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CBSE XI | Accountancy
Sample Paper ? 2
CBSE
Class XI Accountancy
Sample Paper – 2
Time: 3 hours Max. Marks: 80
General Instructions:
1. All questions are compulsory.
2. Show your working notes clearly.
Part A
1. Rohit, a businessman, had paid the school fee of his daughter from the business. Is this a
business transaction? Give reason. [1]
2. Choose the correct answer from the options given below: [1]
If there is current probability of outflow of uncertain funds for settlement of an obligation,
which of the following is said to be recognized?
a) Loan
b) Liability
c) Provision
d) Contingent Liability
3. Choose the correct answer from the options given below: [1]
Which of the following is shown in the trial balance?
a) Journal Folio
b) List of Account Balances
c) Date of Recording the transactions
d) All of the above
4. Choose the correct answer from the options given below: [1]
Which of the following accounts should be debited for the goods worth `3,000
withdrawn for personal use?
a) Sales A/c
b) Drawings A/c
c) Purchases A/c
d) Stock A/c
5. Choose the correct answer from the options given below: [1]
When double entry system is followed to record the business transactions then:
a) Debit and credit amount must be equal
b) Debit and credit amount may be equal
c) Only two accounts are affected
Page 2
CBSE XI | Accountancy
Sample Paper ? 2
CBSE
Class XI Accountancy
Sample Paper – 2
Time: 3 hours Max. Marks: 80
General Instructions:
1. All questions are compulsory.
2. Show your working notes clearly.
Part A
1. Rohit, a businessman, had paid the school fee of his daughter from the business. Is this a
business transaction? Give reason. [1]
2. Choose the correct answer from the options given below: [1]
If there is current probability of outflow of uncertain funds for settlement of an obligation,
which of the following is said to be recognized?
a) Loan
b) Liability
c) Provision
d) Contingent Liability
3. Choose the correct answer from the options given below: [1]
Which of the following is shown in the trial balance?
a) Journal Folio
b) List of Account Balances
c) Date of Recording the transactions
d) All of the above
4. Choose the correct answer from the options given below: [1]
Which of the following accounts should be debited for the goods worth `3,000
withdrawn for personal use?
a) Sales A/c
b) Drawings A/c
c) Purchases A/c
d) Stock A/c
5. Choose the correct answer from the options given below: [1]
When double entry system is followed to record the business transactions then:
a) Debit and credit amount must be equal
b) Debit and credit amount may be equal
c) Only two accounts are affected
CBSE XI | Accountancy
Sample Paper ? 2
d) Balance of one account increases and other account decreases
6. Choose the correct answer from the options given below: [1]
Which of the following is not a personal account?
a) Bank Account
b) Drawings Account
c) Proprietor’s Account
d) Livestock Account
7. Give two differences between cash basis and accrual basis of accounting. [1]
8. Choose the correct answer from the options given below: [1]
In case loan is taken to purchase goods, then two accounts that are affected are:
a) Stock and Capital
b) Capital and Liability
c) Stock and Liability
d) Cash and Stock
9. In which accounting outstanding expenses are not recorded? [1]
10. Choose the correct answer from the options given below: [1]
If the owner withdraws cash or goods for his personal use, it is known as
a) Drawings
b) Personal Expenses
c) Goods in Transit
d) Abnormal Loss
11. Choose the correct answer from the options given below: [1]
Cash sales 1.5 times of credit sales, Credit sales `1, 20,000, Purchases `1, 40,000, Rate
of Gross Profit 25% on cost. What is the value of closing stock?
a) `25,000
b) `30,000
c) `1,20,000
d) `60,000
12. Give any two differences between Book Keeping and Accounting. [1]
13. Choose the correct answer from the options given below: [1]
Which of the following is not a Party to a bill of exchange?
a) Payee
b) Drawee
c) Signatory
d) Drawer
Page 3
CBSE XI | Accountancy
Sample Paper ? 2
CBSE
Class XI Accountancy
Sample Paper – 2
Time: 3 hours Max. Marks: 80
General Instructions:
1. All questions are compulsory.
2. Show your working notes clearly.
Part A
1. Rohit, a businessman, had paid the school fee of his daughter from the business. Is this a
business transaction? Give reason. [1]
2. Choose the correct answer from the options given below: [1]
If there is current probability of outflow of uncertain funds for settlement of an obligation,
which of the following is said to be recognized?
a) Loan
b) Liability
c) Provision
d) Contingent Liability
3. Choose the correct answer from the options given below: [1]
Which of the following is shown in the trial balance?
