GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

   

Gujarat Board GSEB Class 11 Commerce Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts Important Questions and Answers.

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

Very Short Questions (VSQs)
Answer the following questions in one sentence : [1 mark each]

Question 1.
Give the meaning of Business transaction.
Answer:
Business transaction means the exchange of products/services of business for cash and/or on credit between two or more than two persons.

Question 2.
How many types of business transactions are there? Which are they?
Answer:
There are two types of business transactions :

  1. Economic transactions and
  2. Noneconomic transactions.

Question 3.
What is called economic transaction ?
Answer:
Those business transactions which can be measured in terms of money is called economic transaction from the view point of business.

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

Question 4.
In which type of transaction person’s account is always affected?
Answer:
In credit transaction person’s account is always affected.

Question 5.
Which type of relationship is created due to the credit transaction?
Answer:
Debtor-Creditor relationship is created dhe to the credit transaction.

Question 6.
Which is the primary and basic proof of business transaction?
Answer:
Voucher is the primary and basic proof of business transaction.

Question 7.
What is voucher ?
Answer:
A written documentary evidence supporting any financial transaction is called a voucher.

Question 8.
What is an account ?
Answer:
Account means a systematic accounting summary which shows the transactions of specific period for goods, assets, persons, incomes and expenses.

Question 9.
In which two categories Impersonal accounts are categorized?
Answer:
Impersonal accounts are categorized mainly into two categories :

  1. Real accounts and
  2. Nominal accounts (Income-Expenditure accounts).

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of AccountsZ

Question 10.
Give four examples of personal accounts.
Answer:
Examples of personal accounts are :

  1. Manubhai’s account,
  2. Dena Bank’s account,
  3. Kalol Nagar Palika’s account and
  4. Capital account

Question 11.
Who are included in artificial persons?
Answer:
Sole proprietor, partnership firm, company, co-operatives society, club, social organizations, religious institutes, association, bank, etc. are included in artificial persons.

Question 12.
What is called goods?
Answer:
The items, in which the trader is trading are called goods.

Question 13.
Give four examples of goods account.
Answer:
Examples of goods accounts :

  1. Purchase account,
  2. Sales account,
  3. Purchase returns account and
  4. Sales returns account.

Question 14.
State the rule of Debit-Credit for the Real accounts.
Answer:
The Rule of Debit-Credit for the Real accounts :
“Debit what comes in, Credit what goes out.”

Question 15.
State the rule of Debit-Credit for the Nominal accounts.
Answer:
The Rule of Debit-Credit for the Nominal accounts :
“Debit expenses and losses, Credit incomes and gains.”

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

Question 16.
When nominal account is credited?
Answer:
When due to an accounting transaction, the business receives a gain or an income, then nominal account is credited.

Question 17.
Which type of account is Depreciation account ?
Answer:
Depreciation account is a nominal account.

Question 18.
Which type of account is Amreli branch account ?
Answer:
Amreli branch account is personal account.

Question 19.
Which type of account is Royalty account ?
Answer:
Royalty account is a nominal type of account.

Question 20.
Which type of account is outstanding (unpaid) wages account?
Answer:
Outstanding (unpaid) wages account is a personal type of account.

Question 21.
Which type of account is Dead stock account ?
Answer:
Dead stock account is a real type of account.

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

Question 22.
How the nature of transaction is determined ?
Answer:
The nature of transaction is determined through voucher.

Question 23.
Which is the first step of a business transaction ?
Answer:
Voucher is the first step of a business transaction.

Question 24.
Which documents can be included in vouchers ?
Answer:
Sales bill, Purchase bill, Credit note, Debit note, Counter folio of cheque, Pay-in-slip, Receipts, Expense bill, etc. can be included in vouchers.

Question 25.
When nominal account is debited ?
Answer:
When due to an accounting transaction, the business suffers a loss or incurs an expense, then nominal account is debited.

