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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
We Think the given NCERT MCQ Questions for class 11 Accountancy book Chapter 3 Recording of Transactions I with Answers Pdf free download will assist you. If you’ve got any queries regarding CBSE Class 11 Accountancy of Recording of Transactions I MCQs Multiple Choice Questions with Answers, drop a comment below and that we will come back to you soons.
MCQ Questions for Class 11 Accountancy: Financial Accounting
- Lesson 1. Introduction to Accounting Class 11 MCQ
- Lesson 2. Theory Base of Accounting Class 11 MCQ
- Lesson 3. Recording of Transactions 1 Class 11 MCQ
- Lesson 4. Recording of Transactions 2 Class 11 MCQ
- Lesson 5. Bank Reconciliation Statement Class 11 MCQ
- Lesson 6. Trial Balance and Rectification of Errors Class 11 MCQ
- Lesson 7. Depreciation, Provisions and Reserves Class 11 MCQ
- Lesson 8. Bills of Exchange Class 11 MCQ
- Lesson 9. Financial Statements 1 Class 11 MCQ
- Lesson 10. Financial Statements 2 Class 11 MCQ
- Lesson 11. Accounts from Incomplete Records Class 11 MCQ
- Lesson 12. Applications of Computers in Accounting Class 11 MCQ
- Lesson 13. Computerised Accounting System Class 11 MCQ