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

Define accounting

State what is end product of financial accounting?

Enumerate main objectives of accounting

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

Who are the external users of information?

Enumerate informational needs of management

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

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

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

Why are some accounting systems called double accounting systems?

Give a specimen of an account

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

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?

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

Describe how debits and credits are used to analyse transactions

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

What are special purpose books?

Explain the meaning of posting of journal entries?

Define the purpose of maintaining subsidiary journal