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Free Practice Questions for CHSE Odisha Elective Accountancy

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Exam Review

Key Facts: CHSE Odisha Elective Accountancy Exam

200 marks

Elective Accountancy total across Year 1 (100) + Year 2 (100)

CHSE Odisha Commerce Courses of Studies

1st elective

Accountancy is a compulsory first elective in the Commerce stream scheme

CHSE Odisha commerce scheme of studies

Y2 Project+Viva

Paper-II Unit V Project Work with Viva (commonly Theory 80 + Project/Viva 20)

CHSE Odisha commerce_2016 Accountancy Paper-II

~3 hours

Typical duration of each 100-mark theory paper component

CHSE Odisha commerce question pattern

English MCQ adaptation

This free local bank is not the official written/project format

OpenExamPrep practice policy

CHSE Odisha Elective Accountancy is a +2 Commerce compulsory elective (200 marks: 100+100). Year-2 AHSE commonly includes Project Work with Viva alongside mixed theory—not a pure MCQ board paper. This free 2026 bank is a calculation-heavy English MCQ study adaptation covering topics from Paper-I and Paper-II units from commerce_2016.

Sample CHSE Odisha Elective Accountancy Practice Questions

Try these sample questions to review concepts for the CHSE Odisha Elective Accountancy exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Accounting is often called the language of business primarily because it:
A.Communicates financial information to users for decision-making
B.Replaces the need for legal contracts
C.Guarantees future profits of every firm
D.Records only cash transactions by law
Explanation: Accounting records, classifies, summarises and communicates financial information so users can take decisions—hence language of business.
2Book-keeping differs from accounting mainly in that book-keeping:
A.Is primarily recording of transactions, while accounting also summarises, analyses and interprets
B.Includes only preparation of final accounts
C.Is broader than accountancy and sets IFRS
D.Deals only with cost control techniques
Explanation: Book-keeping is systematic recording. Accounting builds on those records to classify, summarise, analyse and interpret.
3A firm purchases machinery for ₹50,000 on credit. The dual-aspect effect on the accounting equation is:
A.Assets +₹50,000 and Liabilities +₹50,000
B.Assets +₹50,000 and Capital +₹50,000
C.Assets −₹50,000 and Liabilities −₹50,000
D.Only Assets +₹50,000 with no other change
Explanation: Machinery (asset) and creditors (liability) each rise by ₹50,000, so Assets = Liabilities + Capital stays balanced.
4Opening capital ₹2,00,000; additional capital ₹40,000; drawings ₹25,000; net profit ₹55,000. Closing capital is:
A.₹2,70,000
B.₹2,30,000
C.₹2,95,000
D.₹2,15,000
Explanation: Closing capital = 2,00,000 + 40,000 − 25,000 + 55,000 = ₹2,70,000.
5Under British classification, cash purchase of goods debits:
A.Purchases Account (nominal) and credits Cash Account (real)
B.Cash Account and credits Purchases Account
C.Capital Account and credits Purchases Account
D.Debtors Account and credits Sales Account
Explanation: Purchases (nominal/expense-related) is debited; Cash (real) is credited for outflow.
6Accrual basis of accounting means:
A.Revenues and expenses are recognised when earned or incurred, not only when cash moves
B.Only cash receipts and payments are recorded
C.Assets are always shown at current market value
D.Drawings are treated as business expenses
Explanation: Accrual records incomes when earned and expenses when incurred, regardless of cash timing.
7A standard limitation of traditional financial accounting is that it:
A.Largely ignores non-monetary qualitative factors such as employee skill
B.Never follows any standards
C.Always reports future market prices of all assets
D.Eliminates the need for internal control
Explanation: Financial accounting focuses on monetary transactions and thus omits many qualitative factors.
8Assets ₹4,80,000; Liabilities ₹1,50,000. Capital is:
A.₹3,30,000
B.₹6,30,000
C.₹1,50,000
D.₹4,80,000
Explanation: Capital = Assets − Liabilities = 4,80,000 − 1,50,000 = ₹3,30,000.
9The going concern concept assumes that the business will:
A.Continue operating for the foreseeable future
B.Be liquidated within twelve months
C.Always earn super profits
D.Never purchase fixed assets
Explanation: Going concern assumes continuity, supporting depreciation over useful life and fixed vs current classification.
10IFRS primarily aims to:
A.Provide a common global set of high-quality standards for comparable financial statements
B.Replace all national tax laws
C.Prohibit double-entry book-keeping
D.Fix the maximum profit a company may report
Explanation: IFRS seeks global comparability and transparency of financial reporting.

