NIOS Class 10 Accountancy Important Questions 2026 (Code 224)

Accountancy is one of those subjects where students either feel very confident or very nervous going into the exam. If you are preparing for NIOS Class 10 Accountancy (Code 224) in 2026 and want to know which objective questions carry the most weight, this page will give you exactly that. These are chapter-wise sample objective questions from the NIOS Accounts 224 Class 10 book, selected for their exam relevance and frequency. For complete solutions, contact Unnati Education at 9654279279 or 9899436384.

NIOS Accountancy 224 – Quick Subject Overview

What Are NIOS Class 10 Accountancy 224 Important Questions for 2026?

Accountancy has a reputation for being tough, but a lot of that fear comes from not knowing which parts of the NIOS Syllabus are actually tested in the objective section. MCQs, fill-in-the-blank, and true or false questions in Accountancy are very specific — they test definitions, rules, formulas, and accounting principles directly. Students who read the chapters without practising questions in that format find themselves unsure in the exam even when they know the concept broadly. This page breaks the subject down chapter by chapter and gives you the most important sample objective questions from each lesson. These are not random — they are based on exam frequency and the topics NIOS returns to year after year. For the complete NIOS Accounts 224 Important Questions booklet with full solutions, contact Unnati Education directly.

Module 1 – Introduction and Basic Concepts

Lesson 1 – Introduction to Accounting: Important Objective Questions

This is the starting point of the subject and the exam never misses it. The definition of accounting, its objectives, its users, and the difference between bookkeeping and accounting are tested here across all question formats.

Sample Questions

• Q1. Accounting is best defined as:
  A. The process of managing business operations
  B. The process of identifying, recording, classifying, and communicating financial information
  C. Only maintaining cash records of a business
  D. Filing tax returns for a company
  
  Answer: B
• Q2. Which of the following is NOT an objective of accounting?
  A. Systematic recording of transactions
  B. Communicating financial information
  C. Manufacturing goods for sale
  D. Ascertaining profit or loss
  
  Answer: C
• Fill in the Blank: The process of recording business transactions in a systematic manner is called __________.
  
  Answer: Bookkeeping
• True or False: Bookkeeping and accounting are exactly the same thing with no distinction.
  
  Answer: False

The difference between bookkeeping and accounting trips up many students. Bookkeeping is only the recording part. Accounting includes recording, classifying, summarising, and communicating financial information. The exam draws that line clearly.

Lesson 2 – Accounting Concepts and Conventions: Important Objective Questions

Accounting concepts and conventions are the rules that every accountant follows. The going concern concept, the consistency concept, the matching concept, and the prudence convention are all tested here — and they show up almost every year.

Students who need their NIOS Class 10 TMA for Accountancy 224 solved accurately and ready to submit can get it from Unnati Education in both typed and handwritten formats.

Sample Questions

• Q1. The accounting concept that assumes a business will continue to operate for the foreseeable future is called:
  A. Matching concept
  B. Going concern concept
  C. Consistency concept
  D. Materiality concept
  
  Answer: B
• Q2. According to the prudence convention, accountants should:
  A. Record profits in advance and delay losses
  B. Not anticipate profits but provide for all possible losses
  C. Record all transactions at market value
  D. Only record cash transactions
  
  Answer: B
• Q3. The concept that says revenue must be matched with the expenses incurred to earn it is:
  A. Going concern
  B. Consistency
  C. Matching concept
  D. Money measurement concept
  
  Answer: C
• Fill in the Blank: The concept that assumes all transactions are recorded in terms of money is called the __________ concept.
  
  Answer: Money measurement
• True or False: The consistency concept allows businesses to change their accounting methods every year.
  
  Answer: False

Lesson 3 – Accounting Terms: Important Objective Questions

This lesson is a dictionary of accounting. Terms like assets, liabilities, capital, debtors, creditors, revenue, expenses, drawings, and stock are all defined here. The exam picks these up as fill-in-the-blank and MCQ questions regularly.

• Q1. A person or organisation that owes money to the business is called a:
  A. Creditor
  B. Debtor
  C. Shareholder
  D. Investor
  
  Answer: B
• Q2. The excess of assets over liabilities in a business is termed as:
  A. Profit
  B. Revenue
  C. Capital
  D. Liability
  
  Answer: C
• Fill in the Blank: Goods purchased for the purpose of resale in a business are called __________.
  
