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
Correct Answer – (D)
Question 2:
Goodwill is a-
(a) Fixed Asset
(b) Current Asset
(c) Fictitious Asset
(d) None of these
Correct Answer – (A)
Question 3:
Direct Expenses are entered in:
(a) Trading Account
(b) profit & Loss Account
(c) Balance sheet
(d) None of these
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
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
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
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
Correct Answer – (B)
Question 8:
Trading Account discloses-
(a) Gross profit
(b) Net profit
(c) Net loss
(d) Gross profit or Gross loss
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
Correct Answer – (C)
Question 10:
The financial statements consist of:
(a) Trial balance
(b) Profit and Loss account
(c) Balance sheet
(d) (b) & (c)
(e) (d) & (c)
