I. Choose the correct answer from the choices given: (5×1=5) 1. Accounting records transactions in terms of a) Selling units b) Monetary units c) Production units d) Measuring units
2. How many sides does an account have? a) One b) Two c) Three d) Four
3. Passbook is a copy of: a) Copy of customer Account b) Bank column of cash book c) Cash column of cash book d) Copy of receipts and payments
4. If wages paid for installation of new machinery is debited to wages Account, it is: a) An error of commission. b) An error of principle. c) A compensating error. d)An error of omission
5. If the opening capital is ₹50,000 as on April 01, 2022 and additional capital introduced ₹10,000 on January 01, 2023. Interest charge on capital 10% p.a. The amount of interest on capital shown in profit and loss account as on March 31, 2023 will be: a) ₹3,000 b) ₹4,000 c) ₹5,250 d) ₹6,000
II. Fill in the blanks by choosing the appropriate answers from those given in the brackets: (5×1=5) (credit, debit, capital, prepaid expenses, petty cash book, double column cash book) 6. Assets = Liabilities + ________ 7. Cash book maintained to record small expenses is called____________. 8. Normally, the cash book shows a debit balance, passbook shows _________ balance. 9. Assets account balances are _________balance. 10. The expenses paid which are related to the next year are called ___________
III. Match the following: (5×1=5) 11. A B a) Assets i) Double column cash book b) Basis of accounting ii) Depreciation c) Contra entries iii) Capital expenditure d) Wear and tear of an asset iv) Cash basis e) Purchase of fixed asset v) Revenue expenditure vi) Economic resources of an enterprise
IV. Answer the following questions in one word or one sentence each: (5×1=5) 12. Expand CGST. 13. Name any one type of cash book. 14. State any one types of Reserves. 15. Give any one example for capital receipt. 16. Balance sheet is an account. (State True/False)
V. Answer any three questions. Each question carries 2 marks: (3×2=6) 17. Define Accounting. 18. State any two Accounting concepts. 19. What is bank overdraft? 20. State any two examples for Current Asset. 21.Give the journal entry for the following adjustment: (a) Outstanding salary ₹3,500.
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