a) Journal Folio
b) List of Account Balances
c) Date of Recording the transactions
d) All of the above
4. Choose the correct answer from the options given below: [1]
Which of the following accounts should be debited for the goods worth `3,000
withdrawn for personal use?
a) Sales A/c
b) Drawings A/c
c) Purchases A/c
d) Stock A/c
5. Choose the correct answer from the options given below: [1]
When double entry system is followed to record the business transactions then:
a) Debit and credit amount must be equal
b) Debit and credit amount may be equal
c) Only two accounts are affected
CBSE XI | Accountancy
Sample Paper ? 2
d) Balance of one account increases and other account decreases
6. Choose the correct answer from the options given below: [1]
Which of the following is not a personal account?
a) Bank Account
b) Drawings Account
c) Proprietor’s Account
d) Livestock Account
7. Give two differences between cash basis and accrual basis of accounting. [1]
8. Choose the correct answer from the options given below: [1]
In case loan is taken to purchase goods, then two accounts that are affected are:
a) Stock and Capital
b) Capital and Liability
c) Stock and Liability
d) Cash and Stock
9. In which accounting outstanding expenses are not recorded? [1]
10. Choose the correct answer from the options given below: [1]
If the owner withdraws cash or goods for his personal use, it is known as
a) Drawings
b) Personal Expenses
c) Goods in Transit
d) Abnormal Loss
11. Choose the correct answer from the options given below: [1]
Cash sales 1.5 times of credit sales, Credit sales `1, 20,000, Purchases `1, 40,000, Rate
of Gross Profit 25% on cost. What is the value of closing stock?
a) `25,000
b) `30,000
c) `1,20,000
d) `60,000
12. Give any two differences between Book Keeping and Accounting. [1]
13. Choose the correct answer from the options given below: [1]
Which of the following is not a Party to a bill of exchange?
a) Payee
b) Drawee
c) Signatory
d) Drawer
CBSE XI | Accountancy
Sample Paper ? 2
14. Pass journal Entries: [3]
1. An old machine with book value of `40,000 is exchanged for a new machine of `1,
20,000. The old machine is valued at `30,000 for the exchange purpose by X Ltd.
2. Rent paid `6,000, half of premises used by owner for his personal use.
3. Ram became insolvent and a final dividend of 50 paisa in a rupee was received for a
debt of `1,000
(OR)
Explain the following terms:
1. Stock
2. Loss
3. Depreciation
15. Rectifying the following errors: [4]
1. Total of Returns inward book `800 was not posted.
2. Purchase of `750 from Shyam wrongly entered in sales book.
3. An item of `45 has been debited to a personal A/c as `54.
4. `1,000 paid as salary to a manager has been debited to his personal A/c.
16. Mrs. Payal started a business with a capital of `6, 00,000 on 1 July 2008. She took a loan
of `1, 00,000 from her friend @10% p.a. and introduced `2, 00,000 as additional capital.
On 31 December 2008 her position was as: [4]
Cash `90,000, Stock `5, 90,000, Debtors `6, 00,000, Creditors `3, 00,000. She withdrew
`10,000 p.m. for personal use. Find out profit or loss presuming interest on loan is yet
to be paid.
(OR)
(a) Calculate total assets: Capital `40,000, Creditors `30,000, Revenue earned `75,000,
Expenses `20,000.
(b) What are Accounting Vouchers?
17. Prepare a Trial Balance: [4]
Particulars (`)
Capital 1,00,000
Machinery 20,000
Purchases 2,10,000
Drawings 16,000
Sales 2,00,000
Sales Returns 20,000
Purchase Returns 30,000
Wages 40,000
Discount Allowed 6,000
Bank loan 90,000
Stock 16,000
Roopa (Dr.) 20,000
Page 4
CBSE XI | Accountancy
Sample Paper ? 2
CBSE
Class XI Accountancy
Sample Paper – 2
Time: 3 hours Max. Marks: 80
General Instructions:
1. All questions are compulsory.
2. Show your working notes clearly.
Part A
1. Rohit, a businessman, had paid the school fee of his daughter from the business. Is this a
business transaction? Give reason. [1]
2. Choose the correct answer from the options given below: [1]
If there is current probability of outflow of uncertain funds for settlement of an obligation,
which of the following is said to be recognized?
a) Loan
b) Liability
c) Provision
d) Contingent Liability
3. Choose the correct answer from the options given below: [1]
Which of the following is shown in the trial balance?
