INTRODUCTION TO ACCOUNTING

WORKSHEET 1
1. Transactions are posted into ledger
from
(a)Vouchers (b) Journal book (c) None
of these
2. The Basic function of financial
accounting is to
(a)Record all business Transactions
(b)Interpret financial data
(c)None of the above
3. Define Accounting?
4. Name any two objectives of
accounting?
5. Name any two external users of
accounting
Information?
6. What is the process of Accounting?

BASIC ACCOUNTING TERMS

WORKSHEET2
1.
A person who owes money to a
firm is called a________
(a)Creditor (b)Debtor (c)None of these
2.Which of the Following is a fixed
asset?
(a)Building (b)Machinery (c)Balance
with Bank
3.What is Drawings?
4.Who is Debtor?
5.Briefly explain the term Goods?
6.A Firm earns revenue of 20,000 and
expenses

to earn this revenue are

13,000.Calculate its
income?

THEORY BASE OF ACCOUNTING

WORKSHEET3
1.According to the Going Concern
concept, a business is viewed as_______
(a)a Limited life (b)a very long life (c)an
indefinite life
2.Elaborate IFRS
3.Explain any two objectives of
accounting standard?
4.Differentiate between Accrual basis and
cash basis of accounting?

5.According to which of the following

Concepts , even the proprietor is
considered as creditor?

RECORDING OF TRANSACTIONS
WORKSHEET 4
1.Which of the following equation is
correct?
(a)Asset+Capital=Liabilities
(b)Assets+Liabilities=Capital
(c)Asset-Liabilities=Capital
2.Prepare Accounting Equation from the
following
(a)Started Business with Cash 20,000

(b)Purchased Furniture for 2,000

(c)Paid Rent of 200

(d)Salary Paid 1,000

3.Write five main rules of accounting?

4.Give two examples of Asset Account?
5.What are Accounting Vouchers?

JOURNAL AND LEDGER

WORKSHEET5
1.A ledger account is prepared from
(a)Events (b)Transactions (c)Journal
2.What is Trade discount
3.Give Two Advantages of Journal?
4.Journalise The following.
-Paid Salary 200
-Purchased Building For 10,000

-Invested 2,00,000 in Business

5.Define Ledger?
6.____________ is the process of recording
the transaction in journal.

SPECIAL PURPOSE BOOKS

WORKSHEET6
1.The cash book Records________
(a)cash transactions (b)credit Transaction
(c)Both a and b.
2.Define a Sales book.
3.Define Bank Overdraft.
4.Write any two advantages of petty cash
book.

5.In which subsidiary book credit sales

will be recorded?
6.Record the following in appropriate
book
Jan1

Cash in Hand

12400

Jan1

Bank overdraft

1400

Jan5

Deposited into bank

3000

Jan 31

Bank charges

100

BANK RECONCILIATION STATEMENT

WORKSHEET7
1.Bank Reconciliation statement is
__________
(a)Creditors (b)Debtors (c)Bank
2.Pass book is maintained by__________
3.what is Bank reconciliation statement?
4.State the importance of BRS.

5.Prepare BRS statement from the

following.
-Debit balance as per the cash book
10,000
-Cheques deposited but not cleared
1,000
-Cheques issued but not presented
2,000
-Bank interest
200

TRIAL BALANCE
WORKSHEET8
1.Preparation of Trial Balance is_________

(a)Compulsory (b)Optional (c)both a And

b
2.Define Trial Balance.
3.Give any two Features of Trial Balance?
4.State any one importance of Trial
balance.
5.If Total Amount in the credit side of Trial
balance is 3,20,000 then the Tot.Amount
in the debit side should be__________
6.Prepare a Trial Balance with the
following info.
- Capital
Received 2,000

20,800 -Interest

- Rent outstanding 1,420 -Discount

Received 1,580
- Amt due to Pari

15,000

- Drawings

2,800

- Good will

12,000

-Amt due from Deepan 26000

DEPRECIATION AND PROVISION &

RESERVE
WORKSHEET9
1.Depreciation is a __________ expenditure
2.Given the Same Rate per cent, assets
Depreciate faster by ________ as
compared to the ___________
3.Give any two causes of Depreciation?
4.A firm bought a machinery for 2,00,000
and spend 20,000 for its installation
.Provide Depreciation @10%p.a for 3
years.
5.Distinguish Between Reserve and
Provision?