MCQ Questions Class 11 Introduction to Accounting With Answers

CBSE Class 11 Introduction to Accounting Multiple Choice Questions with Answers. MCQ Questions Class 11 Introduction to Accounting with Answers Is Prepared Based on Latest Exam Pattern. Students can solve NCERT MCQ questions Class 11 Introduction to Accounting with Answers to know their preparation level.

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MCQ Questions Class 11 Introduction to Accounting with Answers - Set - 5

Question 1:

Which of the following will be treated as drawings:
(A) Withdrawing money for payment of salary to employees
(B) Withdrawing money for payment to creditors
(C) Withdrawing money from business for private expenses
(D) Withdrawing money for purchase of asset

Check Answer

Correct Answer – (C)

Question 2:

Which of the following is the most relevant accounting information for taxation authorities?
(A) Cash Balance of the firm
(B) Book Value of the Fixed Assets
(C) Credit Sales of the year
(D) Profit generated during the year

Check Answer

Correct Answer – (D)

Question 3:

The process of recording, classifying and summarizing all business transactions in order to know the financial result is called –
(a) Book – keeping
(b)Accounting
(c) Journalizing
(d) None of these.

Check Answer

Correct Answer – (B)

Question 4:

Goods means:
(A) Commodity to be bought and sold
(B) Commodity to be bought but not to be sold
(C) Commodity to be used as an asset
(D) All of the above

Check Answer

Correct Answer – (A)

Question 5:

___________ represents the excess of assets over liabilities.
(a) Capital
(b) Debtors
(c) Creditors
(d) Profit

Check Answer

Correct Answer – (A)

MCQ Questions Class 11 Introduction to Accounting With Answers

Question 6:

The document certifying the purchase or sale of goods or any monetary transaction is called _________________ .
(a) Bills
(b) Receipts
(c) Voucher
(d) None of the Above

Check Answer

Correct Answer – (C)

Question 7:

The things or properties which helps in smooth functioning of the business and which are owned by the business are called ……………. of the business.
(a) Liabilities
(b) Capital
(c) Profit
(d) Assets

Check Answer

Correct Answer – (D)

Question 8:

Ghanshyam is a furniture dealer. Which one of the following will not be recorded in his books?
(A) Purchase of Timber for Rs.50,000
(B) Sofa set worth Rs.40,000 taken to his home
(C) Sale of household furniture for Rs.5.000
(D) Dining table of Rs.30,000 given to his friend as gift

Check Answer

Correct Answer – (C)

Question 9:

A person who owes money to the firm is called ____________ .
(A) Debtor
(B) Creditor
(C) Supplier
(D) None of these

Check Answer

Correct Answer – (A)

Question 10:

Accounting does not show the realisable value of business. It is a/an
(a) limitation of Accounting.
(b) advantage of Accounting.
(c) Both (a) and (b).
(d) None of these.

Check Answer