MCQ Questions for Class 11 Accountancy Quiz with Answers Chapter Wise PDF Download

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Class 11 Accountancy MCQs Multiple Choice Questions with Answers

Here are the chapterwise CBSE MCQ Quiz Test Questions for Class 11th Accountancy in pdf format that helps you access & download so that you can practice online/offline easily.

Accounts From Incomplete Records Class 11 Commerce Accountancy MCQ Quiz

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Accounts From Incomplete Records Questions and Answers

Accounts From Incomplete Records Quiz Question Answer
Single entry system is most popular for ____________.
 Sole trader
In single entry system it is not possible to prepare _____.
 Trial balance
A statement similar to balance sheet is nothing but the _________.
 statement of affairs
Profit under single entry system of Book Keeping means ______________. The difference between opening net assets and closing net assets as increased by drawings and reduced by new capital introduced.
The Receipts and Payments A/c would begin with ___________ balance. Either debit or credit
Rs. 19,500 debited to building repairs on 31 st Dec. 1993 inclined Rs. 9,500 as the cost of building a small room for the watch man. A bill of Rs. 800 for colour wash of the whole building during the year was not received till  Dec. 1993. The amount to be debited to profit and loss account would be _____________. Rs. 10,800
Company accounting conforms more to dual aspect concept than to incomplete recording system because.
I. Companies Act insists upon the adoption of double entry systems of book keeping.
II. Balance sheet could not be prepared under sec. $$211$$ of Company's Act according to the incomplete recording system
III. To show true and fair view of the affairs of the company
IV. To ensure adequate disclosure.
Select the correct answer from the codes given and mark your answer sheet accordingly.
 I, II and III
Excess of closing capital over opening capital of proprietor under single entry system. 
Profit
An excess of assets over liabilities is called as ________.
 Capital
Excess of opening capital over closing capital of proprietor under single entry system is called __________.
 Loss

Bank Reconciliation Statement Class 11 Commerce Accountancy MCQ Quiz

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Bank Reconciliation Statement Questions and Answers

Bank Reconciliation Statement Quiz Question Answer
Unfavourable balance as per bank pass book means ___________. both A and B
Bank charges amounting to $$Rs.5,000$$ was not entered in the cash book. Identify the correct adjustment in cash book ___________. bank charges will be debited in cash book
 The credit balance as per the cash book indicates _________. Bank overdraft

Debit balance in the Pass Book means ______________.

    		 Unfavourable balance in the Pass Book

    A Bank Reconciliation Statement is prepared with the help of _____________.

      		 Either Cash Book or Pass Book
       Bank statement must tally with the balance of ___________. Cash book
      Bank Reconciliation Statement is prepared by__________. Trader
      A bank reconciliation statement is prepared by the _________. Customer of the bank
      Debit balance in cash book means __________. Credit balance as per pass book
      A bank pass book is a copy of the ____________. Customer's account in the banks ledger

      Bill Of Exchange Class 11 Commerce Accountancy MCQ Quiz

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      Bill Of Exchange Questions and Answers

      Bill Of Exchange Quiz Question Answer
      Which account is debited by a drawee of a bill of exchange on its endorsement? None of the above
      When bill is accepted by the acceptor ________.
      		 Bill Payable A/c Dr

      To Drawer A/c
      Bills Receivable discounted but not due till the date of final account is shown in: Footnotes (contingent liabilities)
      The person who draws the bill is known as  ____________ . Drawer
      Rebate on bills discounted is also called_____. Unexpired discount
      A bill of exchange is drawn by a ________. Creditor
      A person who draws a bill of exchange is known as the ________. drawer
      When a loan will be NPA? Accounts is out of order for more than $$90$$ days in case of overdraft/ cash credit
      A person to whom the bill is endorsed is called _____________.
      		 Endorsee
      Bill of exchange drawn in any Indian language.
      		 Hundies

      Computerised Accounting System Class 11 Commerce Accountancy MCQ Quiz

      Quiz 1 Quiz 2 Quiz 3

      Computerised Accounting System Questions and Answers

      Computerised Accounting System Quiz Question Answer
      The following is not a limitation of computerized accounting system________. Reliability
      Which of the following softwares are used for data processing?
      (i) EXCEL (ii) ACCESS (iii) SPSS (iv) STAR (v) PASW.      		 (i), (ii), (iv) and (v)
      ____________by definition, is the process of identifying, recording, classifying and summarising financial transactions to produce the financial reports for their ultimate analysis. Accounting
      _________ is not an advantage of computerised accounting system. Cost of Training
      Transactions lead to data duplication in __________ accounting system. Manual
      The computerised accounting system are ________. Highly scalable
      The recording of financial transactions through the books of original entries is followed in ________ accounting system. Manual

