ACCOUNTANCY PROJECT VIVA QUESTIONS CLASS 11
1.
What is meant by an Accountancy
project?
An Accountancy project is a practical study applying accounting concepts to a
business case.
2.
Why is a case study included in
an Accountancy project?
To understand real-life application of accounting principles.
3.
Which system of accounting is
generally used in school projects?
Double Entry System.
4.
State one objective of preparing
an Accountancy project.
To develop practical knowledge of accounting.
5.
What skill is enhanced by
preparing journals and ledgers?
Analytical and recording skills.
6.
Which objective relates to
understanding business performance?
Preparation of financial statements.
7.
What type of business is commonly
selected for projects?
Small trading or service business.
8.
What is a transaction in
accounting?
A financial event involving money.
9.
Are non-cash transactions
recorded in accounts?
Yes, if they affect financial position.
10.
What is a journal?
A book of original entry.
11.
Which rule is applied while
journalising transactions?
Rules of debit and credit.
12.
What is narration in a journal
entry?
Explanation of the transaction.
13.
Which side records debit amounts
in a journal?
Left side.
14.
What is a ledger?
A book of final entry.
15.
Why is ledger called the
principal book?
Because it contains all accounts.
16.
What is posting?
Transferring entries from journal to ledger.
17.
What does balancing of ledger
show?
Closing balance of accounts.
18.
What is a trial balance?
A statement of debit and credit balances.
19.
What is the main purpose of trial
balance?
To check arithmetical accuracy.
20.
Does a tallied trial balance
guarantee no errors?
No.
21.
What does a Trading Account
calculate?
Gross profit or gross loss.
22.
Where is opening stock shown?
Debit side of Trading Account.
23.
Which items appear on credit side
of Trading Account?
Sales and closing stock.
24.
What does Profit and Loss Account
show?
Net profit or net loss.
25.
Which expenses are recorded in
Profit and Loss Account?
Indirect expenses.
26.
Where is net profit transferred?
Capital Account.
27.
What is a Balance Sheet?
A statement of assets and liabilities.
28.
Which side shows assets in a
Balance Sheet?
Asset side.
29.
Why is Balance Sheet called a
position statement?
It shows financial position on a specific date.
30.
What do project findings
highlight?
Financial performance and position.
31.
What indicates good financial
health in findings?
Higher profit and sufficient assets.
32.
What accounting concept is
observed through findings?
Going concern concept.
