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MCQ Questions Class 11 Recording of Transactions 1 with Answers - Set - 4
Question 1:Â
Amount withdrawn by proprietor for personal use will … Cash and Capital. Â
(a) Increase.
(b) Decrease.
(c) Not Change.
(d) None of these.
Correct Answer – (B)
Question 2:Â
The weekly or monthly total of purchase book is recorded to the__________
(a) Debit side of Purchase Account
(b) Credit side of Purchase Book
(c) Credit side of Cash book
(d) Debit side of Cash book.
Correct Answer – (A)
Question 3:Â
Withdrawal of cash from business by the proprietor is credited toÂ
(a) Drawings A/c.
(b) Capital A/c.
(c) Cash A/c.
(d) Bank A/c.
Correct Answer – (C)
Question 4:Â
Journal proper includes entries related to______
(a) Sale of asset on credit
(b) Sale of asset for cash
(c) Sale of goods for cash
(d) Sale of goods on credit
Correct Answer – (A)
Question 5:Â
All the indirect expenses are closed to_____
(a) Profit and loss A/c
(b) Cash Flow Statement
(c) Balance sheet
(d) Trading A/c
Correct Answer – (A)
MCQ Questions Class 11 Recording of Transactions 1 With Answers
Question 6:Â
If purchaser of goods returns them, he will prepareÂ
(a) Credit Note.
(b) Debit Note.
(e) Both (a) and (b).
(d) None of these.
Correct Answer – (B)
Question 7:Â
X sells goods on credit to Y. He receives 10% trade discount from X and a further 5% cash discount if paid within 15 days. K bought goods with a list price of Rs. 2,00,000 from X.
Which of the following Journal entry would correctly record the sale in the books of A? Â
(a) Dr. y and Cr. Sales A/c by Rs. 1,70,000.
(b) Dr. Y and Cr. Sales A/c by Rs. 1,80,000.
(c) Dr. X and Cr. Sales A/c by Rs. 1,90,000.
(d) Dr. X by Rs. 2,00,000; Cr. Sales A/c by Rs. 1,70,000 and Discount A/c by Rs. 30,000.
Correct Answer – (B)
Question 8:Â
Business transactions are recorded Â
(a) in chronological order.
(b) weekly.
(c) at the end of the month.
(d) All of these.
Correct Answer – (A)
Question 9:Â
Which accounting equation is incorrect out of the following?Â
(a) Liabilities = Assets – Capital.
(b) Assets = Liabilities – Capital.
(c) Capital = Assets – Liabilities.
(d) Assets = Liabilities + Capital.
Correct Answer – (B)
Question 10:Â
Name the transaction that is recorded in both sides of Cash book simultaneously.
(a) Contra Entry
(b) Dual entry
(c) Double entry
(d) Single entry
