CBSE Class-10 Exam 2020 : Question Paper (Elements of Book-Keeping and Accountancy)

• Subject : Elements of Book-Keeping and Accountancy 
• Time allowed : 3 hours
• Maximum Marks : 80

1. Expenditure is a wider term and includes __________ . 1
2. Revenue expenditures which are likely to give benefit for more than one accounting period are termed as ___________ . 1

3. Depreciation will be charged on which of the following ? 1
(A) Salary
(B) Advertisement
(C) Fixtures
(D) Wages

4. Under which method of charging depreciation is the value of the asset reduced to zero after its useful lifetime ? 1
(A) Straight line
(B) Diminishing value
(C) Both (A) and (B)
(D) Neither (A) nor (B)

5. Which of the following is not a cause of depreciation ? 1
(A) Usage
(B) Wear and tear
(C) Accident
(D) Scrap value 

6. A machinery was purchased for < 1,10,000. Its estimated scrap value is < 10,000. The total depreciation to be charged on the machine will be : 1
(A) < 1,10,000
(B) < 10,000
(C) < 1,00,000
(D) < 1,20,000

7. A statement prepared to tally the cash book balance and the pass book balance is called ___________ . 1
8. Credit balance shown by the bank column of the cash book is called ____________ . 1
9. A bill of exchange must be __________ . 1

10. If a bill of exchange is met before its due date then it is called _____________ . 1
(A) discounting
(B) dishonour
(C) retiring
(D) renewal

11. A bill of exchange contains a/an ___________ to pay. 1

12. Which of the following is not a financial statement prepared by a sole trader ? 1
(A) Trading Account
(B) Profit and Loss Appropriation Account
(C) Profit and Loss Account
(D) Balance Sheet

13. Cash withdrawn by the owner for personal use is shown in which of the following ? 1
(A) Capital Account
(B) Trading Account
(C) Profit and Loss Account
(D) Profit and Loss Appropriation Account

14. Which of the following is prepared to calculate capital in case of incomplete records ? 1
(A) Statement of Affairs
(B) Trading Account
(C) Profit and Loss Account
(D) Drawings Account

15. Which of the following equations is not correct ? 1
(A) Capital = Total Assets + Liabilities
(B) Profit = Capital in the end – Capital in the beginning
(C) Profit = Capital in the end – Additional Capital introduced –Capital in the beginning
(D) Profit = Capital in the end + Drawings – Additional Capital introduced – Capital in the beginning

16. Fill in the blank in the following statement : 1
Single entry system is ___________ expensive as compared to double entry system of bookkeeping. (more/less) 
17. What is meant by ‘Deferred Revenue Expenditure’ ? 3
18. Give any three points of distinction between ‘Capital Receipts’ and ‘Revenue Receipts’. 3
19. What is meant by ‘Obsolescence’ ? 3
OR
State any two limitations of ‘Straight Line Method’ for calculating depreciation. 3
20. Who prepares the Bank Reconciliation Statement ? State the purpose of its preparation. 3
21. Give the meaning of ‘Days of Grace’ and ‘Date of Maturity’. 3
22. Briefly explain the importance of financial statements. 3
OR
Briefly explain any three objectives of preparing financial statements. 3

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Courtesy: CBSE