Accounting class 11 Questions With Accurate
Solutions
accounting - CORRECT ANSWER✅✅✅a process of identifying measuring recording
classifying summarizing analyzing interpreting the financial transactions and communicating the
results thereof to the persons interested in such information.
Objectives of Accounting - CORRECT ANSWER✅✅✅1. To keep systematic and scientific
record of all business transaction. It keeps the systematic and complete record of financial
transaction. Transactions are recorded as per uniform rules and principles in accounting.
2. To determine profit or loss. Each business is motivated by profit. Profit or loss is determined
by preparing trading account and profit and loss account of the business at the certain period of
time.
3. To depict financial position. It prepares a balance sheet at the end of every year, which
informs about its position of assets, liabilities and capital, that reflect economic strength and
weaknesses of business.
Two Features of Double entry system of bookkeeping - CORRECT ANSWER✅✅✅a.
identify financial transaction: Book-keeping identifies the financial transactions for recording
purpose. Non- financial transactions are ignored.
b. To keep systematic record: Book - keeping records identified financial transaction of a
business in a scientific and systematic manner.
what is book -keeping. - CORRECT ANSWER✅✅✅book- keeping is concerned with the
recording of financail transactions. it involves journalizing, posting into ledger accounts and
balancing and closing the ledger accounts. book keeping is the science and art of correct
recording in the books of accounts all those business transactions that result in transfers of
money or money's worth.
any two straight concept of conversation and business entity concept - CORRECT
ANSWER✅✅✅Conversation Concept:
1.Definition: Conversation is the spoken exchange of ideas, observations, opinions, or feelings
between people1.
, Key Points: Conversations involve verbal communication. They can occur in various contexts,
such as professional networking events, business trips, or social interactions. Conversational
skills are essential for building connections, making new contacts, and maintaining relationships.
Business Entity Concept:
2.Definition: The business entity concept states that a business stand independently from its
owner. Therefore, business transactions (income, expenses, assets, liabilities, and equity) must be
kept separate from the owner's personal accounts to ensure accurate accounting records23.
Key Points:Business owners should maintain separate records for personal and business
transactions.This concept helps track taxes, financial performance, and liability for each entity.It
ensures clarity in financial statements and facilitates easier tax filing.
any two features of double entry system of book keeping. - CORRECT
ANSWER✅✅✅1.Two Parties Involved:
In double-entry accounting, every financial transaction involves two parties: the receiver and the
giver.
The receiving party is debited, and the other party is credited12.
This dual aspect ensures that for every debit, there must be an equal and opposite credit in any
transaction.
Balancing Debits and Credits:
2.Double entry requires that transactions be recorded in terms of debits and credits.
Since a debit in one account offsets a credit in another, the sum of all debits must equal the sum
of all credits.
This balance ensures accurate financial statements and helps detect errors
define journaling equation and subsidiary book - CORRECT ANSWER✅✅✅Journalizing
Transactions (Journal Entry):
Definition: Journalizing refers to the process of recording financial transactions in a journal or
general ledger. It is the first step in the accounting cycle and involves logging every financial
transaction in a systematic manner.
Purpose: Provides a chronological record of all transactions in the business. Includes information
such as the date, accounts involved, a description of the transaction, and the monetary value.
Ensures that all financial activities are properly documented and recorded consistently12.
Types of Journals: Cash Book: Records cash and bank receipts and payments. Purchase Book:
Records credit purchases. Sales Book: Records credit sales. Purchase Return Book: Records
Solutions
accounting - CORRECT ANSWER✅✅✅a process of identifying measuring recording
classifying summarizing analyzing interpreting the financial transactions and communicating the
results thereof to the persons interested in such information.
Objectives of Accounting - CORRECT ANSWER✅✅✅1. To keep systematic and scientific
record of all business transaction. It keeps the systematic and complete record of financial
transaction. Transactions are recorded as per uniform rules and principles in accounting.
2. To determine profit or loss. Each business is motivated by profit. Profit or loss is determined
by preparing trading account and profit and loss account of the business at the certain period of
time.
3. To depict financial position. It prepares a balance sheet at the end of every year, which
informs about its position of assets, liabilities and capital, that reflect economic strength and
weaknesses of business.
Two Features of Double entry system of bookkeeping - CORRECT ANSWER✅✅✅a.
identify financial transaction: Book-keeping identifies the financial transactions for recording
purpose. Non- financial transactions are ignored.
b. To keep systematic record: Book - keeping records identified financial transaction of a
business in a scientific and systematic manner.
what is book -keeping. - CORRECT ANSWER✅✅✅book- keeping is concerned with the
recording of financail transactions. it involves journalizing, posting into ledger accounts and
balancing and closing the ledger accounts. book keeping is the science and art of correct
recording in the books of accounts all those business transactions that result in transfers of
money or money's worth.
any two straight concept of conversation and business entity concept - CORRECT
ANSWER✅✅✅Conversation Concept:
1.Definition: Conversation is the spoken exchange of ideas, observations, opinions, or feelings
between people1.
, Key Points: Conversations involve verbal communication. They can occur in various contexts,
such as professional networking events, business trips, or social interactions. Conversational
skills are essential for building connections, making new contacts, and maintaining relationships.
Business Entity Concept:
2.Definition: The business entity concept states that a business stand independently from its
owner. Therefore, business transactions (income, expenses, assets, liabilities, and equity) must be
kept separate from the owner's personal accounts to ensure accurate accounting records23.
Key Points:Business owners should maintain separate records for personal and business
transactions.This concept helps track taxes, financial performance, and liability for each entity.It
ensures clarity in financial statements and facilitates easier tax filing.
any two features of double entry system of book keeping. - CORRECT
ANSWER✅✅✅1.Two Parties Involved:
In double-entry accounting, every financial transaction involves two parties: the receiver and the
giver.
The receiving party is debited, and the other party is credited12.
This dual aspect ensures that for every debit, there must be an equal and opposite credit in any
transaction.
Balancing Debits and Credits:
2.Double entry requires that transactions be recorded in terms of debits and credits.
Since a debit in one account offsets a credit in another, the sum of all debits must equal the sum
of all credits.
This balance ensures accurate financial statements and helps detect errors
define journaling equation and subsidiary book - CORRECT ANSWER✅✅✅Journalizing
Transactions (Journal Entry):
Definition: Journalizing refers to the process of recording financial transactions in a journal or
general ledger. It is the first step in the accounting cycle and involves logging every financial
transaction in a systematic manner.
Purpose: Provides a chronological record of all transactions in the business. Includes information
such as the date, accounts involved, a description of the transaction, and the monetary value.
Ensures that all financial activities are properly documented and recorded consistently12.
Types of Journals: Cash Book: Records cash and bank receipts and payments. Purchase Book:
Records credit purchases. Sales Book: Records credit sales. Purchase Return Book: Records
