CBSE  /  Class 11  /  Accountancy  /  Recording of Transactions 1

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

  • 6 months
  • 3 months
  • 12 months
  • 1 month.

  • 2. 
    The sum of Liabilities and Capital is-

  • Expense
  • Income
  • Drawings
  • Assets.

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

  • 1972
  • 1977
  • 1956
  • 1932.

  • 4. 
    The basic accounting postulates are denoted by –

  • Concepts
  • Book – keeping
  • Accounting standards
  • None of these.

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

  • Capital
  • Drawing
  • Expenditure
  • Loss.

  • 6. 
    Meaning of credibility of going concern is:

  • Closing of business
  • Opening of business
  • Continuing of business
  • None of these.
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