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Page 1
CBSE XI | Accountancy
Sample Paper ? 1
CBSE
Class XI Accountancy
Sample Paper – 1
Time: 3 hours Max. Marks: 80
General Instructions:
1. All questions are compulsory.
2. Show your working notes clearly.
Part A
1. Which accounts are not considered while preparing the trial balance? [1]
2. Choose the correct answer from the options given below: [1]
What should be the rectifying entry for `1, 50,000 spent on a family trip enjoyed by Mr.
Khanna and recorded them by debiting to Office Expenses A/c?
a) Drawings A/c Dr. 1,50,000
To Cash A/c 1, 50,000
b) Drawings A/c Dr. 1,50,000
To Office Expenses A/c 1, 50,000
c) Office Expenses A/c Dr. 1,50,000
To Drawings A/c 1, 50,000
d) Cash A/c Dr. 1,50,000
To Office Expenses A/c 1, 50,000
3. Choose the correct answer from the options given below: [1]
What will be the value of an asset at the end of fifth year from its date of purchase, if the
asset was purchased for `75,000 with salvage value `5,000 at the end of its useful life of
7 years? The depreciation would be charged as per Straight Line Method.
a) ` 26,000
b) ` 40,000
c) ` 47,000
d) ` 75,000
4. Name the process of transferring entries from the journal to their respective accounts
in the ledger. [1]
5. Choose the correct answer from the options given below: [1]
“Closing Stock appears at `56, 000 after sales during the year on March 31, 2017.” What
would be this information regarded as?
a) An event
Page 2
CBSE XI | Accountancy
Sample Paper ? 1
CBSE
Class XI Accountancy
Sample Paper – 1
Time: 3 hours Max. Marks: 80
General Instructions:
1. All questions are compulsory.
2. Show your working notes clearly.
Part A
1. Which accounts are not considered while preparing the trial balance? [1]
2. Choose the correct answer from the options given below: [1]
What should be the rectifying entry for `1, 50,000 spent on a family trip enjoyed by Mr.
Khanna and recorded them by debiting to Office Expenses A/c?
a) Drawings A/c Dr. 1,50,000
To Cash A/c 1, 50,000
b) Drawings A/c Dr. 1,50,000
To Office Expenses A/c 1, 50,000
c) Office Expenses A/c Dr. 1,50,000
To Drawings A/c 1, 50,000
d) Cash A/c Dr. 1,50,000
To Office Expenses A/c 1, 50,000
3. Choose the correct answer from the options given below: [1]
What will be the value of an asset at the end of fifth year from its date of purchase, if the
asset was purchased for `75,000 with salvage value `5,000 at the end of its useful life of
7 years? The depreciation would be charged as per Straight Line Method.
a) ` 26,000
b) ` 40,000
c) ` 47,000
d) ` 75,000
4. Name the process of transferring entries from the journal to their respective accounts
in the ledger. [1]
5. Choose the correct answer from the options given below: [1]
“Closing Stock appears at `56, 000 after sales during the year on March 31, 2017.” What
would be this information regarded as?
a) An event
CBSE XI | Accountancy
Sample Paper ? 1
b) A Transaction
c) Both an event and a transaction
d) Neither an event nor a transaction
6. Choose the correct answer from the options given below: [1]
Which of the following branches of accounting helps overcome one of the limitations of
accounting, that is, it ignores the effect of price level changes?
a) Cost Accounting
b) Financial Accounting
c) Inflation Accounting
d) Management Accounting
7. Why are rules of debit and credit same for liability and capital? [1]
8. Choose the correct answer from the options given below: [1]
Mr. Karan, accountant at M/s Das & Das follows different methods of inventory valuation
every year. Which of the following attributes of accounting information would be affected
due to practice adopted by Mr. Karan above?
