Recording of Transactions 2 MCQ Questions for Class 11 Accountancy Chapter 4 with Answers

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All questions answers in the last paragraph

MCQ Questions for Class 11 Accountancy with Answers: Financial Accounting

Q1. The first book of original entry is-

(A) Journal
(B) Ledger
(C) Trial Balance
(D) None of these.

Q2. Goods purchased on cash are recorded in the

(A) Purchases (journal) book
(B) Sales (journal) book
(C) Cash book
(D) Purchases return (journal) book

Q3. The balance in Petty Cash Book is

(A) An expense
(B) A profit
(C) A liability
(D) An asset

Q4. Which account will be debited in case Life insurance premium is paid by proprietor from business cash?

(A) Drawings A/c
(B) Capital A/c
(C) Insurance A/c
(D) Cash A/c

Q5. The total of the Sales Book is posted to

(A) debit of the Sales Account.
(B) credit of the Sales Account.
(C) debit of the Customers’ Account.
(D) credit of Customers’ Accounts.

Q6. Balancing of account means :

(i)Total of debit side
(B) Total of credit side
(C) Difference in total of debit & credit
(D) None of these

Q7. Balancing of account means

(A) Total of debit side
(B) Total of credit side
(C) Difference in total of debit & credit
(D) None of these

Q8. Income tax is treated as-

(A) Business Expense
(B) Direct Expense
(C) Personal Expense
(D) Indirect Expense.

Q9. Return of goods by a customer is recorded in-

(A) Purchase book
(B) Sales book
(C) Sales return book
(D) Purchase return book.

Q10. Cash book does not record transaction of:

(A) Cash nature
(B) Credit nature
(C) Cash and credit nature
(D) None of these

Q11. A sale of goods to Ram for cash is debited to

(A) Ram
(B) Cash
(C) Sales
(D) Purchases

Q12. Which account will be debited in case wages are paid for installation of machinery?

(A) Machinery A/c
(B) Installation A/c
(C) Wages A/c
(D) Cash A/c

Q13. The Sales Return Book always has______balance

(A) Debit
(B) Either debit or credit
(C) Credit
(D) None of the options

Q14. If total assets of a business are ₹ 1,80,000 and net worth is ₹ 50,000, outside liability will be

(A) ₹ 1,30,000
(B) ₹ 2,30,000
(C) ₹ 1,80,000
(D) ₹ 90,000

Q15. Credit balance of bank account in cash book shows :

(A) Overdraft
(B) Cash deposited in our bank
(C) Cash withdrawn from bank
(D) None of these

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All questions answers

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