MCQ Questions Class 11 Financial Statements 1 With Answers

CBSE Class 11 Financial Statements 1 Multiple Choice Questions with Answers. MCQ Questions Class 11 Financial Statements 1 with Answers Is Prepared Based on Latest Exam Pattern. Students can solve NCERT MCQ questions Class 11 Financial Statements 1 with Answers to know their preparation level.

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MCQ Questions Class 11 Financial Statements 1 with Answers - Set - 4

Question 1:

Which of the following is not shown in Balance Sheet?
(a) Opening Stock
(b) Closing Stock
(c) Patents
(d) Debtors

Check Answer

Correct Answer – (A)

Question 2:

An example of a preliminary expense is:
(a) Revenue Expenditure
(b) Capital Expenditure
(c) Deferred Revenue Expenditure
(d) they are Capital in Nature

Check Answer

Correct Answer – (C)

Question 3:

Income tax paid by a sole trader is shown
(a) on the debit side of the Trading Account.
(b) on the debit side of the Profit and Loss Account.
(c) as deduction from capital in the Balance Sheet.
(d) as addition to capital in the Balance Sheet

Check Answer

Correct Answer – (C)

Question 4:

Balance Sheet gives information ___________ .
(a) financial position during a particular period
(b) profit earning capacity for a particular period
(c) financial position as on a particular date
(d) operating efficiency of the firm

Check Answer

Correct Answer – (C)

Question 5:

Advance Commission received existing in the Trial Balance is ____________ .
(a) Assets side of the Balance Sheet
(b) Liability side of the Balance Sheet
(c) Debit side of the Profit and Loss A/c
(d) Credit Side of the Profit and Loss A/c

Check Answer

Correct Answer – (B)

MCQ Questions Class 11 Financial Statements 1 With Answers

Question 6:

Loss on sale of an old car is debited to
(a) Profit and Loss A/c.
(b) Car A/c.
(c) Depreciation A/c.
(d) Trading Account.

Check Answer

Correct Answer – (A)

Question 7:

In the Trial Balance, the Returns Outward are subtracted from _.
(a) Purchases
(b) Sales
(c) Drawings
(d) Capital

Check Answer

Correct Answer – (A)

Question 8:

The purpose of preparing final accounts is to ascertain :
(A) Profit or loss
(B) Capital
(C) The value of assets
(D) Profit or loss and financial position

Check Answer

Correct Answer – (D)

Question 9:

Large advertisement expenditure to introduce a new product is
(a) Capital Expenditure.
(b) Revenue Expenditure.
(c) Deferred Revenue Expenditure.
(d) None of these.

Check Answer

Correct Answer – (C)

Question 10:

Insurance premium paid to insure the machinery at the time of its purchase is
(a) Revenue Expenditure.
(b) Capital Expenditure.
(c) Deferred Revenue Expenditure.
(d) None of these

Check Answer