Theory Base of Accounting MCQ Questions for Class 11 Accountancy Chapter 2 with Answers

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MCQ Questions for Class 11 Accountancy with Answers: Financial Accounting

Q1. Among the following assets, which one is fictitious asset?

(A) Debit balance of Profit &loss A/c
(B) Goodwill
(C) Patents
(D) Oil wells

Q2. The primary qualities that make accounting information useful for decision-making are

(A) Relevance and freedom from bias
(B) Reliability and comparability
(C) Comparability and consistency
(D) None of the above

Q3. IASB upon coming into existence has adopted

(A) all IAS and SIC.
(B) some IAS and SIC.
(e) none of the IAS and SIC.
(D) None of these.

Q4. According to the Cost Concept

(A) Assets are recorded at lower of cost and market value.
(B) Assets are recorded by estimating the market value at the time of purchase.
(C) Assets are recorded at the value paid for acquiring it.
(D) Assets are not recorded

Q5. Return Inward is the term used for:

(A) Sales Return
(B) Purchase Return
(C) Credit purchase
(D) Credit Sales

Q6. The Trading and Profit and Loss Account is prepared under which attribute of accounting:

(A) Summarising
(B) Recording
(C) Classifying
(D) Analysis and Interpretation

Q7. As per Income Tax Act, accounting period is :

(A) From 1st January to 31st December
(B) From 1st April to 31st March
(C) From 1st July to 30th June
(D) From Diwali to Diwali

Q8. Meaning of credibility of going concern is:

(A) Closing of business
(B) Opening of business
(C) Continuing of business
(D) None of these.

Q9. Which of the following limitations of accounting states that accounts may be manipulated to conceal vital information?

(A) Accounting leads to window dressing
(B) Accounting is not fully exact
(C) Accounting ignores price level changes.
(D) Accounting ignores qualitative concepts.

Q10. A concept that a business enterprise will not be sold or liquidated in the near future is known as :

(A) Going concern
(B) Economic entity
(C) Monetary unit
(D) None of the above

Q11. Which of these is not a fundamental accounting assumption?

(A) Going concern
(B) Consistency
(C) Accrual
(D) Materiality

Q12. Convention of conservatism takes into account:

(A) All future profits and losses
(B) All future profits and not losses
(C) All future losses and not profits
(D) Neither profits nor losses of the future

Q13. In India, the accounting standard board was set up in the year-

(A) 1972
(B) 1977
(C) 1956
(D) 1932.

Q14. Which of the following statements is correct:

(A) Book Keeping is a part of Accounting.
(B) Accounting is a part of book-keeping.
(C) The term book-keeping and accounting can be used interchangeably.
(D) Book keeping is not a part of accounting.

Q15. A liability arises because of:

(A) Credit transaction
(B) Cash transaction
(C) None of the options
(D) Cash and credit transaction

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MCQ Questions for Class 11 Accountancy: Financial Accounting

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