Chapter Exam

Chapter 1: Introduction to Accounting — Online MCQ Test

Q: Who is considered the father of modern accounting?

Answer: B. Luca Pacioli — Luca Pacioli introduced the double-entry book-keeping system in his work in 1494.

Q: Which of the following is the first step in the accounting process?

Answer: C. Identification of financial transactions — The accounting process begins with identifying financial transactions from source documents.

Q: Which of the following is an external user of accounting information?

Answer: C. Potential Investors — Potential investors need accounting information to assess the viability of investing in the business.

Q: If a firm uses 'Social Responsibility Accounting', what is it primarily measuring?

Answer: B. Contribution of business to the society — Social responsibility accounting aims to disclose the impact of an organization on the community and environment.

ACCOUNTANCY · CLASS 11th · Tamil Nadu State Board

Practice Chapter 1: Introduction to Accounting with a free chapter-wise online MCQ test for Tamil Nadu State Board CLASS 11th ACCOUNTANCY. This chapter covers: This chapter introduces fundamental accounting concepts definitions objectives and book-keeping differences. Students explore users of accounting information branches of accounting.... AI-generated questions from basic to board-exam level, with instant results and explanations.

Questions

20m

Time Limit

Attempts Left

10 random questions from this chapter (mixed difficulty)
Questions you've seen before won't repeat until the pool resets
You have 20 minutes — exam auto-submits when time is up
Maximum 3 attempts per chapter
Results and explanations shown immediately after submission

New here? Register free — includes 3 free chapter exams.

Chapter 1: Introduction to Accounting — Important Questions & Answers (FAQ)

Frequently asked questions from Tamil Nadu State Board CLASS 11th ACCOUNTANCY — Chapter 1: Introduction to Accounting, with answers and explanations. These are sample questions; the exam has its own separate question set.

Who is considered the father of modern accounting?

A. Adam Smith
B. Luca Pacioli ✓
C. F.W. Taylor
D. Henry Fayol

Answer: B. Luca Pacioli
Luca Pacioli introduced the double-entry book-keeping system in his work in 1494.

Which of the following is the first step in the accounting process?

A. Summarizing
B. Recording
C. Identification of financial transactions ✓
D. Analysis and interpretation

Answer: C. Identification of financial transactions
The accounting process begins with identifying financial transactions from source documents.

Which of the following is an external user of accounting information?

A. Employees
B. Managers
C. Potential Investors ✓
D. Board of Directors

Answer: C. Potential Investors
Potential investors need accounting information to assess the viability of investing in the business.

If a firm uses 'Social Responsibility Accounting', what is it primarily measuring?

A. Net profit after tax
B. Contribution of business to the society ✓
C. Share price fluctuations
D. Inventory turnover ratio

Answer: B. Contribution of business to the society
Social responsibility accounting aims to disclose the impact of an organization on the community and environment.

Why is it mandatory for a public company to maintain accounts according to professional standards?

A. To satisfy the personal curiosity of the owner
B. To ensure transparency for shareholders and creditors ✓
C. To increase the daily sales of the company
D. To avoid paying any income tax

Answer: B. To ensure transparency for shareholders and creditors
Public companies are accountable to the public and investors, necessitating standardized reporting to maintain trust.

Next Chapter →

Chapter 2: Conceptual Framework of Accounting