a) Relevance
b) Reliability
c) Comparability
d) Understandability
9. Choose the correct answer from the options given below: [1]
A Gross Profit `15,000, Carriage Inwards `4,000, Rent `4,500, Drawings `6,000, Freight
Outward `5,000, Repairs & Maintenance `4,800, Manufacturing Wages `5,000, Bad Debts
Recovered `3,000. What is the amount of net profit/loss?
a) Profit of `3,700
b) Loss of `300
c) Profit of `8,200
d) Loss of `1,300
10. Which document is evidencing for the credit granted to the named person for the
reason stated therein? [1]
11. Choose the correct answer from the options given below: [1]
If wages paid for installation of newly purchased machinery are debited to Wages Account,
then under which category of errors this would be classified as?
a) Clerical Errors
b) Errors of Principle
c) Errors of Commission
d) Compensating Errors
Page 3
CBSE XI | Accountancy
Sample Paper ? 1
CBSE
Class XI Accountancy
Sample Paper – 1
Time: 3 hours Max. Marks: 80
General Instructions:
1. All questions are compulsory.
2. Show your working notes clearly.
Part A
1. Which accounts are not considered while preparing the trial balance? [1]
2. Choose the correct answer from the options given below: [1]
What should be the rectifying entry for `1, 50,000 spent on a family trip enjoyed by Mr.
Khanna and recorded them by debiting to Office Expenses A/c?
a) Drawings A/c Dr. 1,50,000
To Cash A/c 1, 50,000
b) Drawings A/c Dr. 1,50,000
To Office Expenses A/c 1, 50,000
c) Office Expenses A/c Dr. 1,50,000
To Drawings A/c 1, 50,000
d) Cash A/c Dr. 1,50,000
To Office Expenses A/c 1, 50,000
3. Choose the correct answer from the options given below: [1]
What will be the value of an asset at the end of fifth year from its date of purchase, if the
asset was purchased for `75,000 with salvage value `5,000 at the end of its useful life of
7 years? The depreciation would be charged as per Straight Line Method.
a) ` 26,000
b) ` 40,000
c) ` 47,000
d) ` 75,000
4. Name the process of transferring entries from the journal to their respective accounts
in the ledger. [1]
5. Choose the correct answer from the options given below: [1]
“Closing Stock appears at `56, 000 after sales during the year on March 31, 2017.” What
would be this information regarded as?
a) An event
CBSE XI | Accountancy
Sample Paper ? 1
b) A Transaction
c) Both an event and a transaction
d) Neither an event nor a transaction
6. Choose the correct answer from the options given below: [1]
Which of the following branches of accounting helps overcome one of the limitations of
accounting, that is, it ignores the effect of price level changes?
a) Cost Accounting
b) Financial Accounting
c) Inflation Accounting
d) Management Accounting
7. Why are rules of debit and credit same for liability and capital? [1]
8. Choose the correct answer from the options given below: [1]
Mr. Karan, accountant at M/s Das & Das follows different methods of inventory valuation
every year. Which of the following attributes of accounting information would be affected
due to practice adopted by Mr. Karan above?
a) Relevance
b) Reliability
c) Comparability
d) Understandability
9. Choose the correct answer from the options given below: [1]
A Gross Profit `15,000, Carriage Inwards `4,000, Rent `4,500, Drawings `6,000, Freight
Outward `5,000, Repairs & Maintenance `4,800, Manufacturing Wages `5,000, Bad Debts
Recovered `3,000. What is the amount of net profit/loss?
a) Profit of `3,700
b) Loss of `300
c) Profit of `8,200
d) Loss of `1,300
10. Which document is evidencing for the credit granted to the named person for the
reason stated therein? [1]
11. Choose the correct answer from the options given below: [1]
If wages paid for installation of newly purchased machinery are debited to Wages Account,
then under which category of errors this would be classified as?