a) Journal Folio
b) List of Account Balances
c) Date of Recording the transactions
d) All of the above
4. Choose the correct answer from the options given below: [1]
Which of the following accounts should be debited for the goods worth `3,000
withdrawn for personal use?
a) Sales A/c
b) Drawings A/c
c) Purchases A/c
d) Stock A/c
5. Choose the correct answer from the options given below: [1]
When double entry system is followed to record the business transactions then:
a) Debit and credit amount must be equal
b) Debit and credit amount may be equal
c) Only two accounts are affected
CBSE XI | Accountancy
Sample Paper ? 2
d) Balance of one account increases and other account decreases
6. Choose the correct answer from the options given below: [1]
Which of the following is not a personal account?
a) Bank Account
b) Drawings Account
c) Proprietor’s Account
d) Livestock Account
7. Give two differences between cash basis and accrual basis of accounting. [1]
8. Choose the correct answer from the options given below: [1]
In case loan is taken to purchase goods, then two accounts that are affected are:
a) Stock and Capital
b) Capital and Liability
c) Stock and Liability
d) Cash and Stock
9. In which accounting outstanding expenses are not recorded? [1]
10. Choose the correct answer from the options given below: [1]
If the owner withdraws cash or goods for his personal use, it is known as
a) Drawings
b) Personal Expenses
c) Goods in Transit
d) Abnormal Loss
11. Choose the correct answer from the options given below: [1]
Cash sales 1.5 times of credit sales, Credit sales `1, 20,000, Purchases `1, 40,000, Rate
of Gross Profit 25% on cost. What is the value of closing stock?
a) `25,000
b) `30,000
c) `1,20,000
d) `60,000
12. Give any two differences between Book Keeping and Accounting. [1]
13. Choose the correct answer from the options given below: [1]
Which of the following is not a Party to a bill of exchange?
a) Payee
b) Drawee
c) Signatory
d) Drawer
CBSE XI | Accountancy
Sample Paper ? 2
14. Pass journal Entries: [3]
1. An old machine with book value of `40,000 is exchanged for a new machine of `1,
20,000. The old machine is valued at `30,000 for the exchange purpose by X Ltd.
2. Rent paid `6,000, half of premises used by owner for his personal use.
3. Ram became insolvent and a final dividend of 50 paisa in a rupee was received for a
debt of `1,000
(OR)
Explain the following terms:
1. Stock
2. Loss
3. Depreciation
15. Rectifying the following errors: [4]
1. Total of Returns inward book `800 was not posted.
2. Purchase of `750 from Shyam wrongly entered in sales book.
3. An item of `45 has been debited to a personal A/c as `54.
4. `1,000 paid as salary to a manager has been debited to his personal A/c.
16. Mrs. Payal started a business with a capital of `6, 00,000 on 1 July 2008. She took a loan
of `1, 00,000 from her friend @10% p.a. and introduced `2, 00,000 as additional capital.
On 31 December 2008 her position was as: [4]
Cash `90,000, Stock `5, 90,000, Debtors `6, 00,000, Creditors `3, 00,000. She withdrew
`10,000 p.m. for personal use. Find out profit or loss presuming interest on loan is yet
to be paid.
(OR)
(a) Calculate total assets: Capital `40,000, Creditors `30,000, Revenue earned `75,000,
Expenses `20,000.
(b) What are Accounting Vouchers?
17. Prepare a Trial Balance: [4]
Particulars (`)
Capital 1,00,000
Machinery 20,000
Purchases 2,10,000
Drawings 16,000
Sales 2,00,000
Sales Returns 20,000
Purchase Returns 30,000
Wages 40,000
Discount Allowed 6,000
Bank loan 90,000
Stock 16,000
Roopa (Dr.) 20,000
CBSE XI | Accountancy
Sample Paper ? 2
Cash 54,000
Goodwill 60,000
Interest Received 15,000
Bank O/D 22,000
Nathu (Dr.) 55,000
Ganesh (cr.) 25,000
Reena (cr.) 35,000
18. (a) State with reason weather the following are revenue or capital expenditure: [4]
1. `1,000 spent on repairing a second hand machine before put to use.
2. `5,000 on repainting the factory.
(b) What do you mean by Specific Reserve?
19. (a) P purchased 1,000 Sq. Meter Land for `3 crores to build a factory. At the end of the
year market value of land was `2.70 crores. P treated `30 lakhs as loss and recorded the
land at `2.70 crores. Is this a correct treatment?
