INTERNATIONAL INDIAN SCHOOL, RIYADH
GRADE – XI ACCOUNTANCY SECOND TERM WORKSHEET – 2013
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Define Accounting
Enumerate the informational needs of External and internal users.
Distinguish between Debtors and Creditors.
How will you Explain Revenues & Expenses.
Explain the main Objectives of Accounting.
6. Explain the following terms
a).Debtors b). Creditors
c).Assets
d). liabilities e).Capital
f).Drawings
g).gain
i).Revenue
h).Profit
j).Expenditure k).Sales
l).Purchases
7. Explain the Following Concepts.
a. Business Entity Concepts.
c. Going Concern Concepts
b. Money measurement Concept
d. Accounting Period Concept.
e. Cost Concept
f. Dual Aspect Concept
g. Revenue Recognition Concept
h. Matching Concept
i. Full Disclosure Concept
j. Consistency Concept
k .Conservatism Concept
l. Materiality Concept
m .Objectivity Concept.
8. State the accounting assumption/basic principle involved in the following situation
1. Goods withdrawn by the Proprietor for domestic consumption is recorded in the books of
Business as drawings
2. Expenses need to be recorded in the period in which the associated Revenues are
recognized.
3. Revenue is generally recorded at the point of sale.
4. The accountant assumes that the business will not be liquidated in the nearer future.
9. What is Debit Note?
10. What is a Credit Note?
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11. What is Trade discount?
12. What is Cash discount?
13. Distinguish between Trade discount and cash discount
14. What is contra entry?
15. What is the meaning of “Imprest System?”
16. What are the needs for preparing Trail balance?
17. What is meant by Overdraft?
18. State the need for the preparation of Bank Reconciliation Statement
19. What are the different types of errors that are usually committed in recording business
transaction?
20. What is the need for preparing a “suspense A/c”
21. Name any two types of commonly used Negotiable instrument.
22. State the essential features of Bill of Exchange.
23. What is meant by Maturity of Bill of Exchange?
24. What is Dishonors of Bill?
25. What do you understand by Renewal of a Bill?
26. What is noting of the bill of exchange.
27. What is Retirement of a bill of exchange?
28. Give the meaning of Rebate.
29. Distinguish between Promissory Note and bill of exchange.
30. What do you understand by the term “grace days?”
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31. Define Not-For-Profit Organization.
32. Explain the meaning of the following terms;
 Legacy’
 Endowment fund
 Subscription
 Grant
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Differentiate Receipts and Payments A/c and Cash A/C.
What do you mean by fund accounting?
Differentiate between Income and Expenditure A/C and Profit and Loss A/C.
Briefly explain the financial statements prepared by a Not –For –Profit
Organization.
Distinguish between Receipts and Payments A/C and Income And Expenditure A/c
on the basis of “Capital and Revenue”.
Define Depreciation and Briefly explain its causes.
Explain the methods of providing Depreciation.
How do you calculate Rate of Depreciation under Straight line and Written
Down value methods.
Differentiate Provision and Reserves.
Differenciate Revenue Reserve and Capital Reserve.
Write the meaning of General Reserve and Specific Reserve.
What is Secret Reserve?
Define financial statements ? What are the components of financial statement
prepared by single ownership organization.
What do you mean by Net Operating profit? How it is calculated?
What is profit and loss a/c?
What is contingent liability? Give examples.
Write a note on grouping and marshalling of assets and liabilities?
Explain the following adjustment with examples and state the effect of these in
financial statements.
a) Prepaid expenses
b) Outstanding expenses
c) Income received in advance
d) Accrued income
e) Interest on capital
f) Interest on drawings
g) Depreciation
h) Managers commission
i) Reserve for bad and doubtful debts
PREPARED BY
MRS. FATHIMA BEEVI
XI – XII BOYS SECTION
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