a) Clerical Errors
b) Errors of Principle
c) Errors of Commission
d) Compensating Errors
CBSE XI | Accountancy
Sample Paper ? 1
12. Is trial balance a statement or an account? [1]
13. Choose the correct answer from the options given below: [1]
If Salaries of `15, 000 paid to X have been debited to his personal account. What should be
the rectifying entry required to be passed to correct this error?
a) Salaries A/c Dr. 15,000
To Cash A/c 15,000
b) Salaries A/c Dr. 15,000
To X’s A/c 15,000
c) X’s A/c Dr. 15,000
To Salaries A/c 15,000
d) Cash A/c Dr. 15,000
To Salaries A/c 15,000
14. From the following information, find out profit: Capital at the end of the year `5, 00,000
Capital in the beginning of the year `7, 50,000 Drawings made during the period
`3, 75, 000. Additional capital introduced `50,000. [3]
(OR)
Explain the following terms:
i. Capital.
ii. Drawings.
iii. Account.
15. Explain Historical Cost Principle and Consistency Assumption of Accounting. [4]
16. Give journal entries for the following: [4]
i. Received only 60 paise in rupee from official receiver of Mr. Vinod who owed
`10,000.
ii. Paid `7,300 to Vinod in full settlement of his account of `7,500.
iii. Received cash from Vinod for a bad debt written off last year `500.
(OR)
Explain the Accrual Basis of Accounting.
17. Prepare Trial Balance from the following information: Prepaid Expense `5,000, Profit &
Loss A/c (Profit) `8,000, Outstanding Rent `2,000, Bad Debts Recovered `4,000,
Interest on Investment `1,000, Due to Mohan `5,000, Bank overdraft `2,000, Discount
Allowed `800, Due from Vinod `1,200, Investment `15,000, Patents `4,000, Machinery
`6,000, Capital `10,000. [4]
18. A sold goods to B for `4,000 and drew a bill for the amount due at 3 months for the
amount. B after giving his acceptance returned the bill to A. A discounted it from his
bank for `3,900. On due date, bill returned dishonoured and bank paid `50 as noting
charges. Give journal entries in the books of A only. [4]
Page 4
CBSE XI | Accountancy
Sample Paper ? 1
CBSE
Class XI Accountancy
Sample Paper – 1
Time: 3 hours Max. Marks: 80
General Instructions:
1. All questions are compulsory.
2. Show your working notes clearly.
Part A
1. Which accounts are not considered while preparing the trial balance? [1]
2. Choose the correct answer from the options given below: [1]
What should be the rectifying entry for `1, 50,000 spent on a family trip enjoyed by Mr.
Khanna and recorded them by debiting to Office Expenses A/c?
a) Drawings A/c Dr. 1,50,000
To Cash A/c 1, 50,000
b) Drawings A/c Dr. 1,50,000
To Office Expenses A/c 1, 50,000
c) Office Expenses A/c Dr. 1,50,000
To Drawings A/c 1, 50,000
d) Cash A/c Dr. 1,50,000
To Office Expenses A/c 1, 50,000
3. Choose the correct answer from the options given below: [1]
What will be the value of an asset at the end of fifth year from its date of purchase, if the
asset was purchased for `75,000 with salvage value `5,000 at the end of its useful life of
7 years? The depreciation would be charged as per Straight Line Method.
a) ` 26,000
b) ` 40,000
c) ` 47,000
d) ` 75,000
4. Name the process of transferring entries from the journal to their respective accounts
in the ledger. [1]
5. Choose the correct answer from the options given below: [1]
“Closing Stock appears at `56, 000 after sales during the year on March 31, 2017.” What
would be this information regarded as?
a) An event
CBSE XI | Accountancy
Sample Paper ? 1
b) A Transaction
c) Both an event and a transaction
d) Neither an event nor a transaction
6. Choose the correct answer from the options given below: [1]
Which of the following branches of accounting helps overcome one of the limitations of
accounting, that is, it ignores the effect of price level changes?
