹ 7,000 were recorded as ₹ 700.
2. Credit purchases from Rohan ₹ 9,000 were recorded as ₹ 900.
3. Goods returned to Rakesh ₹ 4,000 were recorded as ₹ 400.
4. Goods returned from Mahesh ₹ 1,000 were recorded as ₹ 100.

Rectify the following errors:

1. Sales book overcast by ₹ 700.
2. Purchases book overcast by ₹ 500.
3. Sales return book overcast by ₹ 300.
4. Purchase return book overcast by ₹ 200.