Question 26.
How many types of accounts are included in real accounts ? Which are they ?
Answer:
There are two types of accounts are included in real accounts :

  1. Goods accounts and
  2. Assets accounts.

Question 27.
Give four examples of personal accounts which are belongs to owner.
Answer:

  1. Capital account,
  2. Drawings account,
  3. Income tax account and
  4. Life insurance premium account.

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

Question 28.
Give four examples of real accounts which are belongs to intangible assets.
Answer:

  1. Goodwill account,
  2. Copyright account,
  3. Trade mark account and
  4. Patent account.

Question 29.
Give four examples of expense accounts which are related to purchases.
Answer:

  1. Railway freight account,
  2. Wages account,
  3. Carriage inward account and
  4. Value Added Tax (VAT) account.

Question 30.
Give four examples of personal accounts which are liability of business.
Answer:

  1. Capital account,
  2. Bank overdraft account,
  3. Creditor’s account and
  4. Outstanding salary account.

Question 31.
Give four examples of real accounts which are related to any type of stock.
Answer:

  1. Opening stock of goods account,
  2. Stationery stock account,
  3. Dead stock account and
  4. Live stock account.

Question 32.
Give four examples of nominal accounts which are related with business loss.
Answer:

  1. Bad-debts account,
  2. Loss on goods destroyed by fire account,
  3. Loss on goods stolen account and
  4. Loss due to natural calamity account.

Question 33.
Which two types of persons are included in personal accounts?
Answer:
Two types of persons are included in personal accounts :

  1. Natural (Live) persons and
  2. Legal artificial persons.

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

Question 34.
What are meaning of first and second effect of transaction?
Answer:
First effect means, debit effect of transaction while second effect means, credit effect of transaction.

Question 35.
What is meaning of dual effect ?
Answer:
Dual effect means debit and credit effect of business transaction.

Question 36.
Goods of ₹ 500 destroyed by fire. Give second effect of this transaction.
Answer:
Purchase account is to be credited by ₹ 500 is the second effect of this transaction.

Question 37.
Paid of income tax ₹ 1,000. Which first effect is to be given in this transaction?
Answer:
Drawings account is to be debited by ₹ 1,000 is the first effect of this transaction.

Question 38.
What are special transactions ?
Answer:
The transactions, those are neither cash nor credit transactions, these are special transactions.

Question 39.
Give four illustration of special transactions ?
Answer:
Illustration of special transactions are;

  1. Goods destroyed by fire ₹ 6,000.
  2. Goods of ₹ 2,000 is withdrawn from business for personal use.
  3. Goods of ₹ 1,500 is stolen from business.
  4. Goods of ₹ 1,100 given as donation.

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

Question 40.
Which are three types of economic transactions ?
Answer:
There are three types of economic transactions :

  1. Cash transaction,
  2. Credit transaction and
  3. Special transaction.

Question 41.
What is real account?
Answer:
An account of property or an asset or a thing owned by the business is called real account.

Question 42.
What is personal account ?
Answer:
Account of the person with whom business deals is called personal account.

Question 43.
What is nominal account ?
Answer:
An account of business expenses, losses, incomes, gains or profits is called nominal account.

Question 44.
Which type of account is Bad-debts reserve account? Why?
Answer:
Bad-debts reserve account is a personal account because it is provision against probable loss.

Question 45.
Which voucher is used to deposit cash/cheque in bank?
Answer:
Pay-in-slip is used to deposit cash / cheque in bank.

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

Short Questions (SQs)
Classify the following accounts (Take any six accounts in one question) : [3 marks]
Questions
1. Navneet Education Limited account
2. Cash account
3. Computer account
4. Vikas Book Stores account
5. Carriage inward account
6. IFFCO’s account
7. Bank interest account
8. Dead stock account
9. Copyright account
10. Carriage outward account
11. Charity account
12. Capital account
13. Wages account
14. Rent paid account
15. Dena Bank’s account
16. Shripal Dave account
17. Samples account
18. Bank charges account
19. Bad-debts account
20. Goods destroyed by fire account
21. Royalty accoun
22. Stationary account
23. Stationary stock account
24. Share investment account
25. Interest on share investment account
26. Discount allowed account
27. Debtor’s account
28. Creditor’s account
29. Government of India account
30. Drawings account
31. Commission account
32. Patent account
33. Darmayo account
34. Insurance premium account
35. Bank account
36. Demurrage account
37. Sales account
38. Salary account
39. Land account
40. Goodwill account
41. Depreciation account
42. Petty cash account
43. Courier charges account
44. Plant and machinery account
45. Arvind Mills account
46. Motorcar account
47. Provident fund account
48. Postal stamps stock account
Answer:
GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts 1