      ___________ is the basic requirement which consists a set of principles, coding and grouping structure of accounting.

      		 Accounting framework
      In a manual accounting system, ___________ are made to adhere to the principle of cost matching revenue, whereas in computerised accounting system _________ are prepared and stored to follow the principle of cost matching revenue.
      		 adjusting entries, journal vouchers
      The identification of transactions, based on application of accounting principles, is common to _________ accounting system. Both (a) and (b)

      Depreciation, Provision And Reserves Class 11 Commerce Accountancy MCQ Quiz

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      Depreciation, Provision And Reserves Questions and Answers

      Depreciation, Provision And Reserves Quiz Question Answer
      The amount realised at the end of working life of an asset is known as ____________ . Residual value
      Original cost = Rs. $$1,26,000$$. Salvage value $$=6,000$$. Useful Life $$=6$$ years. Annual depreciation under SLM = ? Rs. $$20,000$$
      ____________ deals with Depreciation Accounting. AS-$$6$$
      On 1.8.2012 K Ltd. bought four Matador Vans costing Rs. $$1,20,000$$ each. The company expected to fetch a scrap value of $$25$$% of the cost price of the vehicles after $$10$$ years. The vehicles were depreciated under the fixed instalment method upto 31.3.The rate of depreciation charged upto 31.3.2015 = ? $$7.5$$%
      The depreciation method that is best suited for a machine that is being used on an hourly basis will be ________. service house method
      Depreciation value of an asset is equal to: Cost - Scrap value
      Sinking funds is created for___________. both (A & B)
      ______________ of an asset includes invoice price and other cost.
      		Cost price
      Written Down value Method is also known as _____________.
      		 Reducing balance method
      Depreciation is _______________ process.
      		 Continuous

      Financial Statements 1 Class 11 Commerce Accountancy MCQ Quiz

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      Financial Statements 1 Questions and Answers

      Financial Statements 1 Quiz Question Answer
      Cost of goods sold is calculated by which of the following: $$Opening\ stock + Purchases + Direct\ expenses - Closing\ stock$$
      Closing stock of the previous year becomes the opening stock of the current year. True
      A purchased goods costing Rs 42,B sold goods costing Rs 40,000 at Rs 50,Balance goods were taken over by A at same gross profit percentage as in case of sale. The amount of goods taken over will be ____________. Rs 3,125
      Type of bonds that are issued by foreign governments or foreign corporations are classified as ______________.
      		 foreign bonds
      Bond call provision that is not practiced even after several years of issuance is classified as ______________.
      		 deferred call
      Goods purchased Rs 1,00,Sales Rs 90,Margin 20% on cost. Closing Stock = ? 25,000
      Journal entry for transfer of Purchases is -
         Trading A/c   Dr. 
                To Purchases A/c      		 True
      Journal entry for transfer of Purchase return is -
             Purchase return A/c   Dr.
                       To Trading A/c      		 True
      Which of the following account is the odd one? Stock of materials
      Carriage inward means the transport expenses incurred to carry the goods purchased by the firm. True

      Financial Statements 2 Class 11 Commerce Accountancy MCQ Quiz

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      Financial Statements 2 Questions and Answers

      Financial Statements 2 Quiz Question Answer
      Provision for cash discount on debtors is a percentage of _________________.
      		 Net debtors less provision for doubtful debts
      If value of final sales is 48000 and net realizab levalue is 48000 and net realizab levalue is35000, then value of sales costs would be ____________.
      		 $13, 000
      If there is no partnership deed then interest on capital will be charged at ______p.a. NIL
      Interest on partners capital is___________. An appropriation
      After all closing entries have been posted, the balance of the P & L Account will be ________________. A debit if a net loss has been incurred
      Under varying $${k}_{e}$$ theory __________________. $${K}_{e}$$ varies at different levels of debt
      Financial capital is also referred to ______________. Money capital
      Short cut method for determination of cost of debt: $${ k }_{ d }=\cfrac { I(1-t)+(f+d+{ p }_{ r }-{ p }_{ i })/{ N }_{ m } }{ (Rv+Sv)/2 } $$
      Del Credere commission is allowed to the consignee to bear __________. Risk of bad debts
      Reserve for doubtful debts appearing in the trial balance should be _______________.
      		 Both A and C

      Introduction To Accounting Class 11 Commerce Accountancy MCQ Quiz

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      Introduction To Accounting Questions and Answers

      Introduction To Accounting Quiz Question Answer
      Amount withdrawn by the owner for his personal expenses is called______.  Drawings
      ________ is the language of business and used to communicate financial and other information to different interested parties like creditors, investors, researchers, governments etc. Accounting
      Which of the following would be considered as external users of accounting information's? Shareholders
      The sale of merchandise to the customers is an External event
      All those to whom business owes money are ______________. Creditors
      The prime objective of accounting is to _________________.
      		 Classifying and recording business transaction
      ____________ provides information for income determination. Financial accounting
      ____________ is the oldest branch of accounting. Financial Accounting
      Financial accounting use ________. Historical data
      Financial accounting is concerned with recording of _______________. Day to day business transactions

