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 - 3

Question 1:

Balance of Petty Cash is :
(A) Expenses
(B) Income
(C) Liability
(D) Asset

Check Answer

Correct Answer – (D)

Question 2:

Purchase of machinery for production is
(a) Revenue Expenditure.
(b) Capital Expenditure.
(c) Deferred Revenue Expenditure.
(d) None of these.

Check Answer

Correct Answer – (B)

Question 3:

Revenue Expenditure is redirected to the following accounts:
(a) Profit and Loss Account
(b) Balance Sheet
(c) Partly to Balance Sheet and Partly to Profit and Loss Account.
(d) Trading Account

Check Answer

Correct Answer – (A)

Question 4:

The closing stock is entered into _________.
(a) Trading account
(b) Balance sheet
(c) Profit and Loss
(d) Both A and B

Check Answer

Correct Answer – (D)

Question 5:

Expenditure of recurring nature are
(a) Preliminary
(b) Revenue
(c) Capital
(d) Deferred revenue

Check Answer

Correct Answer – (B)

MCQ Questions Class 11 Financial Statements 1 With Answers

Question 6:

Opening Stock Rs. 1,00,000; Closing Stock Rs. 60,000; Purchases Rs. 50,000 and Gross Profit is 10% of sales. The gross profit is:
(a) Rs. 20,000
(b) Rs. 15,000
(c) Rs. 10,000
(d) Rs. 12,000

Check Answer

Correct Answer – (C)

Question 7:

Capital Expenses and Capital Receipts are moved to __.
(a) Trading Account
(b) Balance Sheet
(c) Profit and Loss Account
(d) Trial Balance

Check Answer

Correct Answer – (B)

Question 8:

Balance Sheet is a
(a) a list of all the accounts in the books of a business.
(b) an account showing trading activities of a business.
(c) an account showing the financial position of a business as on a certain date.
(d) a list of assets, liabilities and capital of a business at a certain date

Check Answer

Correct Answer – (D)

Question 9:

Final Accounts are prepared :
(A) At the end of calendar year
(B) At the end of Assessment year
(C) On every Diwali
(D) At the end of Accounting year

Check Answer

Correct Answer – (D)

Question 10:

Outstanding Salaries is shown as
(a) an asset in the Balance Sheet.
(b) a liability in the Balance Sheet.
(c) adjusted in Profit and Loss Account.
(d) both (b) and (c).

Check Answer