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 - 5
Question 1:
Which type of expenses are shown in Trading Account?
(a) Direct Expenses.
(b) Indirect Expenses.
(c) Opening Expenses.
(d) Direct and Indirect Expenses
Correct Answer – (A)
Question 2:
Carriage Outwards is shown in
(a) Trading Account.
(b) Profit and Loss Account.
(c) Balance Sheet.
(d) Either Trading Account or Profit and Loss Account.
Correct Answer – (A)
Question 3:
A petition of Rs. 200,000 was lodged against a machinery with a book value of Rs. 2,50,000 that was destroyed in the company. The following is an example of an insurance claim that has been received:
(a) Capital Expenditure
(b) Revenue Receipt
(c) Capital Receipt
(d) Revenue Expenditure
Correct Answer – (C)
Question 4:
Balance Sheet is prepared with the balances of which of the following :
(A) All balances in the Ledger
(B) Balances of Personal Accounts
(C) Balances of Real Accounts
(D) Balances of Personal and Real Accounts
Correct Answer – (D)
Question 5:
Goodwill is a
(a) Fictitious Asset.
(b) Tangible Asset.
(c) Intangible Asset.
(d) Current Asset.
Correct Answer – (C)
MCQ Questions Class 11 Financial Statements 1 With Answers
Question 6:
Sales are equal to
(a) Cost of Goods Sold + Gross Profit.
(b) Cost of Goods Sold — Gross Profit,
(c) Gross Profit — Cost of Goods Sold.
(d) Purchases + Gross Profit.
Correct Answer – (A)
Question 7:
Closing Stock appearing in the Trial Balance is shown :
(A) On the Dr. side of Trading A/c
(B) On the Cr. side of Trading A/c
(C) On the Assets side of Balance Sheet
(D) On the Cr. side of Trading A/c and on the Assets side of Balance Sheet
Correct Answer – (C)
Question 8:
Overhauling expense of second hand machinery purchased are:
(a) Prepaid Expenses
(b) Deferred Revenue Expenses
(c) Capital Expenses
(d) Revenue Expenses
Correct Answer – (D)
Question 9:
Expenses on overhauling a second-hand machine purchased is
(a) Revenue Expenditure.
(b) Capital Expenditure.
(e) Deferred Revenue Expenditure.
(d) None of these.
Correct Answer – (B)
Question 10:
An enterprise’s capital expenses are diverted to:
(a) Profit and Loss Account
(b) Partly to Balance Sheet and Partly to Profit and Loss Account
(c) Balance Sheet
(d) Trading Account
