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MCQ Questions Class 11 Financial Statements 2 with Answers - Set - 4
Question 1:
Closing stock is shown in Financial Statements at:
(a) Cost price
(b) Reliasable Value
(c) Cost price or Reliasable Value whichever is greater
(d) Cost price or Reliasable Value whichever is less
Correct Answer – (D)
Question 2:
Closing Stock is valued at Cost or Net Realisable Value (Market Value), whichever is less because of
(a) Going Concern Concept.
(b) Accrual Concept.
(c) Prudence Concept.
(d) Consistency Concept
Correct Answer – (C)
Question 3:
A new firm commenced business on 1st April, 2019 and purchased goods costing Rs.90,000 during the year. A sum of Rs.6,000 was spent on freight inward. At the end of the year (on 31st March, 2020) the cost of goods still unsold was Rs.15,000 (Realisable Value Rs.12,000). Sales during the year was Rs.1,20,000. What is the gross profit earned by the firm?
(a) Rs.36,000
(b) Rs.30,000
(c) Rs.42,000
(d) Rs.39,000
Correct Answer – (A)
Question 4:
In the Trial Balance, Sundry Debtors are shown at Rs. 2,25,000, Bad Debts Rs. 25,000 and Provision for Doubtful Debts Rs. 5,000. 5% Provision for Doubtful Debts is to be maintained and 2% Provision for Discount on debtors is to be made. The amount of Provision for Discount on Debtors would be
(a) Rs. 4,293.
(b) Rs. 4,500.
(c) Rs. 2,925.
(d) Rs. 4,275.
Correct Answer – (C)
Question 5:
Bills Receivable discounted but not due till the date of final accounts is shown in:
(a) Foot notes
(b) Assets
(c) Liabilities
(d) P&L A/C
Correct Answer – (A)
MCQ Questions Class 11 Financial Statements 2 With Answers
Question 6:
Accrued Income, if given in the Trial Balance, is shown in
(a) Trading Account, as addition to the respective income.
(b) Profit and Loss Account, as addition to the respective income.
(c) Profit and Loss Account, as addition to the respective income and in the Balance Sheet, as an asset.
(d) Balance Sheet as an asset
Correct Answer – (D)
Question 7:
Income tax paid by a sole trader is reflected in his financial statements:
(a) On the debit side of the Trading Account
(b) On the debit side of the Profit and Loss Account
(c) As way of deduction from capital in the Balance Sheet
(d) As an asset in the Balance Sheet
Correct Answer – (C)
Question 8:
On 1st February, 2020, a loan of Rs. 1,00,000 was given to Parth @ 12% p.a. Interest was received for 3 months from February to April, 2020. In the financial statements for the year ended 31st March, 2020, amount of advance interest should be
(a) Rs. 1,200.
(b) Rs. 1,000.
(c) Rs. 3,600.
(d) Rs. 4,800.
Correct Answer – (B)
Question 9:
Bills Receivable discounted but not due till the date of final accounts is shown in:
(a) Foot notes
(b) Assets
(c) Liabilities
(d) P&L A/C
Correct Answer – (C)
Question 10:
Income earned but not received is shown in:
(a) Liabilities
(b) Foot notes
(c) Assets
(d) None of them
