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Question Bank Solutions for CBSE (Commerce) Class 11 - CBSE - Accountancy

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Accountancy
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Define accounting

[0.01] Introduction to Accounting
Chapter: [0.01] Introduction to Accounting
Concept: Introduction to Accounting

State what is end product of financial accounting?

[0.01] Introduction to Accounting
Chapter: [0.01] Introduction to Accounting
Concept: Introduction to Accounting

Enumerate main objectives of accounting

[0.01] Introduction to Accounting
Chapter: [0.01] Introduction to Accounting
Concept: Introduction to Accounting

Who are the users of accounting information?

[0.01] Introduction to Accounting
Chapter: [0.01] Introduction to Accounting
Concept: Introduction to Accounting

State the nature of accounting information required by long-term lenders

[0.01] Introduction to Accounting
Chapter: [0.01] Introduction to Accounting
Concept: Introduction to Accounting

Who are the external users of information?

[0.01] Introduction to Accounting
Chapter: [0.01] Introduction to Accounting
Concept: Introduction to Accounting

Enumerate informational needs of management

[0.01] Introduction to Accounting
Chapter: [0.01] Introduction to Accounting
Concept: Introduction to Accounting

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

[0.03] Recording of Transactions - I
Chapter: [0.03] Recording of Transactions - I
Concept: Recording of Transactions 1

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

[0.03] Recording of Transactions - I
Chapter: [0.03] Recording of Transactions - I
Concept: Recording of Transactions 1

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

[0.03] Recording of Transactions - I
Chapter: [0.03] Recording of Transactions - I
Concept: Recording of Transactions 1

Why are some accounting systems called double accounting systems?

[0.03] Recording of Transactions - I
Chapter: [0.03] Recording of Transactions - I
Concept: Recording of Transactions 1

Give a specimen of an account

[0.03] Recording of Transactions - I
Chapter: [0.03] Recording of Transactions - I
Concept: Recording of Transactions 1

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

[0.03] Recording of Transactions - I
Chapter: [0.03] Recording of Transactions - I
Concept: Recording of Transactions 1

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?

[0.03] Recording of Transactions - I
Chapter: [0.03] Recording of Transactions - I
Concept: Recording of Transactions 1

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

[0.03] Recording of Transactions - I
Chapter: [0.03] Recording of Transactions - I
Concept: Recording of Transactions 1

Describe how debits and credits are used to analyse transactions

[0.03] Recording of Transactions - I
Chapter: [0.03] Recording of Transactions - I
Concept: Recording of Transactions 1

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

[0.03] Recording of Transactions - I
Chapter: [0.03] Recording of Transactions - I
Concept: Recording of Transactions 1

What are special purpose books?

[0.04] Recording of Transactions - II
Chapter: [0.04] Recording of Transactions - II
Concept: Recording of Transactions 2

Explain the meaning of posting of journal entries?

[0.04] Recording of Transactions - II
Chapter: [0.04] Recording of Transactions - II
Concept: Recording of Transactions 2

Define the purpose of maintaining subsidiary journal

[0.04] Recording of Transactions - II
Chapter: [0.04] Recording of Transactions - II
Concept: Recording of Transactions 2
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