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CBSE - Class 11 Accountancy Introduction to Accounting Worksheet

Test Your Understanding - IV

Deepti wants to buy a building for her business today. Which of the following is the relevant data for his decision?

a. Similar business acquired the required building in 2000 for ? 10,00,000 b. Building cost details of 2003 c. Building cost details of 1998 d. Similar building cost in August, 2005 ? 25,00,000

Which of the following is not a business transaction?

a. Bought furniture of ?10,000 for business b. Paid for salaries of employees ? 5,000 c. Paid sons fees from her personal bank account ? 20,000 d. Paid sons fees from the business ? 2,000

Which is the last step of accounting as a process of information?

a. Recording of data in the books of accounts b. Preparation of summaries in the form of financial statements c. Communication of information d. Analysis and interpretation of information

Which qualitative characteristics of accounting information is reflected when accounting information is clearly presented?

a. Understandability b. Relevance c. Comparability d. Reliability

Use of common unit of measurement and common format of reporting promotes;

a. Comparability b. Understandability c. Relevance d. Reliability

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