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 - 5
Question 1:Â
Wages and Salaries Account is shown in Â
(a) Trading Account,
(6) Profit and Loss Account.
(c) Balance Sheet.
(d) Trading Account and Balance Sheet.
Correct Answer – (A)
Question 2:Â
Closing Stock, if given outside the Trial Balance, is shown in Â
(a) Trading Account and Balance Sheet.
(b) Profit and Loss Account.
(c) Profit and Loss Account and Balance Sheet.
(d) Balance Sheet.
Correct Answer – (A)
Question 3:Â
General Manager gets 10% commission on net profit after charging such commission. Gross Profit Rs.70,000 and general expenses other than manager’s commission are Rs. 12,000. Commission amount will be : Â
(a) Rs.5,273
(b) Rs.6,073
(c) Rs.5,373
(d) Rs.5,173
Correct Answer – (A)
Question 4:Â
On 1st April, 2019 M/s Omega Bros., had a Provision for Doubtful Debts of Rs. 6,500. During 2019-20, Rs. 4,200 proved irrecoverable and it was decided to maintain the Provision for Doubtful Debts @ 5% on debtors which stood at Rs. 1,96,500 before writing off bad debts. Amount of net provision debited to Profit and Loss Account will be Â
(a) Rs. 9,500.
(b) Rs. 8,200.
(c) Rs. 6,500.
(d) Rs. 7,315.
Correct Answer – (D)
Question 5:Â
Net profit of a firm before charging manager’s commission is Rs.21,000. If the manager is entitled to 5% commission after charging such commission, how much manager will get as commission? Â
(a) Rs. 1,050
(b) Rs. 1,000
(c) Rs.2,100
(d) Rs.2,000
Correct Answer – (B)
MCQ Questions Class 11 Financial Statements 2 With Answers
Question 6:Â
Accrued income is:
(a) A Liability
(b) An Asset
(c) Revenue
(d) An Expense
Correct Answer – (B)
Question 7:Â
Salaries and Wages Account is shown inÂ
(a) Profit and Loss Account.
(b) Trading Account
(c) Balance Sheet.
(d) Trading Account and Balance Sheet.
Correct Answer – (A)
Question 8:Â
Which of the following statements is correct:
(a) Luvi Ltd. – P & L A/c as on 31st March, 2020
(b) Luvi Ltd. – P&L A/c for the year ended 31st March, 2020
(c) Luvi Ltd. – P & L A/c for the year ended 31st March
(d) Luvi Ltd. – P&L A/c for the current year (2019-2020)
Correct Answer – (B)
Question 9:Â
Indirect Expenses are transferred to Â
(a) Trading Account.
(6) Profit and Loss Account.
(c) Balance Sheet.
(d) Trading Account and Balance Sheet
Correct Answer – (B)
Question 10:Â
Rent paid on 1st October, 2018 for one year upto 30th September, 2019 was Rs.2400. Rent paid on 1st October, 2019 for the year upto 30th September, 2020 was Rs.3.200. Rent shown in the Profit and Loss Account for the year ended on 31st December, 2019, would be:
(a) Rs. 2,600
(b) Rs. 53,000
(c) Rs. 3,200
(d) Rs. 6,000