About the CHSE Odisha Elective Accountancy Exam

Odisha CHSE Higher Secondary Elective Accountancy is the first compulsory elective in the Commerce stream under the Courses of Studies (commerce_2016). Year 1 builds the accounting cycle: concepts and equation, journal and subsidiary books, ledger and trial balance, bills of exchange, computerised accounting ideas, rectification of errors, and bank reconciliation. Year 2 develops financial statements of sole traders and NPOs with adjustments, depreciation (SLM/WDV), incomplete records, partnership fundamentals and simple admission, company share capital and debentures, plus Project Work with Viva. Official assessment mixes objective and constructed-response items (and project/viva in Year 2); this free local bank provides English four-option MCQs for concept and calculation revision only.

Exam sponsor: Council of Higher Secondary Education, Odisha (CHSE Odisha). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

CHSE Odisha Higher Secondary Elective Accountancy carries 200 marks (100 Year-1 college level + 100 Year-2 Council AHSE). Paper-I (Y1): Introduction to Accounting; Journal, Ledger and Trial Balance; Bills of Exchange and Computerized Accounting; Rectification of Errors and Bank Reconciliation Statement. Paper-II (Y2): Financial Statements of Sole Trade and Not-for-Profit Organisations; Depreciation and Incomplete Records; Partnership; Company Accounts (shares and debentures); Project Work with Viva (suggested: vouchers, BRS, comprehensive sole-trade journal–ledger–TB–final accounts with charts). Official Year-2 commerce papers with project commonly follow Theory 80 + Project & Viva 20 with Group A/B/C theory pattern. Theory duration is about 3 hours. This free bank is an English MCQ study adaptation—not a full long-answer or project/viva simulation.

Time Limit

3 hours (per theory paper); project/viva as notified

Passing Score

~30% minimum in theory (confirm current AHSE circular; project/viva contributes to Year-2 total)

Exam / Certification Fees

Included in the CHSE Odisha AHSE examination fee for the session (collected through the affiliated college/H.S. school; no separate public per-elective marketplace fee).

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

~10% of this local bank

Introduction to Accounting

GAAP, equation, double entry, classification, debit/credit.

~12% of this local bank

Journal, Ledger & Trial Balance

Journalizing, posting, subsidiary books, trial balance.

~10% of this local bank

Bills & Computerized Accounting

Bills of exchange treatments and AIS basics.

~10% of this local bank

Rectification & BRS

Error types, suspense, bank reconciliation.

~15% of this local bank

Sole Trade & NPO Final Accounts

Trading, P&L, BS adjustments; R&P and I&E.

~12% of this local bank

Depreciation & Single Entry

SLM/WDV and statement of affairs.

~15% of this local bank

Partnership

Deed defaults, goodwill, revaluation, admission.

~12% of this local bank

Company Accounts

Shares, forfeiture/reissue, debentures.

~4% of this local bank

Project & Viva Awareness

Syllabus project themes only—not a viva substitute.

