CBSE Questions for Class 11 Commerce Accountancy Financial Statements 1 Quiz 11 - MCQExams.com

Opening Stock of Raw-Materials Rs. 1,00,Closing stock of Materials Rs. 2,00,000, Purchases Rs. 3,00,000, Carriage Inward Rs. 10,000, Freight outward Rs. 5,Purchase Returns Rs. 20,000, the cost of raw-materials consumed is ____________.
  • Rs. 1,95,000
  • Rs. 1,90,000
  • Rs. 2,10,000
  • None of these
Cost of Raw-Materials consumed Rs. 1,00,000, Closing Stock of Raw-materials Rs. 30,000, Opening Work-in-progress Rs. 60,000, Closing Work-in progress Rs. 15,000, Manufacturing overheads Rs. 8,000, Sales of scrap Rs. 3,000, Selling Overheads Rs. 10,The cost of manufactured goods is ____________.
  • Rs. 1,50,000
  • Rs. 1,60,000
  • Rs. 1,53,000
  • None of these
The manufacturing Account is closed by transferring its balance to the ________________.
  • debit side of capital account
  • debit side of profit & Loss account
  • debit side of Trading account
  • credit side of capital account
Under statement of Closing Stock of Raw-materials in the period will ___________________.
  • Understate cost of goods manufactured in that period.
  • Overstate current assets
  • Overstate gross profit from sales in that period
  • Understate net profit in that period.
The debit side of manufacturing Account __________________.
  • is always equal to its credit side
  • is always more than its credit side
  • is always less than its credit side
  • None of these
Closing stock of work-in-progress Rs. 30,000, Cost of manufactured goods Rs. 1,00,000, Opening stock of Finished Goods Rs. 20,000, Closing Stock of Finished Goods Rs. 25,The manufacturing Cost of Finished Goods sold is ______________.
  • Rs. 95,000
  • Rs. 1,05,000
  • Rs. 65,000
  • None of these
Opening Stock of Raw-Materials Rs. 1,00,Closing stock of Materials Rs. 2,00,000, PurchasesRs. 3,00,000, Carnage Inward Rs. 10,000, Freight outward Rs. 5,Purchase Returns Rs. 20,000, Opening Work-in progress Rs. 25,000, Closing work-in-progress Rs.10,Manufacturing overheads Rs. 6,000, Selling Overheads Rs. 10,000, Sale of By-products Rs. 1,000, Royalty based on production Rs. 5,The cost of manufactured goods is ____________.
  • Rs. 2,20,000
  • Rs. 2,15,000
  • Rs. 2,35,000
  • None of these
Under-statement of Closing Work in progress in the period will _________________.
  • Understate Cost of Goods manufactured in that period.
  • Overstate Current Assets
  • Overstate Gross Profit from sales in that period
  • Understate Net Profit in that period.
The manufacturing Cost of Finished Goods available forsale was:
  • Rs. 3,91,000
  • Rs. 3,93,000
  • Rs. 3,94,000
  • Rs. 2,33,000
The Manufacturing Cost of Finished Goods produced were:
  • Rs.1,32,000
  • Rs.,93,000
  • Rs. 1,92,000
  • Rs. 1,91,000
Which of the following expenses is not considered as part of cost of consignment stock?
  • Packing, loading, & insurance paid by consignor.
  • Inward consignment freight paid by consignee.
  • Transport charges upto godown paid by consignee.
  • Insurance charges paid by consignee.
Which of the following is True?
  • The value of ending inventory under simple average price method is realistic
  • Usually profit or loss will not arise out of pricing the issues on the basis of simple average price method
  • The value of stock is shown on the assets side of the balance sheet as fixed assets
  • Opening stock plus purchases minus cost of goods sold is the value of closing stock
The Cost of Raw Materials Consumed, were:
  • Rs. 1,09,000
  • Rs. 91,000
  • Rs. 92,000
  • None of these
Cost Goods sold is equal to _________________.
  • Closing stock + Purchases - Opening Stock
  • Closing Stock +Opening Stock -Purchases
  • Sales- Closing Stock
  • Purchases - Closing Stock + Opening Stock
The manufacturing Cost of Finished Goods sold was ________________.
  • Rs. 1,91,000
  • Rs. 93,000
  • Rs. 1,94,000
  • Rs. 1,92,000
Sales Rs. 30,000, Selling price =1/3rd on cost, Cost of Goods available for sales Rs.5,00,000,closing inventory is ______________.
  • Rs.2,00,000
  • Rs.3,00,000
  • Rs.2,75,000
  • None of these