  Answer: Stock (or Inventory)
• True or False: Creditors are people to whom the business owes money.
  
  Answer: True

Module 2 – Journal and Subsidiary Books

Lesson 4 – Accounting Equation: Important Objective Questions

The accounting equation is the foundation of double-entry accounting. Assets = Liabilities + Capital. Every transaction in accounting keeps this equation balanced, and the exam tests both the equation and how specific transactions affect it.

• Q1. The basic accounting equation is:
  A. Assets = Capital + Liabilities
  B. Capital = Assets + Liabilities
  C. Liabilities = Assets + Capital
  D. Assets = Profit + Capital
  
  Answer: A
• Q2. If a business buys goods worth Rs 5,000 on credit, the accounting equation is affected by:
  A. Increase in assets and increase in capital
  B. Increase in assets and increase in liabilities
  C. Decrease in assets and decrease in liabilities
  D. No change in assets or liabilities
  
  Answer: B
• Fill in the Blank: The accounting equation states that Assets = Capital + __________.
  
  Answer: Liabilities
• True or False: Every transaction affects only one side of the accounting equation.
  
  Answer: False

Lesson 5 – Double Entry System: Important Objective Questions

Double entry is the system where every transaction has two equal and opposite effects — a debit and a credit. This lesson explains the rules of debit and credit for different types of accounts. These rules are tested in MCQs every year.

• Q1. According to the double entry system, every transaction has:
  A. Only one effect on the accounts
  B. Two equal and opposite effects
  C. Three effects on different accounts
  D. No effect until cash is paid
  
  Answer: B
• Q2. Under the personal account rule, when a person receives something, the account is:
  A. Debited
  B. Credited
  C. Neither debited nor credited
  D. Closed
  
  Answer: A
• Fill in the Blank: The rule for a real account states: Debit what comes in, credit what __________.
  
  Answer: Goes out

The three golden rules of accounting are tested directly and frequently. Personal accounts: debit the receiver, credit the giver. Real accounts: debit what comes in, credit what goes out. Nominal accounts: debit all expenses and losses, credit all incomes and gains. Learn these and journal entry questions become much easier.

Lesson 6 – Journal: Important Objective Questions

The journal is the book of original entry. Journal entry format, compound journal entries, and narration are all tested here. Students who understand the golden rules of debit and credit find journal questions manageable once they practise them as MCQs.

Students who want to practise all chapters together can access the complete NIOS Class 10 Important Questions for Accountancy 224 through Unnati Education's chapter-wise objective question booklet.

• Q1. The journal is also known as the:
  A. Ledger
  B. Book of secondary entry
  C. Book of original entry
  D. Cash book
  
  Answer: C
• Q2. Narration in a journal entry refers to:
  A. The amount of the transaction
  B. A brief explanation of the transaction written below the entry
  C. The name of the account debited
  D. The date of the transaction
  
  Answer: B
• Fill in the Blank: A journal entry that involves more than one debit or more than one credit is called a __________ entry.
  
  Answer: Compound
• True or False: The journal records transactions in chronological order.
  
  Answer: True

Lesson 7 – Cash Book: Important Objective Questions

The cash book is a subsidiary book that records all cash and bank transactions. The single-column, double-column, and triple-column cash books are all part of this lesson. Contra entries are one of the most tested concepts from this chapter.

• Q1. A contra entry in the cash book is one where:
  A. Only the cash column is affected
  B. Both the cash and bank columns are affected on the same side
  C. Both the cash and bank columns are affected on opposite sides
  D. No entry is made in the cash book
  
  Answer: C
• Q2. In a double-column cash book, the two columns represent:
  A. Debit and credit entries
  B. Cash and bank transactions
  C. Income and expenses
  D. Sales and purchases
  
  Answer: B
• Fill in the Blank: When cash is deposited into the bank, it is recorded as a __________ entry in the cash book.
  
  Answer: Contra
• True or False: A cash book serves as both a journal and a ledger for cash transactions.
  
