Financial Statements 2 MCQ Questions for Class 11 Accountancy Chapter 10 with Answers

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MCQ Questions for Class 11 Accountancy with Answers: Financial Accounting

Q1. Closing stock is shown in Financial Statements at:

(A) Cost price
(B) Reliasable Value
(C) Cost price or Reliasable Value whichever is greater
(D) Cost price or Reliasable Value whichever is less

Q2. Outstanding Salary is _ account:

(A) Real Account
(B) Nominal Account
(C) Personal Account
(D) None of these

Q3. Which of the following is recorded in income & expenditure account –

(A) Revenue items
(B) Capital items
(C) Revenue and capital items
(D) None of these.

Q4. Which of the following item provides the important function of shielding part of income from taxes?

(A) Inventory
(B) Supplies
(C) Machinery
(D) Depreciation

Q5. Which of the following is true for every adjusting entry?

(A) They affect only income statement accounts
(B) They affect balance sheet account and an income statement account
(C) They affect only balance sheet accounts
(D) They affect only accounts with normal debit balance

Q6. Prepaid expenses are shown in-

(A) Liability side
(B) Asset side
(C) Assets or Liability side
(D) None of these.

Q7. Accrued income is :

(A) A Liability
(B) Revenue
(C) An Asset
(D) An Expense

Q8. If closing stock appears in Trial Balance then it will be appearing in ;

(A) Trading Account
(B) Balance Sheet
(C) Profit & Loss Account
(D) Trading A/c & Balance Sheet

Q9. Which of the following is not an item of income of Non – trading concern –

(A) Entrance fees
(B) Interest
(C) Govt. Aid
(D) Salary.

Q10. Depreciation is necessary to calculate:

(A) Net profitcorrect
(B) Net financial position
(C) Tax
(D) None of them

Q11. Adjusting Entries?

(A) Assign revenue to the period in which they are earned
(B) Help to properly measure the period’s Net Profit / Loss
(C) Bring asset and liability account to correct balances
(D) All of about statements are true regarding Adjusting Entries

Q12. Charity of goods is-

(A) Expenses
(B) Loss
(C) Profit
(D) None of these.

Q13. Income earned but not received is shown in:

(A) Liabilities
(B) Foot notes
(C) Assets
(D) None of them

Q14. If the insurance premium paid Rs. 1,000 and prepaid insurance Rs. 300. The amount of insurance premium shown in profit and loss account will be

(A) Rs. 1,300
(B) Rs. 1,000
(C) Rs. 300
(D) Rs. 700

Q15. Prepaid Insurance existing in the Trial Balance is shown in the Balance Sheet in the assets side because of

(A) Accrual Concept.
(B) Matching Principle.
(C) Materiality Principle.
(D) Cost Principle.

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MCQ Questions for Class 11 Accountancy: Financial Accounting

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