Opening Stock Rs.3,60,000; Closing Stock Rs.1,80,The company made purchases amounting Rs.6,60,000 on credit. The company paid a sum of Rs.7,00,000 to the suppliers. The goods are sold at 25% above the cost. The sales were ______________.
  • Rs.8,25,000
  • Rs.10,50,000
  • Rs.1,80,000
  • Rs.6,30,000
Cost of goods available for sale Rs.2,00,000 Total sales Rs.1,60,000; Opening Stock of goods Rs.40,000; Gross profit margin 25%. Closing stock of goods is _______________.
  • Rs.1,60,000
  • Rs.1,20,000
  • Rs.80,000
  • Rs.72,000
Forwarding and Insurance charges Rs. 50,000 incurred by Consignor. Expenses incurred by Consignee: Landing & Clearing Rs. 1,400, Godown Rent Rs. 2,000, Unloading Expenses Rs. 2,800, Selling & Distribution Expenses Rs. 1,500, Transport Charges upto godown Rs. 5,600, Advertisement & Insurance Rs. 1,200, Establishment Costs Rs. 4,The amount of expenses to be considered while valuing the consignment stock is ___________.
  • Rs. 50,000
  • Rs. 51,400
  • Rs. 54,200
  • Rs. 59,800
Under inflationary conditions, which of the following methods will have highest value  of closing stock ?
  • FIFO
  • LIFO
  • Weighted Average
  • None of the above
Under inflationary conditions, which of the methods will show lowest value of closing stock ?
  • FIFO
  • LIFO
  • Weighted Average
  • All of the above
In the previous year, closing stock was valued more by Rs.10,As a result __________________.
  • Previous year's profit is overstated and current year's profit is also overstated
  • Previous year's profit is understated and current year's profit is overstated
  • Previous year's profit is understated and current years's profit is also understated
  • Previous year's profit is overstated and current year's profit understated
Opening Inventory Rs.1,00,000, Purchase Rs.4,00,000 , Sales Rs.3,00,000, Selling Price -1/3rd on cost. Goods costing Rs.25,000 destroyed by fire.Market value of closing inventory is 20% less than the cost . In the financial statements closing inventory will appear at _________________.
  • Rs.1,40,000
  • Rs.2,20,000
  • Rs.2,00,000
  • Rs.1,60,000
In the previous year,closing stock was undervalued by Rs.10,As a result ____________________.
  • Previous year's profit is overstated and current year's profit is also overstated
  • Previous year's profit is understated and current year's profits is overstated
  • Previous year's profit is understated and current year's
  • Previous year's profit is overstated and current year's profit is understated.
If opening stock is understated _________________.
  • the profit will increase
  • The profit will decrease
  • the profit will not change
  • None of these
If closing stock is understated _____________________.
  • the profit will increase and current assets will decrease
  • the profit will decrease and current assets will increase
  • Both the profit and current assets will increase
  • Both the profit and current assets will decrease
If the goods purchased are in transit , then the journal entry at the end of the period will be ____________________.
  • Goods-in-transit A/c Dr.

    To Supplier's A/c
  • Goods-in-transit A/c Dr.

    To Purchases A/c
  • Good-in-transit A/c Dr.

    to Trading A/c
  • (b) or (c)
X purchased 2000 boxes costing Rs 100 each. 400 boxes were sent out to Y at 25%+ on cost. 1200 boxes were sold at Rs 120 each. What will be the amount of gross profit to be recorded in general trading A/c?
  • Rs. 24,000
  • Rs. 34,000
  • Rs. 6,000
  • None
Closing Stock is equal to ___________________.
  • Opening Stock +Cost of Goods Sold - Purchases
  • Cost of Goods Sold -Opening Stock - Purchases
  • Opening Stock + Purchases - Cost of Goods Sold
  • Cost of Goods Sold + Purchase - Opening Stock
Opening Stock Rs.1,60,000; Purchase Rs.3,20,000; Sales Rs.4,00,000.It is noticed that goods worth Rs.60,000 were destroyed due to fire .Against this , the insurance company accepted a claim of Rs.40,The company sells goods at cost plus 1/3rd. The value of closing inventory, after taking into account the above transaction is ______________.
  • Rs.20,000
  • Rs.60,000
  • Rs.2,00,000
  • Rs.1,20,000
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