  Answer: True

Lesson 8 – Bank Reconciliation Statement: Important Objective Questions

The Bank Reconciliation Statement, or BRS, is one of the most practically important lessons in the entire subject. It explains why the cash book balance and the bank statement balance may differ, and how to reconcile them.

Students who want to check how these questions appeared in past exams can get NIOS Class 10 question paper collections for Accountancy 224 from Unnati Education, covering multiple previous years with full solutions.

• Q1. A Bank Reconciliation Statement is prepared to:
  A. Calculate profit and loss for the year
  B. Reconcile the difference between the cash book balance and the bank statement balance
  C. Record bank transactions only
  D. Prepare the trial balance
  
  Answer: B
• Q2. If a cheque has been issued by the business but not yet presented to the bank for payment, it will cause the:
  A. Cash book balance to be lower than the bank statement balance
  B. Cash book balance to be higher than the bank statement balance
  C. No difference between the two balances
  D. Bank statement balance to show a higher overdraft
  
  Answer: B
• Fill in the Blank: The statement prepared to explain the difference between the bank balance as per the cash book and the balance as per the bank statement is called __________.
  
  Answer: Bank Reconciliation Statement
• True or False: An unpresented cheque increases the cash book balance above the bank statement balance.
  
  Answer: True

Lesson 9 – Purchases and Sales Book: Important Objective Questions

The purchases book records all credit purchases of goods. The sales book records all credit sales of goods. Cash purchases and cash sales are not recorded in these books. That distinction is tested in almost every exam.

• Q1. The purchases book records:
  A. All purchases of goods, whether cash or credit
  B. Only credit purchases of goods for resale
  C. All purchases including capital items
  D. Cash purchases only
  
  Answer: B
• Q2. Which of the following would NOT be recorded in the sales book?
  A. Credit sale of goods to a customer
  B. Cash sale of goods
  C. Credit sale of trading stock
  D. Sale of goods on 30-day credit
  
  Answer: B
• Fill in the Blank: The document used as a source for recording entries in the purchases book is the __________.
  
  Answer: Invoice (or purchase invoice)

Module 3 – Ledger and Trial Balance

Lesson 10 – Ledger: Important Objective Questions

The ledger is the book of final entry. Every journal entry is eventually posted to the ledger. Balancing a ledger account, understanding debit and credit balances, and the format of a ledger account are all tested here.

Students who need chapter-specific practice including NIOS Class 10 Important Questions for Accountancy 224 can get a complete set from Unnati Education for thorough exam preparation.

• Q1. The ledger is also known as the:
  A. Book of original entry
  B. Book of final entry
  C. Book of subsidiary entries
  D. Book of narration
  
  Answer: B
• Q2. The process of transferring entries from the journal to the ledger is called:
  A. Journalising
  B. Balancing
  C. Posting
  D. Reconciliation
  
  Answer: C
• Fill in the Blank: The balance of an asset account in the ledger is generally a __________ balance.
  
  Answer: Debit
• True or False: All ledger accounts must be balanced at the end of every accounting period.
  
  Answer: True

Lesson 11 – Trial Balance and Accounting Errors: Important Objective Questions

The trial balance is prepared to check the arithmetic accuracy of the ledger. But it does not detect all types of errors. The errors that a trial balance can and cannot detect are tested every year in objective format.

• Q1. The primary purpose of preparing a trial balance is to:
  A. Calculate profit for the year
  B. Check the arithmetic accuracy of ledger postings
  C. Prepare financial statements directly
  D. Record all transactions for the year
  
  Answer: B
• Q2. Which of the following errors will NOT be revealed by a trial balance?
  A. Error of complete omission
  B. Wrong amount posted to wrong side
  C. Single-sided entry
  D. Posting to wrong account on both sides with equal amounts
  
  Answer: A (and D)
• Fill in the Blank: An error where a transaction is completely omitted from the books of accounts is called an error of __________.
  
  Answer: Complete omission
• True or False: If a trial balance agrees, it means all transactions have been recorded correctly without any errors.
  
  Answer: False

Module 4 – Depreciation, Provisions and Reserves

Lesson 12 – Depreciation: Important Objective Questions

Depreciation is one of the highest-scoring numerical topics in the subject. The straight-line method and the written down value method are both tested — both as MCQs on concepts and as numerical calculations.

