CBSE Questions for Class 11 Commerce Accountancy Financial Statements 2 Quiz 4 - MCQExams.com

Commission due but not paid to the manager at d end of the years appears under __________ side.
  • Asset
  • Liability
  • Trading A/c Debit side
  • None
The Balance sheet will always reflect the _______ value of fixed assets after charging depreciation.
  • Written Down value
  • Historical cost
  • Cost price
  • None of these.
Depreciation is ____________ to Profit and loss Account.
  • Credited
  • Debited
  • Carried forward
  • None
Bad debts after preparing trial balance are _______ from debtors.
  • Deducted
  • Added
  • No effect
  • None
________ is an amount the firm has not been able to realise firm its debtors.
  • Bad debts
  • Provisions
  • Depreciation
  • None
After deducting bad debts provision the debtors shows ___________ value.
  • Realisable
  • Net
  • Gross
  • None
Ascertain the amount of prepaid expense if insurance of Rs. 10000 paid for one year ending on 30.06.2018 and firm closes the books on 31.03.2018.
  • 5000
  • 4500
  • 2500
  • 2000
It may be noted that provision created at the end of the year will be carried forward to meet the _________ during next year.
  • Bad debts
  • Discount Allowed
  • Discount Received
  • None
Provision for bad debts are created by ____________ profit and loss account.
  • Adding
  • Deducting
  • Debiting
  • Crediting
A portion of benefits will be received in the ________ accounting year in case if expenses are prepaid.
  • next
  • current
  • last year
  • none
The Existence  of Bad Debts in trial balance signifies that the firm has already has incurred ________ arising from bad debts.
  • Profit
  • Income
  • Loss
  • Expense
Provision for bad debts are also known as deduction from __________ from balance sheet.
  • Debtors
  • Creditors
  • Sales
  • Purchases
Amount of prepaid expense is _______ from particular expense.
  • Added
  • Deducted
  • Depreciated
  • None
Prepaid expenses is shown under ___________ side of balance side.
  • Asset
  • Liability
  • Debit
  • Credit
Expenses Paid in advance are called ________. 
  • Prepaid Expense
  • O/s Expense
  • Asset
  • Liability
Income received in advance is _______.
  • A liability
  • An asset
  • An income
  • An expense
Accrued interest will be ________ to interest account.
  • Debited
  • Credited
  • No effect
  • None
The portion of income belonging to next accounting year is called _______.
  • Income received in advance
  • Asset
  • Capital
  • None
Accrued income is shown ___________ of balance sheet.
  • Asset
  • Liability
  • Added to asset
  • Added to liability
Subscription received in advance Rs. 500 shall be ______________________.
  • Added to subscription and shown under assets
  • Added to subscription and shown under liabilities
  • Deducted from subscription and shown under assets
  • Deducted from subscription and shown under liability
Accured income is an income which is __________ but not received.
  • Spent
  • Earned
  • Occurred
  • None
Rent Received Rs 2400 is for 15 months than Rs ________ is pre received income.
  • 500
  • 470
  • 480
  • 400
When income is received in advance ___________ account is debited.
  • Expense
  • Profit and loss
  • Income
  • None of these.
Accrued income is ______ to the expenses in the profit and loss account.
  • Added
  • Deducted
  • Rounded off
  • None
Calculate Outstanding interest on 10 % govt bonds Rs. 15000.
  • 1520
  • 1500
  • 2000
  • 2200
All adjustment  are reflected in final accounts at ____  places to complete double entry.
  • 2
  • 3
  • 4
  • 5
Outstanding expense of last year will be _______ from current year expense.
  • Deducted
  • Appreciated
  • added
  • Depreciated
Which of the following is/are the adjustment of financial statements.
  • Closing stock
  • Outstanding expense
  • Outstanding income
  • All of the above
Adjustments helps to provide true and fair view of the ____________ of the business.
  • State of affairs
  • Position of cash
  • Capital composition
  • None
A person who is unable to pay his debts, is called_______. 
  • insolvent
  • solvent
  • well to do
  • poor
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