MCQ on Class 11 Accountancy Chapter 10 Financial Statements 2 with Answers

Leave a Comment / By / February 24, 2023

Are you guys looking for NCERT Important MCQ Questions for Class 11 Accountancy with Answers PDF Free Download as per CBSE new exam pattern? You came to the right page. This may assist you to understand and check your knowledge about the chapters. Students also can take a free test of the Important Multiple Choice Questions of Class 11 Accountancy. Each question has four options followed by the right answer. These MCQ Questions are selected supported by the newest exam pattern as announced by CBSE.

Q1. If a person fails to pay his debt, such amount is considered as-

(a) Bad debts
(b) Bad debts recovered
(c) Provision for Bad debt
(d) None of these.

(a) Bad debts

Q2. The object of non – trading concerns-

(a) Social service
(b) Profit earning
(c) Both of these
(d) None of the above.

(a) Social service

Q3. Such persons who earn remuneration against their services are called –

(a) Seller
(b) Purchaser
(c) Professional
(d) None of these.

(c) Professional

Q4. Which of the following is not an item of income of Non – trading concern –

(a) Entrance fees
(b) Interest
(c) Govt. Aid
(d) Salary.

(d) Salary.

Q5. While making a provision for possible bad debts or for doubtful debts, we ………………. Reserves Debts Account.

credit

Q6. Receipt and payment account is a summary of-

(a) Income & Expenditure account
(b) Profit & Loss A/c
(c) Cash – book
(d) None of these.

(c) Cash – book

Q7. Which of the following is recorded in income & expenditure account –

(a) Revenue items
(b) Capital items
(c) Revenue and capital items
(d) None of these.

(a) Revenue items

Fill in the blanks:

Q8. Goods given in charity is credited in …………… Account.

Purchase

Q9. Such Expenses which are paid in current year but are related to next year are called ……………. expenses.

Prepaid expenses

Q10. Accrued income is ……………. Account.

Personal account

Q11. There is ……………. fall in the value of Asset due to depreciation.

Constant/ gradual

Q12. If the rent of one month is still to be paid the adjustment entry will be

(a) Debit outstanding rent account and Credit rent account.
(b) Debit profit and loss account and Credit rent account.
(c) Debit rent account and Credit profit and loss account.
(d) Debit rent account and Credit outstanding rent account.

(d) Debit rent account and Credit outstanding rent account.

Q13. If the rent received in advance Rs. 2,000. The adjustment entry will be

(a) Debit profit and loss account and Credit rent account.
(b) Debit rent account Credit rent received in advance account.
(c) Debit rent received in advance account and Credit rent account.
(d) None of these

(b) Debit rent account Credit rent received in advance account.

Q14. If the opening capital is Rs. 50,000 as on April 1, 2005 and additional capital introduced Rs. 10,000 on January 1,2006. Interest charge on capital 10% p.a. The amount of interest on capital shown in profit and loss account as on March 31, 2006 will be:

(a) Rs. 5,250
(b) Rs. 6,000
(c) Rs. 4,000
(d) Rs. 3,000

(a) Rs. 5,250

Q15. If the insurance premium paid Rs. 1,000 and prepaid insurance Rs. 300. The amount of insurance premium shown in profit and loss account will be

(a) Rs. 1,300
(b) Rs. 1,000
(c) Rs. 300
(d) Rs. 700

(d) Rs. 700

Fill in the blanks with suitable.word/words

Q16. Trading and Profit & Loss Account shows the ………………. or ………………..

profit, loss

Q17. Adjustments are necessary to show the correct ………………., and ………………. of a business concern.

profit or loss, financial position

Q18. Items of income and expenditure which do not pertain to the accounting period should be ………………

excluded

Q19. Items of income and expenditure which relates to the accounting period but are left out should be ……………….

accounted for

Q20. Expenses related to the current accounting period but have not been paid are known as ……………….

outstanding expenses

MCQ Questions for Class 11 Accountancy: Financial Accounting

Practicing NCERT Accountancy Important MCQs With Answers Pdf Class 11 is one of the best ways to prepare for the CBSE Class 11 board exam. There is no substitute for consistent practice whether one wants to understand a concept thoroughly or one wants to score better. If you have any queries regarding The Solid State CBSE Class 11 Accountancy Important MCQs Multiple Choice Questions with Answers, drop a comment below and we will get back to you soon.

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