Introduction to Accounting MCQ Questions for Class 11 Accountancy Chapter 1 with Answers

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All questions answers in the last paragraph

MCQ Questions for Class 11 Accountancy with Answers: Financial Accounting

Q1. Use of common unit of measurement and common format of reporting promotes

(A) Comparability
(B) Understandability
(C) Relevance
(D) Reliability

Q2. Which is the last step of accounting as a process of information?

(A) Recording of data in the books of accounts
(B) Preparation of summaries in the form of financial statements
(C) Communication of information
(D) Analysis and interpretation of information

Q3. Out of the following assets, which one is not an intangible asset?

(A) Machinery
(B) Patents
(C) Goodwill
(D) Trade Mark

Q4. Goodwill account is a

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

Q5. Accounting is the language of

(A) Government
(B) Commerce
(C) Trade
(D) Business

Q6. Internal users of accounting information are :

(A) Creditors
(B) Potential investors
(C) Managers
(D) Researchers

Q7. Drawings Account is a

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

Q8. Cash, goods or assets invested by the proprietor in the business for earning profit is called-

(A) Profit
(B) Capital
(C) Fixed assets
(D) None of these.

Q9. The unsold merchandise of business on particular day is called

(A) Purchase Return
(B) Stock / Inventory
(C) Bad Debts
(D) Sales Return

Q10. Use of common unit of measurement and common format of reporting promotes

(A) Comparability
(B) Understandability
(C) Relevance
(D) Reliability

Q11. Which of the following limitations of accounting states that accounts may be manipulated to conceal vital facts :

(A) Accounting is not fully exact
(B) Accounting may lead to window dressing
(C) Accounting ignores price level changes
(D) Accounting ignores qualitative elements

Q12. Basic function of financial accounting is to

(A) record all business transactions.
(B) interpret financial data.
(C) assist the management.
(D) None of these.

Q13. The process of recording, classifying and summarizing all business transactions in order to know the financial result is called –

(A) Book – keeping
(B) Accounting
(C) Journalizing
(D) None of these.

Q14. The Pioneer of Accounting is:

(A) Arthur Field House
(B) Gitman
(C) William Pickles
(D) Lucas Pacioli

Q15. Discounts received are

(A) Buyer of goods granted discount by seller
(B) Deducted when we receive cash
(C) Given by us when we sell goods on credit
(D) None of these

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All questions answers

QUESTIONS NO :	ANSWERS :
1	A
2	C
3	A
4	B
5	D
6	C
7	A
8	B
9	B
10	A
11	B
12	A
13	B
14	D
15	A