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

ClassIfy the following accounts (Take any six accounts in one questIon) : [3 marks]
Questions
1. Bills payable account
2. Bills receivable account
3. Demurrage account
4. Closing goods stock account
5. Trade mark account
6. Bank overdraft account
7. Factory expense account
8. Postal savings certificate account
9. Interest on drawings account
10. Interest on capital account
11. General India Insurance Co. Ltd.’s account
12. Railway freight account
13. Union Membership fees account
14. Gujarat University’s account
15. Vehicle account
16. Depreciation account
17. Bank loan account
18. Machinery repair account
19. Bad-debts recovered account
20. Dividend received account machine account
21. Borrowed loan account
22. Interest on borrowed loan
23. Fire insurance premium account
24. Gala Book Store’s account
25. Kisan Vikas Patra’s account
26. Salesmen’s commission account
27. Machine account account
28. Bank fixed deposit account
29. General reserve account
30. Apprentice premium account
31. Telephone deposit account
32. Investment account
33. Installation charges for
34. New India Sport Club’s
35. Free hold premises account
Answer:
GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts 2

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

Classify the following accounts (Take any six accounts In one question) [3 marks]
Questions
1. Navgujarat Commerce College account
2. Donation account
3. Furniture & fixtures account
4. Baroda branch account
5. Rajpath Club account
6. Goods given for advertisement account
7. Stock account
8. Purchase account
9. Tata Company account
10. Debenture of Tata Company account
11. Interest received on debenture account
12. Office expenses account
13. Salary outstanding account
14. Rent payable account
15. Wages outstanding account
16. Income tax account
17. Purchase returns account
18. Sales returns account
19. Postage and telegram expense account
20. Cartage account
21. Brokerage account
22. Gujarat Vidyapith’s account
23. Household expense account
24. Bad-debts reserve account
25. Unpaid interest account
26. Life insurance premium account
27. Amul Dairy’s account
28. Gold and silver account
29. Plant & project account
30. Premises account
31. Ahmedabad Mahila Mandal account
32. Sundry incomes account
33. Audit fees account
34. Loose tools account
35. Livestock account
36. Subscriptions account
37. Building account
38. Charity account
39. National Savings Certificates account
40. Lease hold building account
41. Travelling expense account
42. GST account
43. Lighting expense account
44. RTGS/NEFT Charges account
45. Electric fittings account
Answer:
GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts 3

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

Describe whether the following transactions are (1) Economic or Non-economic, (2) Cash, Credit or Special and (3) Internal or External :
Questions
(1) Computer purchased for ₹ 30,000.
(2) Goods of ₹ 6,000 at 10 % trade discount sold to Richa.
(3) Placed an order for supplying goods of ₹ 10,000 to Sejal.
(4) Goods of ₹ 551 given as donation.
(5) Calculate depreciation of ₹ 800 on machinery.
(6) Goods of ₹ 500 received as a free sample from manufacture.
(7) Received free sample goods of ₹ 500 sold and realize ₹ 300.
(8) Defective goods of ₹ 1,000 returned by Richa.
(9) Goods of ₹ 2,000 withdrawn for personal use.
(10) Goods of ₹ 12,000 sent to Baroda branch from godown.
(11) Bank has credited ₹ 250 for bank interest.
(12) Purchased furniture of ₹ 12,000 from D. M. Furniture mart.
(13) Bank sanctioned an overdraft facility of ₹ 80,000.
(14) Goods of ₹ 1,800 is stolen from business.
(15) Goods of ₹ 750 distributed as free sample for advertisement purpose.
Answer:
GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts 4

Which accounts will be debited and credited in the following transaction ?