Straight-line method formula: Depreciation = (Cost of Asset – Residual Value) / Useful Life

Written down value method: Depreciation is calculated on the book value at the beginning of each year.

• Q1. Under the straight-line method of depreciation, the amount charged every year is:
  A. Decreasing each year
  B. Increasing each year
  C. The same fixed amount each year
  D. Based on actual usage
  
  Answer: C
• Q2. A machine costs Rs 1,00,000. Its residual value is Rs 10,000 and useful life is 9 years. Annual depreciation under SLM is:
  A. Rs 10,000
  B. Rs 11,111
  C. Rs 12,000
  D. Rs 9,000
  Calculation: (1,00,000 – 10,000) / 9 = 90,000 / 9 = Rs 10,000
  
  Answer: A
• Fill in the Blank: The method of depreciation where the same fixed amount is charged every year is called the __________ method.
  
  Answer: Straight-line
• True or False: Under the written down value method, depreciation decreases each year.
  
  Answer: True

Lesson 13 – Provisions and Reserves: Important Objective Questions

Provisions and reserves are often confused with each other. A provision is created for a specific known liability. A reserve is created out of profits and is not for a specific liability.

• Q1. A provision is created to:
  A. Distribute profits among shareholders
  B. Meet a specific known or anticipated liability
  C. Invest surplus profits
  D. Reduce the capital of the business
  
  Answer: B
• Q2. Which of the following is an example of a provision?
  A. General reserve
  B. Provision for bad debts
  C. Capital reserve
  D. Revenue reserve
  
  Answer: B
• Fill in the Blank: A __________ is created out of profits for general purposes and is not set aside for any specific liability.
  
  Answer: Reserve
• True or False: A provision and a reserve are the same thing in accounting.
  
  Answer: False

Module 5 – Preparation of Financial Statements

Lessons 14 and 15 – Financial Statements (Without and With Adjustments): Important Objective Questions

Financial statements are the end product of the entire accounting process. The trading account, the profit and loss account, and the balance sheet together make up the financial statements. This module is tested both as concept-based MCQs and as numerical questions.

• Q1. The trading account is prepared to find out:
  A. Net profit or net loss
  B. Gross profit or gross loss
  C. Capital at the end of the year
  D. Total assets of the business
  
  Answer: B
• Q2. Which of the following appears on the credit side of the trading account?
  A. Opening stock
  B. Purchases
  C. Sales
  D. Carriage inwards
  
  Answer: C
• Q3. Outstanding expenses at the end of the year are shown in the balance sheet as:
  A. An asset
  B. A liability
  C. A deduction from profit
  D. Part of capital
  
  Answer: B
• Fill in the Blank: The statement that shows the financial position of a business on a specific date is called the __________.
  
  Answer: Balance sheet
• True or False: Closing stock appears both in the trading account and on the asset side of the balance sheet.
  
  Answer: True

Module 6 – Computers in Accounting

Lessons 16 and 17 – Computers in Accounting and Introduction to Tally: Important Objective Questions

The final module covers how accounting is done using computers and software. Tally is the most widely used accounting software in India and questions about its features, groups, and basic functions appear regularly.

• Q1. The full form of ERP in the context of accounting software is:
  A. Electronic Recording Program
  B. Enterprise Resource Planning
  C. Efficient Reporting Process
  D. Electronic Revenue Processing
  
  Answer: B
• Q2. In Tally, the section where you create a company and set up basic accounting details is called:
  A. Gateway of Tally
  B. Ledger creation
  C. Voucher entry
  D. Balance sheet view
  
  Answer: A
• Q3. Which of the following is an advantage of computerised accounting over manual accounting?
  A. Greater risk of mathematical errors
  B. Slower processing of large data
  C. Faster, more accurate processing with automatic reports
  D. No ability to detect errors
  
  Answer: C
• Fill in the Blank: In Tally, individual accounts maintained under groups are called __________.
  
  Answer: Ledgers
• True or False: Computerised accounting eliminates the need to understand basic accounting principles.
  