Preparing for the CHSE Odisha Elective Accountancy Exam

What You Need to Know

  • Passing score: ~30% minimum in theory (confirm current AHSE circular; project/viva contributes to Year-2 total)
  • Assessment: CHSE Odisha Higher Secondary Elective Accountancy carries 200 marks (100 Year-1 college level + 100 Year-2 Council AHSE). Paper-I (Y1): Introduction to Accounting; Journal, Ledger and Trial Balance; Bills of Exchange and Computerized Accounting; Rectification of Errors and Bank Reconciliation Statement. Paper-II (Y2): Financial Statements of Sole Trade and Not-for-Profit Organisations; Depreciation and Incomplete Records; Partnership; Company Accounts (shares and debentures); Project Work with Viva (suggested: vouchers, BRS, comprehensive sole-trade journal–ledger–TB–final accounts with charts). Official Year-2 commerce papers with project commonly follow Theory 80 + Project & Viva 20 with Group A/B/C theory pattern. Theory duration is about 3 hours. This free bank is an English MCQ study adaptation—not a full long-answer or project/viva simulation.
  • Time limit: 3 hours (per theory paper); project/viva as notified
  • Exam / certification fees: Included in the CHSE Odisha AHSE examination fee for the session (collected through the affiliated college/H.S. school; no separate public per-elective marketplace fee). Official sources

Using Our Practice Resources

  • Work through all 100 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

CHSE Odisha Elective Accountancy: Suggested Study Strategy

1Drill journal → ledger → trial balance daily until posting and balancing are automatic.
2For BRS, always note whether you start from cash book or pass book and treat cheques issued/deposited and bank charges carefully.
3Bills: count due date with days of grace; distinguish honour, dishonour, renewal, and retirement entries.
4Depreciation: practice both Straight Line and Written Down Value with full-year and part-year facts.
5Partnership: memorise Indian Partnership Act defaults (no interest on capital; 6% on partner loans; equal profits if no deed).
6Company: separate application, allotment, calls, forfeiture, and reissue steps before choosing an option.
7Complete the official Year-2 project dossier early—viva marks are not earned through MCQ practice alone.
8Use Bureau Accountancy texts and the commerce_2016 Courses of Studies from chseodisha.nic.in.

Frequently Asked Questions

How is CHSE Odisha Higher Secondary Elective Accountancy examined?

Accountancy is the first compulsory elective in the Commerce stream and carries 200 marks (100 Year-1 college + 100 Year-2 Council AHSE). Theory papers use mixed Group A objective bits, short answers, and long numerical/theory questions (about 3 hours). Year-2 syllabus Unit V is Project Work with Viva; under the commerce project scheme this is commonly Theory 80 + Project & Viva 20. Confirm the session circular on chseodisha.nic.in.

What are the Year-1 and Year-2 Accountancy units?

Year 1 (Paper-I): Introduction to Accounting; Journal, Ledger and Trial Balance; Bills of Exchange and Computerized Accounting; Rectification of Errors and Bank Reconciliation Statement. Year 2 (Paper-II): Financial Statements of Sole Trade and NPOs; Depreciation and Incomplete Records; Partnership; Company Accounts; Project Work with Viva.

Is this practice bank the same format as the official CHSE paper?

No. Official papers mix objective and constructed-response numerical/theory items, and Year 2 includes project/viva evidence. This bank is an English-language multiple-choice study adaptation for concept and calculation revision—not an official blueprint replica or project/viva substitute.

Does Accountancy include project and viva?

Yes for Year 2. The commerce Courses of Studies list Unit V Project Work with Viva (vouchers, BRS, comprehensive sole-trade project with charts). MCQs can support related knowledge but cannot replace project documentation or viva performance.

What is the pass mark?

CHSE Odisha AHSE practice commonly requires about 30% as the minimum pass floor in theory; project/viva contributes to the Year-2 subject total under the project scheme. Confirm the current AHSE notification.

What does the exam cost?

Examination charges are included in the CHSE Odisha AHSE fee structure notified for the session and collected through the affiliated college/H.S. school—no separate public per-elective marketplace fee.