Question 1.
Danish has brought in cash as capital ₹ 80,000.
Answer:

  1. Cash account will be debited.
  2. Capital account (of Danish) will be credited.

Question 2.
Goods of ₹ 15,000 sold for cash.
Answer:

  1. Cash account will be debited.
  2. Sales account will be credited.

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

Question 3.
Laptop of ₹ 30,000 purchased by cheque.
Answer:

  1. Laptop account will be debited.
  2. Bank account will be credited.

Question 4.
Goods of ₹ 25,000 purchased at 10 % trade discount from Bijal Shah.
Answer:

  1. Purchased account will be debited.
  2. Bijal Shah account will be credited.

Question 5.
Deposited ₹ 5,000 in a Vijaya Bank.
Answer:

  1. Vijaya Bank account will be debited.
  2. Cash account will be credited.

Question 6.
Shop rent paid ₹ 8,000.
Answer:

  1. Shop rent account will be debited.
  2. Cash account will be credited.

Question 7.
Goods of ₹ 1100 given for Prime Minister relief fund.
Answer:

  1. Donation account will be debited.
  2. Purchase account will be credited.

Question 8.
Goods of ₹ 2,000 destroyed by fire.
Answer:

  1. Loss on goods destroyed by fire account will be debited.
  2. Purchase account will be credited.

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

Question 9.
Good of ₹ 1,500 withdrawn for personal use.
Answer:

  1. Drawings account will be debited.
  2. Purchase account will be credited.

Question 10.
Light bill of ₹ 2,200 paid by cheque.
Answer:

  1. Electricity expense account will be debited.
  2. Bank account will be credited.

Question 11.
₹ 1,200 paid for refreshment at inaugural function of shop.
Answer:

  1. Sundry expense account will be debited.
  2. Cash account will be credited.

Question 12.
A currency note of ₹ 100 eaten by goat.
Answer:

  1. Sundry expense account will be debited.
  2. Cash account will be credited.

Question 13.
₹ 1,500 previously written off as bad- debts of Richa, are received.
Answer:

  1. Cash account will be debited.
  2. Bad-debts return account will be credited.

Question 14.
Electronic weight machine purchased for ₹ 2,500.
Answer:

  1. Dead stock account will be debited.
  2. Cash account will be credited.

Question 15.
Goods stolen received back of ₹ 1,500 on Police investigation.
Answer:

  1. Purchase account will be debited.
  2. Loss on goods stolen account will be credited.

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

Question 16.
Paid ₹ 5,000 for painting work for shop.
Answer:

  1. Maintenance account will be debited.
  2. Cash account will be credited.

Question 17.
₹ 5,000 withdrawn from bank for shop expenses.
Answer:

  1. Cash account will be debited.
  2. Bank account will be credited.

Question 18.
Personal dividend ₹ 3,000 is deposited to bank account of business.
Answer:

  1. Bank account will be debited.
  2. Capital account will be credited.

Question 19.
Received free sample of goods worth ₹ 500, sold and realize ₹ 400.
Answer:

  1. Cash account will be debited.
  2. Sales account will be credited.

Question 20.
₹ 900 becomes receivable for interest from Kamal.
Answer:

  1. Karnal account will be debited.
  2. Interest account will be credited.

Mention the types of vouchers with short explanation :

Types of Vouchers – Explanation
(1) Sales bill : Voucher of sale of goods
(2) Purchase bill : Voucher of purchase of goods or asset
(3) Credit note : Note for sales return
(4) DebIt note : Note for purchase return
(5) Counter folio of cheque : Evidence of cash withdrawn from bank
(6) Pay-In-slip : Voucher used to deposit cash/cheque in bank
(7) Receipt Issued : Written certificate for amount received
(8) Receipt received : Written certificate for amount paid
(9) Expense bill : Evidence of expenses paid by cheque or cash

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

Write the correct option from those given below each question : [1 mark each]

Question 1.
How many mainly types of business transactions are there ?
(a) Two
(b) Three
(c) Four
(d) Five
Answer:
(a) Two

Question 2.
………………… transactions are those transactions whose value cannot be measured in terms of money.
(a) Cash
(b) Credit
(c) Economic
(d) Non-economic
Answer:
(d) Non-economic

Question 3.
Which transactions are not recorded in the books of accounts ?
(a) Economic transactions
(b) Non-economic transactions
(c) Exchange transactions
(d) Credit transactions
Answer:
(b) Non-economic transactions

Question 4.
Cash received ₹ 9,000 from Chandni against her order. Which type of transaction is this ?
(a) Cash
(b) Credit
(c) Exchange
(d) Non-economic
Answer:
(a) Cash