(b) Shibani dealing in electronic goods sold 20 TV sets costing 30,000 each at `40,000
each. Out of this `5,00,000 were received in cash and the balance is not received yet.
State the amount of revenue.
(c) The factory workers of XYZ Ltd. went on a labour strike as a result the production
had to stop for a week. The owner estimated the loss of production and the likely loss of
profit due to this situation and accordingly directed his accountant to book a loss in the
accounts. The accountant did the same. Was the accountant correct in recording the
likely loss? Give suitable reasons in support of your answer. [6]
(OR)
A company purchased a machine for `5,00,000 (including a boiler worth for `1,00,000).
Company provides depreciation @10% as per straight line method. After four years
boiler became useless and it was discarded for `20,000. Prepare machine A/c for four
Years.
20. Prepare a bank reconciliation statement. [6]
(i) Debit Balance shown by bank statement `20,000
(ii) Cheques of `16,500 were issued in last week of March but only of `11,000 were
presented for the payment.
(iii) A bill of exchange of `2,000 discounted with the bank was returned dishonoured
but no entry made in the cash book.
(iv) A cheque of `5,000 received from Mr. Nikhil on March 24, 2017 was recorded in
the discount column of Cash Book and was not banked.
(v) As per the bank pass book, bank collected `2,500 as interest on securities and
charged `700 & `200 as interest on loan and bank charges. These were not
recorded in the Cash Book.
(vi) Credit transfer of `1,000 was not recorded in the Cash Book.
(vii) Interest debited by bank but not recorded in the Cash Book `1,500.
Page 5
CBSE XI | Accountancy
Sample Paper ? 2
CBSE
Class XI Accountancy
Sample Paper – 2
Time: 3 hours Max. Marks: 80
General Instructions:
1. All questions are compulsory.
2. Show your working notes clearly.
Part A
1. Rohit, a businessman, had paid the school fee of his daughter from the business. Is this a
business transaction? Give reason. [1]
2. Choose the correct answer from the options given below: [1]
If there is current probability of outflow of uncertain funds for settlement of an obligation,
which of the following is said to be recognized?
a) Loan
b) Liability
c) Provision
d) Contingent Liability
3. Choose the correct answer from the options given below: [1]
Which of the following is shown in the trial balance?
a) Journal Folio
b) List of Account Balances
c) Date of Recording the transactions
d) All of the above
4. Choose the correct answer from the options given below: [1]
Which of the following accounts should be debited for the goods worth `3,000
withdrawn for personal use?
a) Sales A/c
b) Drawings A/c
c) Purchases A/c
d) Stock A/c
5. Choose the correct answer from the options given below: [1]
When double entry system is followed to record the business transactions then:
a) Debit and credit amount must be equal
b) Debit and credit amount may be equal
c) Only two accounts are affected
CBSE XI | Accountancy
Sample Paper ? 2
d) Balance of one account increases and other account decreases
6. Choose the correct answer from the options given below: [1]
Which of the following is not a personal account?
a) Bank Account
b) Drawings Account
c) Proprietor’s Account
d) Livestock Account
7. Give two differences between cash basis and accrual basis of accounting. [1]
8. Choose the correct answer from the options given below: [1]
In case loan is taken to purchase goods, then two accounts that are affected are:
a) Stock and Capital
b) Capital and Liability
c) Stock and Liability
d) Cash and Stock
9. In which accounting outstanding expenses are not recorded? [1]
10. Choose the correct answer from the options given below: [1]
If the owner withdraws cash or goods for his personal use, it is known as
a) Drawings
b) Personal Expenses
c) Goods in Transit
d) Abnormal Loss
11. Choose the correct answer from the options given below: [1]
Cash sales 1.5 times of credit sales, Credit sales `1, 20,000, Purchases `1, 40,000, Rate
of Gross Profit 25% on cost. What is the value of closing stock?
a) `25,000
b) `30,000
c) `1,20,000
d) `60,000
12. Give any two differences between Book Keeping and Accounting. [1]
13. Choose the correct answer from the options given below: [1]
Which of the following is not a Party to a bill of exchange?
a) Payee
b) Drawee
c) Signatory
d) Drawer
CBSE XI | Accountancy
Sample Paper ? 2
14. Pass journal Entries: [3]
1. An old machine with book value of `40,000 is exchanged for a new machine of `1,
20,000. The old machine is valued at `30,000 for the exchange purpose by X Ltd.
