CBSE Class 11 Financial Statements 2 Multiple Choice Questions with Answers. MCQ Questions Class 11 Financial Statements 2Â with Answers Is Prepared Based on Latest Exam Pattern. Students can solve NCERT MCQ questions Class 11 Financial Statements 2Â with Answers to know their preparation level.
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MCQ Questions Class 11 Financial Statements 2 with Answers - Set - 2
Question 1:Â
In the Trial Balance are shown Debtors Rs. 52,400, Bad Debts Rs. 221, Bad Debts Provision Rs.324. For creating a Provision for Doubtful debts @ 10% on debtors, the P & L A/c will be debited by:
(a) 240
(b) 137
(c) 9
(d) 343
Correct Answer – (B)
Question 2:Â
Outstanding Salary is _ account:
(a) Real Account
(b) Nominal Account
(c) Personal Account
(d) None of these
Correct Answer – (C)
Question 3:Â
‘Prepaid Wages’ shown in Trial Balance_________
(a) Assets
(b) Debit of Trading A/c and Assets
(c) Debit of P & L A/c
(d) Debit of Trading A/c
Correct Answer – (A)
Question 4:Â
Which of the following is recorded in income & expenditure account
(a) Revenue items
(b) Capital items
(c) Revenue and capital items
(d) None of these.
Correct Answer – (A)
Question 5:Â
Which of the following is not an item of income of Non – trading concern
(a) Entrance fees
(b) Interest
(c) Govt. Aid
(d) Salary.
Correct Answer – (D)
MCQ Questions Class 11 Financial Statements 2 With Answers
Question 6:Â
Trial Balance contains the following information:
15% Bank Loan Interest Paid Rs.40,000
Interest paid Rs. 4,500
(a) Rs.1,500
(b) Rs.4,500
(c) Rs.3,000
(d) Rs.6,000
Correct Answer – (D)
Question 7:Â
If the manager is entitled to a 5% commission on sales before deducting his commission, he will receive a commission of Rs _______ on a Rs. 8,400 profit.
(a) 400
(b) 420
(c) 442
(d) 440
Correct Answer – (B)
Question 8:Â
Net Profit before the following adjustments Rs. 1,80,000Â Â
Outstanding salary Rs. 10,000
Prepaid Insurance Rs. 13,000
Calculate profit after adjustments
(a) Rs. 1,83,000
(b) Rs.1,77,000
(c) Rs.2,03,000
(d) Rs. 1,87,000
Correct Answer – (A)
Question 9:Â
Receipt and payment account is a summary of-
(a) Income & Expenditure account
(b) Profit & Loss A/c
(c) Cash – book
(d) None of these.
Correct Answer – (C)
Question 10:Â
Such persons who earn remuneration against their services are called –
(a) Seller
(b) Purchaser
(c) Professional
(d) None of these.