a) Cost Accounting
b) Financial Accounting
c) Inflation Accounting
d) Management Accounting
7. Why are rules of debit and credit same for liability and capital? [1]
8. Choose the correct answer from the options given below: [1]
Mr. Karan, accountant at M/s Das & Das follows different methods of inventory valuation
every year. Which of the following attributes of accounting information would be affected
due to practice adopted by Mr. Karan above?
a) Relevance
b) Reliability
c) Comparability
d) Understandability
9. Choose the correct answer from the options given below: [1]
A Gross Profit `15,000, Carriage Inwards `4,000, Rent `4,500, Drawings `6,000, Freight
Outward `5,000, Repairs & Maintenance `4,800, Manufacturing Wages `5,000, Bad Debts
Recovered `3,000. What is the amount of net profit/loss?
a) Profit of `3,700
b) Loss of `300
c) Profit of `8,200
d) Loss of `1,300
10. Which document is evidencing for the credit granted to the named person for the
reason stated therein? [1]
11. Choose the correct answer from the options given below: [1]
If wages paid for installation of newly purchased machinery are debited to Wages Account,
then under which category of errors this would be classified as?
a) Clerical Errors
b) Errors of Principle
c) Errors of Commission
d) Compensating Errors
CBSE XI | Accountancy
Sample Paper ? 1
12. Is trial balance a statement or an account? [1]
13. Choose the correct answer from the options given below: [1]
If Salaries of `15, 000 paid to X have been debited to his personal account. What should be
the rectifying entry required to be passed to correct this error?
a) Salaries A/c Dr. 15,000
To Cash A/c 15,000
b) Salaries A/c Dr. 15,000
To X’s A/c 15,000
c) X’s A/c Dr. 15,000
To Salaries A/c 15,000
d) Cash A/c Dr. 15,000
To Salaries A/c 15,000
14. From the following information, find out profit: Capital at the end of the year `5, 00,000
Capital in the beginning of the year `7, 50,000 Drawings made during the period
`3, 75, 000. Additional capital introduced `50,000. [3]
(OR)
Explain the following terms:
i. Capital.
ii. Drawings.
iii. Account.
15. Explain Historical Cost Principle and Consistency Assumption of Accounting. [4]
16. Give journal entries for the following: [4]
i. Received only 60 paise in rupee from official receiver of Mr. Vinod who owed
`10,000.
ii. Paid `7,300 to Vinod in full settlement of his account of `7,500.
iii. Received cash from Vinod for a bad debt written off last year `500.
(OR)
Explain the Accrual Basis of Accounting.
17. Prepare Trial Balance from the following information: Prepaid Expense `5,000, Profit &
Loss A/c (Profit) `8,000, Outstanding Rent `2,000, Bad Debts Recovered `4,000,
Interest on Investment `1,000, Due to Mohan `5,000, Bank overdraft `2,000, Discount
Allowed `800, Due from Vinod `1,200, Investment `15,000, Patents `4,000, Machinery
`6,000, Capital `10,000. [4]
18. A sold goods to B for `4,000 and drew a bill for the amount due at 3 months for the
amount. B after giving his acceptance returned the bill to A. A discounted it from his
bank for `3,900. On due date, bill returned dishonoured and bank paid `50 as noting
charges. Give journal entries in the books of A only. [4]
CBSE XI | Accountancy
Sample Paper ? 1
19. Record the following transactions in Simple Cash Books of Harsh Traders for the month
January 2015. [6]
1: Cash in hand `20,000.
3: Received cash on account from Raj `5,000.
6: Purchased machinery `8000.
9: Insurance premium paid `2,500.
12: Sold goods for cash `10,000.
13: Received commission `2,000.
15: Purchased postal stamps `500.
18: Purchased goods for cash from Omkar Brothers `1,600.
23: Cash paid to Paras `3,000 on account.
26: Paid rent `4,500.
28: Sold old furniture `3,000.
29: Deposited into bank `1,800.
31: Paid salary to office staff `6,000.
