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 - 2
Question 1:
The entry which is passed for bringing forward the balances of personal and Real Account as shown in the last year’s balance sheet is called-
(a) Closing entry
(b) Journal entry
(c) Opening entry
(d) None of these.
Correct Answer – (C)
Question 2:
The entry which affects cash and bank column of a triple column cash – book is known as-
(a) Compound entry
(b) Contra entry
(c) Journal entry
(d) None of these.
Correct Answer – (B)
Question 3:
Cash – book always show-
(a) Debit balance
(b) Credit balance
(c) Debit or Credit balance
(d) None of these.
Correct Answer – (A)
Question 4:
As per American Belief, Accounts are of how many types-
(a) Two
(b) Three
(c) Five
(d) Four.
Correct Answer – (C)
Question 5:
Liabilities and Assets amount to Rs. 50,000 and Rs. 7,800 respectively. The difference Amount shall represent-
(a) Creditors
(b) Debentures
(c) Profit
(d) Capital.
Correct Answer – (D)
MCQ Questions Class 11 Recording of Transactions 1 With Answers
Question 6:
What statement is used while closing a Drawing Account-
(a) Balance c/d
(b) By Trading A/c
(c) By P & L A/c
(d) By Capital Account.
Correct Answer – (D)
Question 7:
The cash – book meant for recording petty expenses is called-
(a) Simple cash – book
(b) Petty cash – book
(c) Triple column
(d) None of these.
Correct Answer – (B)
Question 8:
Which of the following is entered in cash – book-
(a) Only cash transactions
(b) Only credit transactions
(c) Both cash and credit transactions
(d) None of these.
Correct Answer – (A)
Question 9:
The basis of recording transactions is-
(a) Vouchers
(b) Profit
(c) Order form
(d) Quotation list.
Correct Answer – (A)
Question 10:
The Mathematical Expression defining the comparative relationship between Assets and Liabilities of any person, institution or Business concern is called-
(a) Accounting
(b) Accounting Equation
(c) Book – keeping
(d) None of these.