Question 5.
A transaction in which neither cash nor the name of person is mentioned, then what is called such a transaction ?
(a) Cash
(b) Credit
(c) Non-economic
(d) Personal
Answer:
(a) Cash

Question 6.
A transaction in which only name of the person is mentioned, then what is called such a transaction ?
(a) Credit
(b) Cash
(c) Non-economic
(d) Personal
Answer:
(a) Credit

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

Question 7.
Which one is not exchanged through credit transaction ?
(a) Cash
(b) Goods
(c) Asset
(d) Service
Answer:
(a) Cash

Question 8.
In credit transaction which account is always affected ?
(a) Bank account
(b) Purchase account
(c) Sales account
(d) Personal account
Answer:
(d) Personal account

Question 9.
By which transaction, Debtors and Creditors relationship is created?
(a) Cash transaction
(b) Credit transaction
(c) Non-economic transaction
(d) Personal transaction
Answer:
(b) Credit transaction

Question 10.
Due to which transaction, cash/bank balance is not changed but debts and dues are increased or decreased ?
(a) Cash transaction
(b) Credit transaction
(c) Exchange transaction
(d) Special transaction
Answer:
(b) Credit transaction

Question 11.
Appointed a person as clerk on the monthly salary of ₹ 15,000. Which type of transaction is this ?
(a) Economic
(b) Non-economic
(c) Exchange
(d) Other special
Answer:
(b) Non-economic

Question 12.
Goods received in exchange of old furniture. Which type of transaction is this ?
(a) Non-economic
(b) Exchange
(c) On approval
(d) Cash
Answer:
(b) Exchange

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

Question 13.
On which basis, all business transactions are recorded in the books of accounts ?
(a) Journal
(b) Ledger
(c) Voucher
(d) Statement
Answer:
(c) Voucher

Question 14.
Goods of ₹ 16,000 sold to Amita Stores. Due to this transaction …………………. .
(a) stock decreases
(b) dues decreases
(c) asset decreases
(d) capital decreases
Answer:
(a) stock decreases

Question 15.
Opened bank account by depositing ₹ 10,000 in cash. Due to this transaction ………………. .
(a) assets increases
(b) assets decreases
(c) capital increases
(d) no change in total assets
Answer:
(d) no change in total assets

Question 16.
Transaction pertaining to respective item or – person is recorded at one place and from where the summary of transactions of that item or person can be obtained, it is called ……………… .
(a) Account
(b) Tanchan
(c) Journal
(d) None of these
Answer:
(a) Account

Question 17.
How many types of accounts are there?
(a) One
(b) Two
(c) Four
(d) Five
Answer:
(b) Two

Question 18.
How many types of Impersonal accounts are there ?
(a) Two
(b) Three
(c) Four
(d) Five
Answer:
(a) Two

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

Question 19.
Which persons are included in personal accounts above than live persons ?
(a) Artificial
(b) Personal
(c) Religious
(d) Political
Answer:
(a) Artificial

Question 20.
Which type of account is capital account?
(a) Personal account
(b) Impersonal account
(c) Nominal account
(d) Income-expense account
Answer:
(a) Personal account

Question 21.
Which type of account is ‘Outstanding commission account’ ?
(a) Personal account
(b) Real account
(c) Nominal account
(d) Impersonal account
Answer:
(a) Personal account

Question 22.
Which type of account is ‘Borrowed loan account’ ?
(a) Personal account
(b) Real account
(c) Nominal account
(d) Suspence account
Answer:
(a) Personal account

Question 23.
Out of the following accounts, which account is included in ‘Personal accounts’ ?
(a) Bank overdraft account
(b) Indira Vikas Patra’s account
(c) Salary account of Mayank
(d) Demurrage account
Answer:
(a) Bank overdraft account

Question 24.
Out of the following accounts, which account is included in Real accounts ?
(a) Copyright account
(b) Drawings account
(c) Stationery expense account
(d) Dividend of Reliance’s share account
Answer:
(a) Copyright account

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

Question 25.
Out of the following accounts, which account is not included in Nominal accounts ?
(a) Royalty account
(b) Demurrage account
(c) Purchase account
(d) Dividend account
Answer:
(c) Purchase account