(OR)
Distinguish between Provisions and Reserves.
20. Prepare a Bank Reconciliation Statement on 31
st
December 2015 for the following when
credit balance as per bank column of cash book is `1,800: [6]
i. Cheques issued, but not presented for payment `360.
ii. Cheque deposited but not collected by the bank. `70
iii. Interest on overdraft charged by the bank `30.
iv. A customer directly deposited in bank `500.
21. Vinod Ltd., purchased a Plant on 1st April, 2005 for `15,000. It purchased another plant
on 1st October, 2005 costing `20,000 and on 1st July, 2006 costing `30,000. On 1st
January, 2007 the Plant purchased on 1st April, 2005 became useless and was sold for
`2,000. Show Plant Account charging 10% p.a. depreciation by fixed instalment method
for four years. The plant purchased on 1
st
October, 2005 was sold for `8,000 on 1st
January, 2008. Accounts of the company are closed on 31st December each year. [8]
(OR)
Pass journal entries in the books of A.
A sold goods to B for `10,000 on December 10, 2016 and drew a bill for the same
amount payable after 3 months. The bill was accepted by B which was later discounted
for `9,500 by A on January 02, 2017. On the due date bill was dishonoured. B paid
`4,200 immediately including Rs 200 as interest and accepted a new bill for `6,000. The
new bill was endorsed by A to C, one of his creditor for Rs 6,000. The new bill was duly
met by B.
Page 5
CBSE XI | Accountancy
Sample Paper ? 1
CBSE
Class XI Accountancy
Sample Paper – 1
Time: 3 hours Max. Marks: 80
General Instructions:
1. All questions are compulsory.
2. Show your working notes clearly.
Part A
1. Which accounts are not considered while preparing the trial balance? [1]
2. Choose the correct answer from the options given below: [1]
What should be the rectifying entry for `1, 50,000 spent on a family trip enjoyed by Mr.
Khanna and recorded them by debiting to Office Expenses A/c?
a) Drawings A/c Dr. 1,50,000
To Cash A/c 1, 50,000
b) Drawings A/c Dr. 1,50,000
To Office Expenses A/c 1, 50,000
c) Office Expenses A/c Dr. 1,50,000
To Drawings A/c 1, 50,000
d) Cash A/c Dr. 1,50,000
To Office Expenses A/c 1, 50,000
3. Choose the correct answer from the options given below: [1]
What will be the value of an asset at the end of fifth year from its date of purchase, if the
asset was purchased for `75,000 with salvage value `5,000 at the end of its useful life of
7 years? The depreciation would be charged as per Straight Line Method.
a) ` 26,000
b) ` 40,000
c) ` 47,000
d) ` 75,000
4. Name the process of transferring entries from the journal to their respective accounts
in the ledger. [1]
5. Choose the correct answer from the options given below: [1]
“Closing Stock appears at `56, 000 after sales during the year on March 31, 2017.” What
would be this information regarded as?
a) An event
CBSE XI | Accountancy
Sample Paper ? 1
b) A Transaction
c) Both an event and a transaction
d) Neither an event nor a transaction
6. Choose the correct answer from the options given below: [1]
Which of the following branches of accounting helps overcome one of the limitations of
accounting, that is, it ignores the effect of price level changes?
a) Cost Accounting
b) Financial Accounting
c) Inflation Accounting
d) Management Accounting
7. Why are rules of debit and credit same for liability and capital? [1]
8. Choose the correct answer from the options given below: [1]
Mr. Karan, accountant at M/s Das & Das follows different methods of inventory valuation
every year. Which of the following attributes of accounting information would be affected
due to practice adopted by Mr. Karan above?
a) Relevance
b) Reliability
c) Comparability
d) Understandability
9. Choose the correct answer from the options given below: [1]
A Gross Profit `15,000, Carriage Inwards `4,000, Rent `4,500, Drawings `6,000, Freight
Outward `5,000, Repairs & Maintenance `4,800, Manufacturing Wages `5,000, Bad Debts
Recovered `3,000. What is the amount of net profit/loss?
