Practice MCQ Questions for Class 11 Accountancy with Answers on a daily basis and score properly in exams. We have compiled the MCQ Questions for Class 11 Accountancy Introduction to Accounting with Answers covering the whole syllabus. MCQ Questions for Class 11 Accountancy with Answers are provided right here for the students who're getting ready for the CBSE 11 Board Exams.
Class 11 Accountancy with detailed solutions given under for every chapter on your textbook is vital for students, for that reason do MCQ Questions to check knowledge of vital subjects withinside the chapters. These Class eleven Accountancy MCQ Objective Questions with Solutions cover all subjects worried withinside today's CBSE Class 11 Accountancy Syllabus. According to the brand new sample of examination, CBSE is growing the Multiple Choice Questions in numerous question papers for Accountancy for Class eleven.
1. Goodwill account is a
(a) Personal Account.
(b) Real Account.
(c) Nominal Account.
(d) None of these.
2. Current Liabilities include:
(A) Bills Payable
(B) Creditors
(C) Outstanding Expenses
(D) All of the above
3. Basic function of financial accounting is to
(a) record all business transactions.
(b) interpret financial data.
(c) assist the management.
(d) None of these.
4. Which of the following is not a long-term liability? A
(a) Creditors
(b) Term-loan
(c) Debentures
(d) Capital
5. Which of the following accounts has a credit balance?
(a) Carriage Inward
(b) Discount Received
(c) Carriage Outward
(d) Discount Allowed
6. 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.
7. Which of the following will not be recorded in the books of account?
(a) Sales of goods
(b) Payment of salary
(c) Quality of staff
(d) Purchase of Goods
8. Which of the following transaction is not of financial character?
(a) Purchase of asset on credit
(b) Purchase of asset for cash
(c) Withdrawing of money by proprietor from business
(d) Strike by employees.
9. Accounting provides data or information on
A) Income and cost for the managers
B) Financial conditions of the institutions
C) Company’s tax liability for a particular year
D) All the above
10. Long term assets without any physical existence but, possessing a value are called
A) Intangible assets
B) Fixed assets
C) Current assets
D) Investments
11. The assets that can be easily converted into cash within a short period, i.e., 1 year or less are known as
A) Current assets
B) Fixed assets
C) Intangible assets
D) Investments
12. Copyrights, Patents and Trademarks are examples of
A) Current assets
B) Fixed assets
C) Intangible assets
D) Investments
13. The debts which are to be repaid within a short period (a year or less) are referred to as,
A) Current Liabilities
B) Fixed liabilities
C) Contingent liabilities
D) All the above
14. Bookkeeping is ______.
(a) An art
(b) A science
(c) Both an art as well as science
(d) None of these
15. ___________ is the last step of accounting as a process of information.
(a) Recording of data in the books of accounts
(b) Preparations of summaries in the form of financial statement
(c) Communication of information
(d) Analysis and interpretation of information
Answer: (c) Communication of information
16. The person, firm, or institution who does not pay the price in cash for the goods purchased or the services received is called ______.
(a) Creditor
(b) Proprietor
(c) Debtor
(d) None of these
17. Use of a common unit of measurement and common format of reporting promotes _____.
(a) Comparability
(b) Understandability
(c) Relevance
(d) Reliability
18. 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
19. Which is the last step of accounting as a process of information?
(i) Recording of data in the books of accounts
(ii) Preparation of summaries in the form of financial statements
(iii) Communication of information
(iv) Analysis and interpretation of information
20. Goodwill account is a
(i) Personal Account.
(ii) Real Account.
(iii) Nominal Account.
(iv) None of these.
21. Internal users of accounting information are :
(i) Creditors
(ii) Potential investors
(iii) Managers
(iv) Researchers
22. Cash, goods or assets invested by the proprietor in the business for earning profit is called-
(i) Profit
(ii) Capital
(iii) Fixed assets
(iv) None of these.
23. Use of common unit of measurement and common format of reporting promotes
(i) Comparability
(ii) Understandability
(iii) Relevance
(iv) Reliability
24. Basic function of financial accounting is to
(i) record all business transactions.
(ii) interpret financial data.
(iii) assist the management.
(iv) None of these.
25. The Pioneer of Accounting is:
(i) Arthur Field House
(ii) Gitman
(iii) William Pickles
(iv) Lucas Pacioli