Question 26.
Land-Building, Stationery, Discount, etc. accounts are considered which type of accounts ?
(a) Personal accounts
(b) Impersonal accounts
(c) Temporary accounts
(d) Suspence accounts
Answer:
(b) Impersonal accounts

Question 27.
Out of the following accounts, which account is considered as Nominal account?
(a) Bank fixed deposit account
(b) Apprentice premium account
(c) Pre-paid salary account
(d) Life insurance premium account
Answer:
(b) Apprentice premium account

Question 28.
Expense for installation of machinery is which type of account?
(a) Real account
(b) Personal account
(c) Nominal account
(d) Expense account
Answer:
(a) Real account

Question 29.
What is ‘stock of postage stamps’ for business ?
(a) An expense
(b) An income
(c) A loss
(d) An asset
Answer:
(d) An asset

Question 30.
Which account is debited when goods distributed as free sample ?
(a) Goods distributed as sample account
(b) Advertisement account
(c) Drawings account
(d) Sales account
Answer:
(b) Advertisement account

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

Question 31.
Which account is debited when the cash withdrawn from bank for office expense ?
(a) Office expense account
(b) Bank account
(c) Cash account
(d) Drawings account
Answer:
(c) Cash account

Question 32.
Which account is debited when purchased balances and weights for the shop ?
(a) Stationery expense account
(b) Shop expense account
(c) Drawings account
(d) Dead stock account
Answer:
(d) Dead stock account

Question 33.
Which account is debited when the owner pruchased vehicle for personal use from business money?
(a) Vehicle account
(b) Cash account
(c) Capital account
(d) Drawings account
Answer:
(d) Drawings account

Question 34.
Which account is credited, when ₹ 2,000 previously written off, as Bad-debts of Shivani, are received ?
(a) Shivani account
(b) Bad-debts account
(c) Bad-debts return account
(d) Dividend account
Answer:
(c) Bad-debts return account

Question 35.
Which type of account is ‘General reserve account’ ?
(a) Personal account
(b) Real account
(c) Nominal account
(d) Suspense account
Answer:
(c) Nominal account

Question 36.
Out of the following accounts, which account is personal account?
(a) Fire insurance premium account
(b) Apprentice premium account
(c) Life insurance premium account
(d) Theft insurance premium account
Answer:
(c) Life insurance premium account

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

Question 37.
Which type of account ‘Income tax account’ is?
(a) Personal account
(b) Real account
(c) Nominal account
(d) Impersonal account
Answer:
(a) Personal account

Question 38.
Public provident fund account is which type of account?
(a) Personal account
(b) Real account
(c) Nominal account
(d) Public account
Answer:
(b) Real account

Question 39.
How many persons are included in business transactions ?
(a) Only two persons
(b) More than two persons
(c) Two or more than two persons
(d) Less than two persons
Answer:
(c) Two or more than two persons

Question 40.
Which type of transaction is ‘loss due to natural factor’ transaction ?
(a) Cash transaction
(b) Credit transaction
(c) Internal transaction
(d) Special other transaction
Answer:
(c) Internal transaction

Question 41.
In which type of transaction, there is no need of other parties?
(a) Credit transaction
(b) Cash transaction
(c) Exchange transaction
(d) Internal transaction
Answer:
(d) Internal transaction

Question 42.
Which one is the pillar of accounting?
(a) Journal
(b) Statement
(c) Voucher
(d) Transaction
Answer:
(c) Voucher

GSEB Class 11 Accounts Important Questions Part 1 Chapter 2 Dual Effect of Transactions and Types of Accounts

Question 43.
Voucher is which type of document of business transaction ?
(a) Oral
(b) Written
(c) Certified
(d) Common
Answer:
(b) Written

Question 44.
Which persons are included in natural person?
(a) Live persons
(b) Artifical persons
(c) Religious persons
(d) Political persons
Answer:
(a) Live persons

Question 45.
Nominal accounts are also called as ……………….. .
(a) Receipt-Payments accounts
(b) Profit-Loss accounts
(c) Income-Expenditures accounts
(d) Loss-Gain accounts
Answer:
(c) Income-Expenditures accounts

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