Recording of Transactions I MCQ Questions for Class 11 Accountancy Chapter 3 with Answers

We have completed the NCERT/CBSE chapter-wise Multiple Choice Questions for Class 11 Accountancy book Chapter I Recording of Transactions 3 with Answers by expert subject teacher for latest syllabus and examination. You can Prepare effectively for the exam, Taking the help of the Class 11 Accountancy Objective Questions PDF free of cost from here. Students can take a free test of the Multiple Choice Questions of Recording of Transactions 1. Each Questions has four options followed by the right answer. Download the Accountancy Quiz Questions with Answers for Class 11 free Pdf and prepare to exam and help students understand the concept very well.

MCQ Questions for Class 11 Accountancy with Answers: Financial Accounting

Q1. The process of recording a business transaction in the journal is called

(i) Costing
(ii) Balancing
(iii) Posting
(iv) Journalising

(iv) Journalising

Q2. The Sales Book is a part of:

(i) Journal
(ii) Trading A/c
(iii) Balance Sheet
(iv) Ledger

(i) Journal

Q3. Which account will be debited in case wages are paid for installation of machinery?

(i) Machinery A/c
(ii) Installation A/c
(iii) Wages A/c
(iv) Cash A/c

(i) Machinery A/c

Q4. How many columns are there in a Ledger (in one side)

(i) Six
(ii) Four
(iii) Five
(iv) Seven.

(ii) Four

Q5. The following account has a debit balance

(i) Creditor’s A/c
(ii) Capital A/c
(iii) Building A/c
(iv) Loan A/c

(iii) Building A/c

Q6. Which account will be debited in case wages are paid for installation of machinery?

(i) Machinery A/c
(ii) Installation A/c
(iii) Wages A/c
(iv) Cash A/c

(i) Machinery A/c

Q7. Name the transaction that is recorded in both sides of Cash book simultaneously.

(i) Contra Entry
(ii) Dual entry
(iii) Double entry
(iv) Single entry

(i) Contra Entry

Q8. The balance of good’s Account is transferred to-

(i) Profit and loss Account
(ii) Trading Account
(iii) Balance sheet
(iv) None of these.

(ii) Trading Account

Q9. Journal is a book of in accounting.

(i) All non-cash transactions
(ii) Secondary entry
(iii) Original entry
(iv) All cash transaction.

(iii) Original entry

Q10. All the indirect expenses are closed to

(i) Profit and loss A/c
(ii) Cash Flow Statement
(iii) Balance sheet
(iv) Trading A/c

(i) Profit and loss A/c

Q11. Journal proper includes entries related to

(i) Sale of asset on credit
(ii) Sale of asset for cash
(iii) Sale of goods for cash
(iv) Sale of goods on credit

(i) Sale of asset on credit

Q12. What statement is used while closing a Drawing Account-

(i) Balance c/d
(ii) By Trading A/c
(iii) By P & L A/c
(iv) By Capital Account.

(iv) By Capital Account.

Q13. If a film borrows a sum of money, there will be

(i) Increase in capital
(ii) Decrease in capital
(iii) No effect on capital
(iv) None of the above

(i) Increase in capital

Q14. Payment to a creditor means

(i) Increase in asset and decrease in liability.
(ii) Decrease in asset and decrease in liability.
(iii) Decrease in asset and increase in liability.
(iv) Increase in asset and increase in liability.

(i) Increase in asset and decrease in liability.

Q15. A credit balance in Bank column of cash book indicates

(i) Overdraft
(ii) Expense.
(iii) Loss
(iv) Profit

(i) Overdraft

Q16. The cash – book meant for recording petty expenses is called –

(i) Simple cash – book
(ii) Petty cash – book
(iii) Triple column
(iv) None of these.

(ii) Petty cash – book

Q17. Which of the following equation’s correct?

(i) Assets = Liabilities – Capital
(ii) Assets = Capital – Liabilities
(iii) Assets = Liabilities + Capital
(iv) Assets = External Equities

(iii) Assets = Liabilities + Capital

Q18. Withdrawal of cash from business by the proprietor is credited to

(i) Drawings A/c.
(ii) Capital A/c.
(iii) Cash A/c.
(iv) Bank A/c.

(iii) Cash A/c.

Q19. Which of the following account will be credited on giving cash donations?

(i) Cash A/c
(ii) Purchases A/c
(iii) Bank A/c
(iv) Donation A/c

(i) Cash A/c

Q20. Which of the following is entered in cash – book-

(i) Only cash transactions
(ii) Only credit transactions
(iii) Both cash and credit transactions
(iv) None of these.

(i) Only cash transactions

Q21. Amount withdrawn by proprietor for personal use will … Cash and Capital.

(i) Increase.
(ii) Decrease.
(iii) Not Change.
(iv) None of these.

(ii) Decrease.

Q22. A ledger is prepared from

(i) Journal
(ii) None of the options
(iii) Transactions
(iv) Events

(i) Journal

Q23. The basis of recording transactions is-

(i) Vouchers
(ii) Profit
(iii) Order form
(iv) Quotation list.

(i) Vouchers

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MCQ Questions for Class 11 Accountancy: Financial Accounting

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