  Answer: False

Most Repeated Topics in NIOS Accountancy 224 Exams

These are the areas the exam returns to most consistently in the objective section.

• The accounting equation and how specific transactions affect it appear in almost every paper.
• The three golden rules of debit and credit from Lesson 5 are tested every exam cycle.
• The difference between provisions and reserves is a standard true or false and MCQ topic.
• Straight-line method depreciation calculations appear as numerical MCQs regularly.
• The concept of contra entry in the cash book is one of the most repeated questions in Module 2.
• Trial balance limitations — specifically which errors it does not detect — are tested every year.
• The difference between the trading account and the profit and loss account is a recurring concept question.
• Outstanding expenses and their treatment in financial statements are tested as adjustments.

Common Mistakes Students Make in NIOS Accountancy 224 Exam

• Confusing debtors and creditors is one of the most common conceptual errors, especially in fill-in-the-blank questions.
• Getting the accounting equation formula inverted — writing Capital = Assets + Liabilities instead of Assets = Capital + Liabilities — costs marks every year.
• Mixing up provisions and reserves, especially in true or false questions, is a consistent error.
• Forgetting that cash purchases are not recorded in the purchases book is a frequently tested distinction that students often get wrong.
• Thinking that a trial balance that agrees means there are no errors at all is a misconception that leads to wrong answers in the trial balance lesson.
• Not practising depreciation calculations as numerical MCQs before the exam results in calculation errors under time pressure.

About Unnati Education

Unnati Education has been helping NIOS students prepare effectively since 2010. We understand the Accountancy 224 exam pattern deeply and know exactly which questions carry the most weight in the objective section. For this subject, we provide a complete chapter-wise objective question booklet covering all seventeen lessons across all six modules with full solutions and clear explanations. We also provide solved TMAs in typed and handwritten format, previous year question papers with full solutions, and chapter-wise notes — all updated for both the April and October 2026 NIOS exam cycles.

How to Get the Complete Solutions

If you want the full objective solution booklet for NIOS Class 10 Accountancy 224 important questions for 2026, or if you need previous year question papers, solved TMAs, or chapter-wise notes, contact Unnati Education. Our team will get you exactly what you need.

Phone and WhatsApp: 9654279279 or 9899436384
Website: unnatieducations.com/nios

Frequently Asked Questions

Q1. Are these NIOS Class 10 Accountancy 224 important questions enough for the 2026 exam?

These chapter-wise questions cover all key objective topics from all six modules and seventeen lessons of NIOS Accountancy 224. They are a strong starting point for exam preparation. For the complete booklet with solutions and explanations for every chapter, contact Unnati Education at 9654279279 or 9899436384 and get your copy sent to you.

Q2. Where can I get or download the NIOS Accounts 224 important questions PDF for 2026?

Unnati Education provides a complete NIOS Accounts 224 important questions PDF with MCQs, fill in the blanks, true or false, and numerical concept questions with full answers from all chapters. Call or WhatsApp at 9654279279 or 9899436384 and our team will share the full material with you quickly and without any complicated process.

Q3. Does the Unnati Education booklet cover numerical and journal entry based questions for Accountancy 224?

Yes, the Unnati Education booklet for NIOS Accountancy 224 covers objective questions from all lessons including depreciation calculations, journal entry concepts, trial balance, and financial statements. Every answer comes with a clear explanation. Contact us at 9654279279 or 9899436384 to get your complete solution booklet for 2026.

Q4. Can I get previous year question papers for NIOS Accountancy 224 from Unnati Education?

Yes, Unnati Education provides previous year question papers with complete solutions for NIOS Accountancy 224. These papers clearly show the actual exam format and question difficulty. Call or WhatsApp at 9654279279 or 9899436384 to receive the full set of papers for the 2026 exam cycle along with all supporting study material.

Q5. Is the Unnati Education Accountancy 224 booklet valid for both April and October 2026 NIOS exams?

Yes, the Unnati Education objective question booklet for NIOS Accountancy 224 is fully valid for both the April and October 2026 NIOS exam cycles. All content is based on the current syllabus and reviewed regularly. Whichever exam cycle you are appearing in, this material prepares you completely for every chapter in the objective section.

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