CBSE Class 11 Recording of Transactions 1Â Multiple Choice Questions with Answers. MCQ Questions Class 11 Recording of Transactions 1Â with Answers Is Prepared Based on Latest Exam Pattern. Students can solve NCERT MCQ questions Class 11 Recording of Transactions 1Â with Answers to know their preparation level.
Students who are searching for NCERT MCQ Questions Class 11 Recording of Transactions 1Â with Answers are compiled here to get good practice on all fundamentals. Know your preparation level on MCQ Questions for Class 11 Recording of Transactions 1Â with Answers. You can also verify your answers from the provided MCQ Class 11 Recording of Transactions 1Â with Answers. So, ace up your preparation with MCQ of Class 11 Accountancy Examinations.
MCQ Questions Class 11 Recording of Transactions 1 with Answers - Set - 1
Question 1:Â
Which of the following is a cash transaction?
(a) Sold goods
(b) Sold goods to Ravinder
(c) Sold goods to Ravinder on credit
(d) Sold goods to Ravinder on account.
Correct Answer – (A)
Question 2:Â
Ledger is a book of ____________ in accounting.
(a) All non-cash transactions
(b) Secondary entry
(c) Original entry
(d) All cash transactions
Correct Answer – (B)
Question 3:Â
Journal is a book of in accounting.
(a) All non-cash transactions
(b) Secondary entry
(c) Original entry
(d) All cash transaction.
Correct Answer – (C)
Question 4:Â
If a film borrows a sum of money, there will be
(a) Increase in capital
(b) Decrease in capital
(c) No effect on capital
(d) None of the above
Correct Answer – (A)
Question 5:Â
Which of the following is correct?
(a) Profit/Loss = Closing Capital + Additional Capital – Drawings – Opening Capital
(b) Profit/Loss = Closing Capital-Drawings-Additional Capital – Opening Capital
(c) Profit/Loss = Opening Capital + Drawings made – Additional Capital – Closing Capital
(d) Profit/Lose = Closing Capital + Drawings made – Additional Capital – Opening Capital
Correct Answer – (D)
MCQ Questions Class 11 Recording of Transactions 1 With Answers
Question 6:Â
The process of recording a business transaction in the journal is called
(a) Costing
(b) Balancing
(c) Posting
(d) Journalising
Correct Answer – (D)
Question 7:Â
The following account has a debit balance
(a) Creditor’s A/c
(b) Capital A/c
(c) Building A/c
(d) Loan A/c
Correct Answer – (C)
Question 8:Â
Debit Means
(a) an increase in asset
(b) a decrease in asset
(c) an increase in liability
(d) an increase in capital
Correct Answer – (A)
Question 9:Â
The liabilities of a firm are Rs. 60,000 and the capital of the proprietor is Rs. 40,000. The total assets are:
(a) 60,000
(b) 1,00,000
(c) 20,000
(d) 40,000
Correct Answer – (B)
Question 10:Â
Which of the following equation’s correct?
(a) Assets = Liabilities – Capital
(b) Assets = Capital – Liabilities
(c) Assets = Liabilities + Capital
(d) Assets = External Equities
