CBSE Class 11 Financial Statements 1 Multiple Choice Questions with Answers. MCQ Questions Class 11 Financial Statements 1Â with Answers Is Prepared Based on Latest Exam Pattern. Students can solve NCERT MCQ questions Class 11 Financial Statements 1Â with Answers to know their preparation level.
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MCQ Questions Class 11 Financial Statements 1 with Answers - Set - 2
Question 1:Â
Gross loss is identifying from _________________ account.
(a) Trading account
(b) Profit & Loss account
(c) Balance sheet
(d) None of these
Correct Answer – (A)
Question 2:Â
Balance Sheet shows :Â Â
(A) Profit or Loss
(B) Financial Position
(C) Errors of Accounts
(D) Total Debtors
Correct Answer – (B)
Question 3:Â
Which is an example of fictitious assets?
(a) Building
(b) Bill receivable
(c) Adverting suspense
(d) Cash
Correct Answer – (C)
Question 4:Â
We get Profit & Loss account for _________ .
(a) net profit
(b) capital
(c) gross profit
(d) gross loss.
Correct Answer – (A)
Question 5:Â
Arrange cash, building goodwill, debtors, and machine in the Balance Sheet in order of liquidity.
(a) Debtors, Cash, Building Goodwill, Machine
(b) Cash, Debtors, Machine. Building, Goodwill
(c) Cash, Building Goodwill, Debtors, Cash Machine
(d) Cash, Goodwill, Debtors, Machine. Building
Correct Answer – (B)
MCQ Questions Class 11 Financial Statements 1 With Answers
Question 6:Â
Which of the below is position statement
(a) Trial balance
(b) Profit & Loss
(c) Balance sheet
(d) Bank Reconciliation Statement
Correct Answer – (C)
Question 7:Â
Trade Mark is ______________.
(a) Tangible assets
(b) Current assets
(c) Fixed assets
(d) Liability
Correct Answer – (A)
Question 8:Â
Which is an example of fictitious assets?
(a) Building
(b) Bill receivable
(c) Adverting suspense
(d) Cash
Correct Answer – (C)
Question 9:Â
Profit earn through normal activities of business
(a) operating profit
(b) net profit
(c) gross profit
(d) manufacturing profit
Correct Answer – (A)
Question 10:Â
Computers purchased for re-sale is:Â Â
(a) Capital expenditure.
(b) Revenue Expenditure.
(c) Deferred Revenue Expenditure.
(d) None of these.
