CBSE Class 11 Accountancy Recording of Transactions 1 Quiz 1

1. Generally the duration of an Accounting period is of-

A 6 months B 3 months C 12 months D 1 month.

2. The sum of Liabilities and Capital is-

A Expense B Income C Drawings D Assets.

3. In India, the accounting standard board was set up in the year-

A 1972 B 1977 C 1956 D 1932.

4. The basic accounting postulates are denoted by –

A Concepts B Book – keeping C Accounting standards D None of these.

5. The amount drawn by businessmen for his personal use is-

A Capital B Drawing C Expenditure D Loss.

6. Meaning of credibility of going concern is:

A Closing of business B Opening of business C Continuing of business D None of these.