CBSE Class 11 Recording of Transactions 1Â Multiple Choice Questions with Answers. MCQ Questions Class 11 Recording of Transactions 1Â with Answers Is Prepared Based on Latest Exam Pattern. Students can solve NCERT MCQ questions Class 11 Recording of Transactions 1Â 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:Â
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:Â
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:Â
Cash – book always show-
(a) Debit balance
(b) Credit balance
(c) Debit or Credit balance
(d) None of these.
Correct Answer – (A)
Question 4:Â
As per American Belief, Accounts are of how many types-
(a) Two
(b) Three
(c) Five
(d) Four.
Correct Answer – (C)
Question 5:Â
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:Â
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:Â
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:Â
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:Â
The basis of recording transactions is-
(a) Vouchers
(b) Profit
(c) Order form
(d) Quotation list.
Correct Answer – (A)
Question 10:Â
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.