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


We hope the given NCERT MCQ Questions for Class 11 Accountancy PDF Free Download solution will definitely help you to achieve perfect score. If you have any queries related to CBSE Class 11 Accountancy MCQs Multiple Choice Questions with Answers, drop your questions below and will get back to you in no time.

All questions answers

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

MCQ Questions for Class 11 Accountancy: Financial Accounting

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