2. Rent paid `6,000, half of premises used by owner for his personal use.
3. Ram became insolvent and a final dividend of 50 paisa in a rupee was received for a
debt of `1,000
(OR)
Explain the following terms:
1. Stock
2. Loss
3. Depreciation
15. Rectifying the following errors: [4]
1. Total of Returns inward book `800 was not posted.
2. Purchase of `750 from Shyam wrongly entered in sales book.
3. An item of `45 has been debited to a personal A/c as `54.
4. `1,000 paid as salary to a manager has been debited to his personal A/c.
16. Mrs. Payal started a business with a capital of `6, 00,000 on 1 July 2008. She took a loan
of `1, 00,000 from her friend @10% p.a. and introduced `2, 00,000 as additional capital.
On 31 December 2008 her position was as: [4]
Cash `90,000, Stock `5, 90,000, Debtors `6, 00,000, Creditors `3, 00,000. She withdrew
`10,000 p.m. for personal use. Find out profit or loss presuming interest on loan is yet
to be paid.
(OR)
(a) Calculate total assets: Capital `40,000, Creditors `30,000, Revenue earned `75,000,
Expenses `20,000.
(b) What are Accounting Vouchers?
17. Prepare a Trial Balance: [4]
Particulars (`)
Capital 1,00,000
Machinery 20,000
Purchases 2,10,000
Drawings 16,000
Sales 2,00,000
Sales Returns 20,000
Purchase Returns 30,000
Wages 40,000
Discount Allowed 6,000
Bank loan 90,000
Stock 16,000
Roopa (Dr.) 20,000
CBSE XI | Accountancy
Sample Paper ? 2
Cash 54,000
Goodwill 60,000
Interest Received 15,000
Bank O/D 22,000
Nathu (Dr.) 55,000
Ganesh (cr.) 25,000
Reena (cr.) 35,000
18. (a) State with reason weather the following are revenue or capital expenditure: [4]
1. `1,000 spent on repairing a second hand machine before put to use.
2. `5,000 on repainting the factory.
(b) What do you mean by Specific Reserve?
19. (a) P purchased 1,000 Sq. Meter Land for `3 crores to build a factory. At the end of the
year market value of land was `2.70 crores. P treated `30 lakhs as loss and recorded the
land at `2.70 crores. Is this a correct treatment?
(b) Shibani dealing in electronic goods sold 20 TV sets costing 30,000 each at `40,000
each. Out of this `5,00,000 were received in cash and the balance is not received yet.
State the amount of revenue.
(c) The factory workers of XYZ Ltd. went on a labour strike as a result the production
had to stop for a week. The owner estimated the loss of production and the likely loss of
profit due to this situation and accordingly directed his accountant to book a loss in the
accounts. The accountant did the same. Was the accountant correct in recording the
likely loss? Give suitable reasons in support of your answer. [6]
(OR)
A company purchased a machine for `5,00,000 (including a boiler worth for `1,00,000).
Company provides depreciation @10% as per straight line method. After four years
boiler became useless and it was discarded for `20,000. Prepare machine A/c for four
Years.
20. Prepare a bank reconciliation statement. [6]
(i) Debit Balance shown by bank statement `20,000
(ii) Cheques of `16,500 were issued in last week of March but only of `11,000 were
presented for the payment.
(iii) A bill of exchange of `2,000 discounted with the bank was returned dishonoured
but no entry made in the cash book.
(iv) A cheque of `5,000 received from Mr. Nikhil on March 24, 2017 was recorded in
the discount column of Cash Book and was not banked.
(v) As per the bank pass book, bank collected `2,500 as interest on securities and
charged `700 & `200 as interest on loan and bank charges. These were not
recorded in the Cash Book.
(vi) Credit transfer of `1,000 was not recorded in the Cash Book.
(vii) Interest debited by bank but not recorded in the Cash Book `1,500.
CBSE XI | Accountancy
Sample Paper ? 2
21. Prepare two column cash book. [8]
Jan. 01 Balance of cash `20,000 and Bank 13,800
Jan. 02 Received from Raman `900 and discount allowed `100.
Jan. 05 Sold goods for cash 5,000 and deposited half amount into the bank.
Jan. 07 Paid salary `2,500
Jan. 10 Settled account of Karan Traders `10,000 by paying in cash `9,500.
Jan. 14 Received from Murli on behalf of Kurli `4,500
Jan. 20 Settled a debt of `1,200 by cheque receiving a discount of 5%.
Jan. 22 Drew `500 from bank and paid donation.
