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 - 1

Question 1:

The goal of final accounts is to determine:
(a) Capital
(b) The value of assets
(c) Profit or loss
(d) Profit and loss and financial position

Check Answer

Correct Answer – (D)

Question 2:

Goodwill is a-
(a) Fixed Asset
(b) Current Asset
(c) Fictitious Asset
(d) None of these

Check Answer

Correct Answer – (A)

Question 3:

Direct Expenses are entered in:
(a) Trading Account
(b) profit & Loss Account
(c) Balance sheet
(d) None of these

Check Answer

Correct Answer – (A)

Question 4:

Which of the following is correct:
(a) Operating profit = Operating profit – Non-operating expenses – Non-operating incomes
(b) Operating profit = Net profit + Non-operating expenses + Non-operating incomes

(c) Operating profit = Net profit + Non-operating expenses – Non-operating incomes
(d) Operating profit = Net profit – Non-operating expenses + Non-operating incomes

Check Answer

Correct Answer – (C)

Question 5:

Choose the correct chronological order of ascertainment of the following profits from the profit and loss account:
(a) Operating Profit, Net Profit, Gross Profit
(b) Operating Profit, Gross Profit, Net Profit
(c) Gross Profit, Operating Profit, Net Profit
(d) Gross Profit, Net Profit, Operating Profit

Check Answer

Correct Answer – (C)

MCQ Questions Class 11 Financial Statements 1 With Answers

Question 6:

Drawing is deducted from:
(a) Sales
(b) Purchase
(c) Returns outward
(d) Capital

Check Answer

Correct Answer – (A)

Question 7:

Profit and loss Account discloses:
(a) Gross profit
(b) Gross profit or Gross loss
(c) Gross profit or Gross loss
(d) None of these

Check Answer

Correct Answer – (B)

Question 8:

Trading Account discloses-
(a) Gross profit
(b) Net profit
(c) Net loss
(d) Gross profit or Gross loss

Check Answer

Correct Answer – (D)

Question 9:

While calculating operating profit, the following are not taken into account.
(a) Normal transactions
(b) Abnormal items
(c) Expenses of a purely financial nature
(d) All of them

Check Answer