CBSE Class 11 Recording of Transactions 1 Multiple Choice Questions with Answers. MCQ Questions Class 11 Recording of Transactions 1 with Answers Is Prepared Based on Latest Exam Pattern. Students can solve NCERT MCQ questions Class 11 Recording of Transactions 1 with Answers to know their preparation level.
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MCQ Questions Class 11 Recording of Transactions 1 with Answers - Set - 1
Question 1:
Which of the following is a cash transaction?
(a) Sold goods
(b) Sold goods to Ravinder
(c) Sold goods to Ravinder on credit
(d) Sold goods to Ravinder on account.
Correct Answer – (A)
Question 2:
Ledger is a book of ____________ in accounting.
(a) All non-cash transactions
(b) Secondary entry
(c) Original entry
(d) All cash transactions
Correct Answer – (B)
Question 3:
Journal is a book of in accounting.
(a) All non-cash transactions
(b) Secondary entry
(c) Original entry
(d) All cash transaction.
Correct Answer – (C)
Question 4:
If a film borrows a sum of money, there will be
(a) Increase in capital
(b) Decrease in capital
(c) No effect on capital
(d) None of the above
Correct Answer – (A)
Question 5:
Which of the following is correct?
(a) Profit/Loss = Closing Capital + Additional Capital – Drawings – Opening Capital
(b) Profit/Loss = Closing Capital-Drawings-Additional Capital – Opening Capital
(c) Profit/Loss = Opening Capital + Drawings made – Additional Capital – Closing Capital
(d) Profit/Lose = Closing Capital + Drawings made – Additional Capital – Opening Capital
Correct Answer – (D)
MCQ Questions Class 11 Recording of Transactions 1 With Answers
Question 6:
The process of recording a business transaction in the journal is called
(a) Costing
(b) Balancing
(c) Posting
(d) Journalising
Correct Answer – (D)
Question 7:
The following account has a debit balance
(a) Creditor’s A/c
(b) Capital A/c
(c) Building A/c
(d) Loan A/c
Correct Answer – (C)
Question 8:
Debit Means
(a) an increase in asset
(b) a decrease in asset
(c) an increase in liability
(d) an increase in capital
Correct Answer – (A)
Question 9:
The liabilities of a firm are Rs. 60,000 and the capital of the proprietor is Rs. 40,000. The total assets are:
(a) 60,000
(b) 1,00,000
(c) 20,000
(d) 40,000
Correct Answer – (B)
Question 10:
Which of the following equation’s correct?
(a) Assets = Liabilities – Capital
(b) Assets = Capital – Liabilities
(c) Assets = Liabilities + Capital
(d) Assets = External Equities
