CBSE Class 11 Accounts from Incomplete Records Multiple Choice Questions with Answers. MCQ Questions Class 11 Accounts from Incomplete Records with Answers Is Prepared Based on Latest Exam Pattern. Students can solve NCERT MCQ questions Class 11 Accounts from Incomplete Records with Answers to know their preparation level.
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MCQ Questions Class 11 Accounts from Incomplete Records with Answers - Set - 5
Question 1:Â
If capital at the end of the year is 40,000: capital introduced during the year Rs. 30,000; drawings 20,000 and loss for the year is 60,000; then Capital at the beginning of the year was:
(a) 90,000
(b) 80,000
(c) 70,000
(d) 10,000
Correct Answer – (A)
Question 2:Â
Incomplete records are generally maintained by
(a) A company
(b)Â Government
(c)Â Small sized sole trader business
(d)Â Multinational enterprises
Correct Answer – (C)
Question 3:Â
When only closing and opening capital is given and closing capital is greater than opening capital it denotes
(a)Â Loss
(b)Â None
(c)Â Profit
(d)Â Profit if there is no introduction of fresh capital
Correct Answer – (D)
Question 4:Â
Single entry system of book keeping is
(a) Simple
(b) Unauthorized by tax authorities
(c) Unscientific
(d) all of these
Correct Answer – (D)
Question 5:Â
The statement of affairs is planned in order to-
(a) Calculation of assets
(b) Calculate of capital
(c) Calculate liabilities
(d) Calculation of financial position
Correct Answer – (B)
MCQ Questions Class 11 Accounts from Incomplete Records With Answers
Question 6:Â
Following are the Limitations of Incomplete Records except
(a)Â Under this system no real and nominal accounts are maintained
(b)Â his method is highly flexible because it can be adjusted according to the need of the organization
(c)Â it is not possible to prepare a balance sheet showing the true financial position of the business
(d)Â incomplete method of maintaining the ac counting records
Correct Answer – (B)
Question 7:Â
If opening capital is Rs.10,000 & closing capital is Rs.15,000 then profit or loss:
(a) Loss of Rs.5,000
(b) Profit of Rs.2,500
(c) Profit of Rs.5,000
(d) None of these
Correct Answer – (C)
Question 8:Â
Credit purchase, during the year is ascertained by preparing :
(a) Total creditor’s account
(b) Total debtor’s account
(c) Cash account
(d) Opening statement of affairs
Correct Answer – (A)
Question 9:Â
Closing balance of creditors is determined by preparing B
(a) Total Debtors Account.
(b) Total Creditors Account.
(e) Bills Receivable Account.
(d) Bills Payable Account.
Correct Answer – (B)
Question 10:Â
When closing capital is less than opening capital, it meansÂ
(a) Profit.
(b) Loss.
(c) Loss if there is no drawing.
(d) None of these.
