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Accounting Principle Assignment

This document contains 10 multiple choice questions about accounting principles and concepts covered in Chapter 3 of the Accountancy textbook for Class 11. The questions cover topics such as expense recognition, accounting periods, revenue recognition, accounting estimates, matching principle, accrual concept, and principles for asset valuation and disclosure of contingencies.

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Aradhya Sahdev
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30 views

Accounting Principle Assignment

This document contains 10 multiple choice questions about accounting principles and concepts covered in Chapter 3 of the Accountancy textbook for Class 11. The questions cover topics such as expense recognition, accounting periods, revenue recognition, accounting estimates, matching principle, accrual concept, and principles for asset valuation and disclosure of contingencies.

Uploaded by

Aradhya Sahdev
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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CLASS XI

SUBJECT : ACCOUNTANCY
Ch 3. Theory Base of Accounting

Q1) Expense is recognised on the date of __________ of goods and not on


the date of its payment. (1)
Q2) Financial statements are drawn as per ________ period concept. (1)
Q3) Receipt of order for supply of goods will not be considered as sales as
per ______ concept. (1)

Q4) Omission of paise and showing the round figures in the financial
statements is based on which accounting Principle? Identify. (1)
Q5) Why the full cost of an Asset is not treated as an expense in the year of
its purchase? (1)

Q6) Rent for the month of March 2020 is not paid. Under which accounting
concept it should be recorded as expense for the year ended 31 st March
2020.Identify (1)
Q7) Identify and explain applied accounting principle :-
(a) quality of manpower is not recorded in the books of account?
Explain.
(b) the proprietor of business is treated as creditor to extent of his
capital? (3)
Q8) (a) X Ltd. Gets a contract of Rs. 100 crore to build a Shopping Mall to be
completed in 3 years. The management of the company wants to
ascertain profit & loss on this contract only when the contract is
completed. Is the management justified. Explain the applied principle.?
(b) A debtor who owes Rs. 2,00,000 to the company is rumoured to be
declared insolvent. Will you disclose this information in the books? Give
reason. (3
Q9) (a) R Ltd. Purchased 500 sq. meter Land for Rs. 1.5 crore to build a
factory. At the end of the year, the market value of the Land was Rs.
1.35 crore. R Ltd treated Rs. 15 lakh as loss and recorded the land at Rs.
1.35 crore. Is it a correct treatment ? Give reason.
(b) An asset is destroyed by fire. It will be charged against profit for the
year only to the extent not recoverable from insurance i.e. book value
less insurance claim admitted by the insurance company. Identify and
explain the principle applied here. (3)
Q10) Identify and explain the principle which company is violating in the
following cases:-
(a) A company purchases goods for Rs. 5,00,000 and sold 80% of such
goods during the year. The market value of remaining goods was Rs.
90,000. The company valued the closing stock at cost.
(b) On 25th March 2020, a fire broke out in the premises of Kamal Ltd.
And destroyed a part of its plant & machinery. On account of this, a
sharp decline in production for the next six months is expected . The
company didn’t disclose this fact in its annual report for the year
ended 31st March 2020.
(c) If one aspect of a transaction is not recorded. (5)

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