Jan. 27 Received repayment of loan `8,000 and deposited out of `6,500 it into the bank.
(OR)
A company purchased on 1
st
July, 2015 machinery costing `30,000. It further purchased
machinery on 1
st
January, 2016 costing `20,000 and on 1
st
October, 2016 costing
`10,000. On 1
st
April, 2017, one-third of the machinery installed on 1
st
July, 2015
became obsolete and was sold for `3,000.
The company follows financial year as accounting year.
Show how the Machinery Account would appear in the books of company if
depreciation is charged @10% p.a. on Written Down Value Method.
Part B
22. Choose the correct answer from the options given below: [1]
In a computerised accounting system, the framework of storing and processing large
volume of data is known as
a) Operating Environment
b) DBMS
c) Operating System
d) Accounting Framework
23. Choose the correct answer from the options given below: [1]
What is the amount of commission to be shown in books of accounts?
Gross Profit: `1, 00,000, Salaries: `44, 000, Depreciation Expense: `6,000, Insurance:
` 4,000.
Salaries are paid for 11 months
Manager is allowed a commission of 5% on net profit after charging such commission.
a) `1,895
b) `2,000
c) `2,190
d) `2,285
24. What are the basic requirements of every computerised accounting system? [1]
25. Choose the correct answer from the options given below: [1]
Read More
FAQs on Sample Question Paper 2 - Accountancy, Class 11 - Sample Papers for Class 11 Commerce
| 1. What are the basic principles of accounting? |  |
Ans. The basic principles of accounting are:
- The Business Entity Principle: This principle states that the business's financial transactions should be recorded separately from the owner's personal transactions.
- The Money Measurement Principle: This principle states that only monetary transactions are recorded in the accounting system.
- The Going Concern Principle: This principle assumes that the business will continue to operate for the foreseeable future.
- The Cost Principle: This principle states that assets should be recorded at their original cost.
- The Dual Aspect Principle: This principle states that every transaction has a two-fold effect on the accounting equation (assets = liabilities + owner's equity).
| 2. What is the difference between financial accounting and management accounting? | |
Ans. Financial accounting focuses on providing information to external stakeholders, such as investors and creditors, to assess the financial position and performance of a company. It follows generally accepted accounting principles (GAAP) and produces financial statements like the balance sheet, income statement, and cash flow statement.
On the other hand, management accounting focuses on providing information to internal stakeholders, such as management and decision-makers, to aid in planning, controlling, and decision-making processes. It is more flexible and can include non-financial information. Management accountants use techniques like budgeting, cost analysis, and variance analysis to support the management's decision-making process.
| 3. What is the accounting equation? | |
Ans. The accounting equation is the foundation of double-entry bookkeeping. It is represented as follows:
Assets = Liabilities + Owner's Equity
Assets represent what the company owns or controls, such as cash, inventory, and equipment. Liabilities represent what the company owes to external parties, such as loans and accounts payable. Owner's equity represents the owner's claim on the company's assets and is calculated by subtracting liabilities from assets.
The accounting equation must always remain balanced, meaning that the total value of assets must be equal to the total value of liabilities plus owner's equity.
| 4. What are the different types of financial statements? | |
Ans. The different types of financial statements are:
- Balance Sheet: It provides a snapshot of a company's financial position at a specific point in time, showing its assets, liabilities, and owner's equity.
- Income Statement: It summarizes the revenues, expenses, and net income or loss of a company over a specific period.
- Cash Flow Statement: It shows the inflows and outflows of cash and cash equivalents during a specific period, categorized into operating, investing, and financing activities.
- Statement of Changes in Equity: It shows the changes in owner's equity, including contributions, distributions, and net income or loss, over a specific period.
| 5. What is the purpose of an audit in accounting? | |
Ans. The purpose of an audit in accounting is to provide an independent assessment of a company's financial statements. It involves an examination of the financial records, transactions, and internal controls to ensure the accuracy and reliability of the financial information presented.
The main objectives of an audit are:
- To express an opinion on the fairness and reliability of the financial statements.
- To detect and prevent fraud, errors, and irregularities.
- To assess the adequacy of internal controls and recommend improvements if necessary.
- To comply with legal and regulatory requirements.
An audit provides assurance to stakeholders, such as investors, creditors, and regulators, regarding the company's financial position and performance.
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Document Description: Sample Question Paper 2 - Accountancy, Class 11 for Commerce 2024 is part of Sample Papers for Class 11 Commerce preparation.
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