Sanjeev
NEW ERA PUBLIC SCHOOL
ASSIGNMENT FOR SUMMER VACATIONS (2013-14)
CLASS XI
SUBJECT: ACCOUNTANCY
General Instructions:- i) The assignment contains chapter wise short answer, long answer & HOTS questions. ii) The students are required to attempt them in a separate register.
Chapter: Introduction to Accounting
Q1) Define Accounting as per AICPA.
Q2) Give the name of the Primary Book of Accounting.
Q3) Which statements are prepared for summarizing the financial transactions?
Q4) What do you understand by Double Entry System of Accounting?
Q5) “Resignation by a Marketing Manager is not recorded in the books of accounts”. Identify the related Accounting Principle.
Q6) Give any two objectives of Accounting.
Q7) What are the branches of Accounting? Q8) State the end product of Financial Accounting.
Q9) What is the difference between Book Keeping & Accounting?
Q10) Name the different users of Accounting Information and their respective informational needs.
Chapter: Basic Accounting Terms
Q1) Giving examples, explain each of the following terms:
a) Capital
b) Liability
c) Purchase
d) Sales
e) Debtor
f) Creditor
g) Drawings
h) Discount
i) Stock
Q2) Distinguish between:
a) Loss and Expense
b) Revenue and Income
c) Fixed Asset and Current Asset
d) Long Term Liability and Short Term Liability
Chapter: Theory Base of Accounting, Accounting Standards & IFRS
Q1) “The basic yardstick of measurement in accounting is money.” Identify and explain the Accounting Assumption.
Q2) “Revenue earned and cost of earning that revenue should be properly identified for a period.” Explain this statement.
Q3) Why is it necessary for accountants to assume that business entity will remain a going concern?
Q4) What is meant by GAAPs?
Q5) Why do accounting principles emphasize the use of historical cost as a basis for measuring assets?
Q6) Name and
ASSIGNMENT FOR SUMMER VACATIONS (2013-14)
CLASS XI
SUBJECT: ACCOUNTANCY
General Instructions:- i) The assignment contains chapter wise short answer, long answer & HOTS questions. ii) The students are required to attempt them in a separate register.
Chapter: Introduction to Accounting
Q1) Define Accounting as per AICPA.
Q2) Give the name of the Primary Book of Accounting.
Q3) Which statements are prepared for summarizing the financial transactions?
Q4) What do you understand by Double Entry System of Accounting?
Q5) “Resignation by a Marketing Manager is not recorded in the books of accounts”. Identify the related Accounting Principle.
Q6) Give any two objectives of Accounting.
Q7) What are the branches of Accounting? Q8) State the end product of Financial Accounting.
Q9) What is the difference between Book Keeping & Accounting?
Q10) Name the different users of Accounting Information and their respective informational needs.
Chapter: Basic Accounting Terms
Q1) Giving examples, explain each of the following terms:
a) Capital
b) Liability
c) Purchase
d) Sales
e) Debtor
f) Creditor
g) Drawings
h) Discount
i) Stock
Q2) Distinguish between:
a) Loss and Expense
b) Revenue and Income
c) Fixed Asset and Current Asset
d) Long Term Liability and Short Term Liability
Chapter: Theory Base of Accounting, Accounting Standards & IFRS
Q1) “The basic yardstick of measurement in accounting is money.” Identify and explain the Accounting Assumption.
Q2) “Revenue earned and cost of earning that revenue should be properly identified for a period.” Explain this statement.
Q3) Why is it necessary for accountants to assume that business entity will remain a going concern?
Q4) What is meant by GAAPs?
Q5) Why do accounting principles emphasize the use of historical cost as a basis for measuring assets?
Q6) Name and