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 - 4
Question 1:
Which of the following is not shown in Balance Sheet?
(a) Opening Stock
(b) Closing Stock
(c) Patents
(d) Debtors
Correct Answer – (A)
Question 2:
An example of a preliminary expense is:
(a) Revenue Expenditure
(b) Capital Expenditure
(c) Deferred Revenue Expenditure
(d) they are Capital in Nature
Correct Answer – (C)
Question 3:
Income tax paid by a sole trader is shown
(a) on the debit side of the Trading Account.
(b) on the debit side of the Profit and Loss Account.
(c) as deduction from capital in the Balance Sheet.
(d) as addition to capital in the Balance Sheet
Correct Answer – (C)
Question 4:
Balance Sheet gives information ___________ .
(a) financial position during a particular period
(b) profit earning capacity for a particular period
(c) financial position as on a particular date
(d) operating efficiency of the firm
Correct Answer – (C)
Question 5:
Advance Commission received existing in the Trial Balance is ____________ .
(a) Assets side of the Balance Sheet
(b) Liability side of the Balance Sheet
(c) Debit side of the Profit and Loss A/c
(d) Credit Side of the Profit and Loss A/c
Correct Answer – (B)
MCQ Questions Class 11 Financial Statements 1 With Answers
Question 6:
Loss on sale of an old car is debited to
(a) Profit and Loss A/c.
(b) Car A/c.
(c) Depreciation A/c.
(d) Trading Account.
Correct Answer – (A)
Question 7:
In the Trial Balance, the Returns Outward are subtracted from _.
(a) Purchases
(b) Sales
(c) Drawings
(d) Capital
Correct Answer – (A)
Question 8:
The purpose of preparing final accounts is to ascertain :
(A) Profit or loss
(B) Capital
(C) The value of assets
(D) Profit or loss and financial position
Correct Answer – (D)
Question 9:
Large advertisement expenditure to introduce a new product is
(a) Capital Expenditure.
(b) Revenue Expenditure.
(c) Deferred Revenue Expenditure.
(d) None of these.
Correct Answer – (C)
Question 10:
Insurance premium paid to insure the machinery at the time of its purchase is
(a) Revenue Expenditure.
(b) Capital Expenditure.
(c) Deferred Revenue Expenditure.
(d) None of these
