Accounts from Incomplete Records MCQ Questions for Class 11 Accountancy Chapter 11 with Answers

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MCQ Questions for Class 11 Accountancy with Answers: Financial Accounting

Q1. Bills Payable honoured during the year will be debited to

(A) Cash Account.
(B) Bills Payable Account.
(C) Creditors Account.
(D) None of these.

Q2. Opening capital is ascertained by preparing

(A) Total debtor’s account
(B) Total creditor’s account
(C) Cash account
(D) Opening statement of affairs

Q3. Statement of affairs is a

(A) Statement of income and expenditure
(B) Statement of assets and liabilities
(C) Summary of cash transactions
(D) Summary of credit transactions

Q4. Accounts are usually held using a single entry scheme by:

(A) Society
(B) Company
(C) Sole Trader
(D) Government

Q5. A single-entry bookkeeping scheme is used

(A) Simple
(B) Unauthorized by tax authorities
(C) Unscientific
(D) all of these

Q6. Credit purchase, during the year is ascertained by preparing :

(A) Total creditor’s account
(B) Total debtor’s account
(C) Cash account
(D) Opening statement of affairs

Q7. The opening capital is ascertained by preparing

(A) Cash book
(B) Debtors
(C) Opening statement of affairs
(D) Creditors

Q8. Statement of affairs is prepared to-

(A) Know about assets
(B) Know about liabilities
(C) Calculate capital
(D) Know financial position.

Q9. When closing capital is more than opening capital, it denotes:

(A) Profit
(B) Loss
(C) No Profit no loss
(D) Profit, if there is no introduction of fresh capital

Q10. Single Entry System of book keeping is:

(A) Unscientific
(B) Unsystematic
(C) Inaccurate
(D) All of these

Q11. A system of accounting which is not based on double entry system is called-

(A) Cash system
(B) Mahajani system of accounting
(C) Incomplete accounting system
(D) None of these.

Q12. If opening capital is Rs.(i)0,000 & closing capital is Rs.(i)5,000 then profit or loss:

(A) Loss of Rs.5,000
(B) Profit of Rs.2,500
(C) Profit of Rs.5,000
(D) None of these

Q13. Normally single entry system is suitable for:

(A) Small scale business
(B) Large scale business
(C) Both of them
(D) None of them

Q14. Generally incomplete records are maintained by-

(A) Trader
(B) Society
(C) Company
(D) Government.

Q15. Single Entry System can be adopted by

(A) Small firms.
(B) Joint Stock Companies.
(C) Co-operative Societies.
(D) None of these,

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MCQ Questions for Class 11 Accountancy: Financial Accounting

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