a) Profit of `3,700
b) Loss of `300
c) Profit of `8,200
d) Loss of `1,300
10. Which document is evidencing for the credit granted to the named person for the
reason stated therein? [1]
11. Choose the correct answer from the options given below: [1]
If wages paid for installation of newly purchased machinery are debited to Wages Account,
then under which category of errors this would be classified as?
a) Clerical Errors
b) Errors of Principle
c) Errors of Commission
d) Compensating Errors
CBSE XI | Accountancy
Sample Paper ? 1
12. Is trial balance a statement or an account? [1]
13. Choose the correct answer from the options given below: [1]
If Salaries of `15, 000 paid to X have been debited to his personal account. What should be
the rectifying entry required to be passed to correct this error?
a) Salaries A/c Dr. 15,000
To Cash A/c 15,000
b) Salaries A/c Dr. 15,000
To X’s A/c 15,000
c) X’s A/c Dr. 15,000
To Salaries A/c 15,000
d) Cash A/c Dr. 15,000
To Salaries A/c 15,000
14. From the following information, find out profit: Capital at the end of the year `5, 00,000
Capital in the beginning of the year `7, 50,000 Drawings made during the period
`3, 75, 000. Additional capital introduced `50,000. [3]
(OR)
Explain the following terms:
i. Capital.
ii. Drawings.
iii. Account.
15. Explain Historical Cost Principle and Consistency Assumption of Accounting. [4]
16. Give journal entries for the following: [4]
i. Received only 60 paise in rupee from official receiver of Mr. Vinod who owed
`10,000.
ii. Paid `7,300 to Vinod in full settlement of his account of `7,500.
iii. Received cash from Vinod for a bad debt written off last year `500.
(OR)
Explain the Accrual Basis of Accounting.
17. Prepare Trial Balance from the following information: Prepaid Expense `5,000, Profit &
Loss A/c (Profit) `8,000, Outstanding Rent `2,000, Bad Debts Recovered `4,000,
Interest on Investment `1,000, Due to Mohan `5,000, Bank overdraft `2,000, Discount
Allowed `800, Due from Vinod `1,200, Investment `15,000, Patents `4,000, Machinery
`6,000, Capital `10,000. [4]
18. A sold goods to B for `4,000 and drew a bill for the amount due at 3 months for the
amount. B after giving his acceptance returned the bill to A. A discounted it from his
bank for `3,900. On due date, bill returned dishonoured and bank paid `50 as noting
charges. Give journal entries in the books of A only. [4]
CBSE XI | Accountancy
Sample Paper ? 1
19. Record the following transactions in Simple Cash Books of Harsh Traders for the month
January 2015. [6]
1: Cash in hand `20,000.
3: Received cash on account from Raj `5,000.
6: Purchased machinery `8000.
9: Insurance premium paid `2,500.
12: Sold goods for cash `10,000.
13: Received commission `2,000.
15: Purchased postal stamps `500.
18: Purchased goods for cash from Omkar Brothers `1,600.
23: Cash paid to Paras `3,000 on account.
26: Paid rent `4,500.
28: Sold old furniture `3,000.
29: Deposited into bank `1,800.
31: Paid salary to office staff `6,000.
(OR)
Distinguish between Provisions and Reserves.
20. Prepare a Bank Reconciliation Statement on 31
st
December 2015 for the following when
credit balance as per bank column of cash book is `1,800: [6]
i. Cheques issued, but not presented for payment `360.
ii. Cheque deposited but not collected by the bank. `70
iii. Interest on overdraft charged by the bank `30.
iv. A customer directly deposited in bank `500.