      Recording Of Transactions - I Class 11 Commerce Accountancy MCQ Quiz

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      Recording Of Transactions - I Questions and Answers

      Recording Of Transactions - I Quiz Question Answer
      Accrued wages is a ____________.
      		 Representative personal A/c
      Which one of the following is an example of personal account? Capital account
      Posting implies recording of a transaction in journal.
      		 False
      In book-keeping posting means, __________. to record the transactions from the journal to ledger
      Which English alphabet is similar to the shape of an account? T
      An international reserve asset created by the IMF taking into account the global need to supplement existing reserves is called ______________.
      		 Special Drawing Rights
      Debit means _________. An entry on the left hand side of an account
      The basic rule of book-keeping, debit the receiver and credit the giver is applicable to ________________. Personal account
      Which of the following accounts is increased by debit entries? Machinery account
      Account current is a journal. False

      Recording Of Transactions - Ii Class 11 Commerce Accountancy MCQ Quiz

      Quiz 1 Quiz 2 Quiz 3 Quiz 4 Quiz 5 Quiz 6 Quiz 7 Quiz 8 Quiz 9 Quiz 10 Quiz 11 Quiz 12 Quiz 13 Quiz 14 Quiz 15

      Recording Of Transactions - Ii Questions and Answers

      Recording Of Transactions - Ii Quiz Question Answer
      AB are two partners in a firm C is admitted for 1 /3 shares of profit with a minimum guaranteed profit of Rs. 30,000 given by A. During 2006-07 the firm reported net profit of Rs. 66,Find the share of profit of A.

      		 Rs. 14,000
      The amount which the main cashier hands over to the petty cashier to meet day to day petty expenses is known as..... imprest / float
      Wages paid for repairing a machine should be debited to ___________. Repair account
      Trade discount allowed at the time of sale of goods is ________________. Not recorded on books of accounts
      Which document is issued by a supplier when a customer returns goods? Credit note
      Goods sold for cash were returned by a customer but cash was not given immediately. This is recorded in ______________. Journal Proper.
      Cash book is prepared on..... Cash basis
      The statement sent along with purchase return is______. Credit note
      The balance of the Petty Cash Book is ___________. An asset
      Which of the following books should be used to record purchase of furniture on credit? Journal proper

      Theory Base Of Accounting Class 11 Commerce Accountancy MCQ Quiz

      Quiz 1 Quiz 2 Quiz 3 Quiz 4 Quiz 5 Quiz 6 Quiz 7 Quiz 8 Quiz 9 Quiz 10 Quiz 11

      Theory Base Of Accounting Questions and Answers

      Theory Base Of Accounting Quiz Question Answer
      Fixed assets are recorded at _______. original cost
      Receipts are used for cash sales. False
      Omission of paise and showing the round figures in financial statements is based on ___________. materiality concept
      At what price goods pending approval or return as on the last day of accounting year are valued? Cost price
      Revenue is generally recognized being earned at the point of time when __________. Sale is affected
      Business entity concept distinguishes between ________________. Individual and business
      Which of the following is not regarded as the fundamental concept that is identified by AS-1? Separate Entity Concept
      The letter 'R' denotes which word in the term IFRS?
      		 Reporting
      Assets in the balance sheet are shown at cost less depreciation rather than their replacement cost because of which accounting convention? Going concern
      Which is the accounting concept that required the practice of crediting closing stock to the trading account? Matching

      Trial Balance And Rectification Of Errors Class 11 Commerce Accountancy MCQ Quiz

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      Trial Balance And Rectification Of Errors Questions and Answers

      Trial Balance And Rectification Of Errors Quiz Question Answer
      Which of the following statements is correct in relation to a trial balance? It is a list of balances and forms the starting point for the preparation of the business accounts.
      Which of the following errors are revealed by the trial balance? Errors in balancing account
      State whether the following statement is True or False.
      In trial balance purchases returns are recorded on Debit side.      		 False
      _______are passed for rectifying errors which might have committed in the books of account. Rectification Entries
      Preparation of trial balance helps in the deduction of ___________. Clerical Errors
      Sales to Mr. Gill recorded in purchase journal would affect ___________. Sales Account, Purchase Account and Mr. Gill's Account
      After preparing the trial balance the accountant finds that the total of a debit side is short by Rs.2,This difference will be _____________. credited to suspense account
      State whether the following statement is True or False:-
      Single sided errors affect only one account.      		 True
      State whether  the following statements are True or False:
      Amount spent for the repairs of old furniture is debited to Machinery Account.      		 False
      A trial balance contains the balances of ______________________. All accounts

      Accountancy MCQ Questions for Class 11 - Practice Test with Solutions 

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