21. Vinod Ltd., purchased a Plant on 1st April, 2005 for `15,000. It purchased another plant
on 1st October, 2005 costing `20,000 and on 1st July, 2006 costing `30,000. On 1st
January, 2007 the Plant purchased on 1st April, 2005 became useless and was sold for
`2,000. Show Plant Account charging 10% p.a. depreciation by fixed instalment method
for four years. The plant purchased on 1
st
October, 2005 was sold for `8,000 on 1st
January, 2008. Accounts of the company are closed on 31st December each year. [8]
(OR)
Pass journal entries in the books of A.
A sold goods to B for `10,000 on December 10, 2016 and drew a bill for the same
amount payable after 3 months. The bill was accepted by B which was later discounted
for `9,500 by A on January 02, 2017. On the due date bill was dishonoured. B paid
`4,200 immediately including Rs 200 as interest and accepted a new bill for `6,000. The
new bill was endorsed by A to C, one of his creditor for Rs 6,000. The new bill was duly
met by B.
CBSE XI | Accountancy
Sample Paper ? 1
Part B
22. Adjustments for outstanding expenses, prepaid expenses or depreciation are not made
in receipts and payments accounts. Why? [1]
23. Choose the correct answer from the options given below: [1]
Which of the following is not an example of indirect manufacturing expenses:
a) Depreciation on Machinery
b) Repairs & Maintenance
c) Insurance Premium for goods
d) Raw Materials Consumed
24. Choose the correct answer from the options given below: [1]
The capital of a sole trader would change as a result of __________________.
a) Credit Purchase of Raw Material
b) Wages paid in cash
c) Credit Purchase of Fixed Assets
d) Creditor being paid his account by cheque
25. Name the accounting software appropriate for small business organizations, having one
user and single office location. [1]
26. Choose the correct answer from the options given below: [1]
Goodwill is ________________.
a) An investment
b) A current asset
c) An intangible fixed asset
d) A tangible fixed asset
27. Choose the correct answer from the options given below: [1]
A prepayment of insurance premium will appear in the Balance Sheet as
_____________________.
a) A current liability
b) A current asset
c) A non-current asset
d) A fixed asset
28. Choose the correct answer from the options given below: [1]
Which of the following is not a limitation of Financial Statements?
a) True and fair view of the Business
b) Different Accounting Policies
c) Historical Records
d) Affected by Estimates
Read More
FAQs on Sample Question Paper 1 - Accountancy, Class 11 - Sample Papers for Class 11 Commerce
| 1. What are the basic accounting principles? |  |
Ans. The basic accounting principles include the accrual principle, the consistency principle, the cost principle, the economic entity principle, the going concern principle, the matching principle, the materiality principle, the monetary unit principle, the prudence principle, and the revenue recognition principle. These principles provide a framework for recording, reporting, and analyzing financial transactions.
| 2. What is the difference between cash accounting and accrual accounting? | |
Ans. Cash accounting records transactions when cash is received or paid, while accrual accounting records transactions when they are incurred, regardless of when cash is received or paid. Cash accounting is simpler and often used by small businesses, while accrual accounting provides a more accurate picture of a company's financial performance.
| 3. How does depreciation affect financial statements? | |
Ans. Depreciation is the allocation of the cost of an asset over its useful life. It reduces the value of the asset on the balance sheet and is recorded as an expense on the income statement. Depreciation affects the financial statements by reducing the net income and the value of the asset, which in turn affects the owner's equity.
| 4. What is the purpose of the trial balance? | |
Ans. The trial balance is a list of all the general ledger account balances at a specific point in time. Its purpose is to ensure that the debits and credits in the accounting system are in balance. If the debits and credits don't match, it indicates an error in the recording of transactions.
| 5. What is the role of financial ratios in analyzing a company's performance? | |
Ans. Financial ratios are tools used to analyze a company's financial performance and compare it to industry benchmarks. They provide insights into a company's profitability, liquidity, solvency, and efficiency. By calculating and interpreting financial ratios, investors, creditors, and managers can make informed decisions about the company's financial health and future prospects.
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