# MCQ Question for Accountancy Class 11 With Answers Chapter 9 Financial Statements – I

Check the below NCERT MCQ Class 11 Accountancy Chapter 9 Financial Statements – I with Answers available with PDF free download. MCQ Questions for Class 11 Accountancy with Answers were prepared based on the latest syllabus and examination pattern issued by CBSE, NCERT and KVS. Our teachers have provided below Financial Statements – I Class 11 Accountancy MCQs Questions with answers which will help students to revise and get more marks in exams

## Financial Statements – I Class 11 Accountancy MCQs Questions with Answers

Refer below for MCQs Financial Statements – I with solutions. Solve questions and compare with the answers provided below

Question. The loss of sale of old machinery should be debited to :
a. Profit& Loss Account
c. Machinery Account
d. None of these

A

Question. Revenue Expenditure is intended to benefit
a. Past period
b. Current period
c. Future period
d. None of these

B

Question. According to Principle of Conservatism
b. Deprecation is charged on assets
c. Recording is made for outstanding expenses
d. Profit & Loss account is made for full year

A

Question. Closing Stock given inside the Trial balance is shown only in……………
a. Balance Sheet
c. Profit & Loss Account
d. None of these

A

Question. Closing stock is valued at
a. Cost price
b. Cost price or market price whichever is less
c. Market price
d. Cost price or market price whichever is higher

B

Question. Calculate Gross profit if rate of gross profit is 10% on sales and cost of goods sold is Rs. 90000.
a. 10000
b. 8000
c. Rs. 9000
d. None of these

A

Question. Which of the following is another name of Earning before Income Tax (EBIT)
a. Operating Profit
b. Gross Profit
c. Net Profit
d. None of these

C

Question. Calculate Gross profit if rate of gross profit is 10% on sales and Sales is Rs. 90000
a. 8500
b. 9000
c. Rs. 10000
d. None of these

B

Question. Carriage inward is shown in
a. Balance Sheet
c. Profit & Loss Account
d. None of these

B

Question. Land & building owned by a firm should be classified as:
a. Fixed Assets
b. Current Assets
c. Fictitious Assets
d. None of these

A

Question. Return inward appearing in Trial balance are deducted from
a. Sales
b. Purchase
c. Return outward
d. Capital

A

Question. Which of the following account is affected from the Drawing of Cash in Sole proprietorship?
a. Shareholder’s Account
b. Capital Account
c. Liabilities Account
d. Expense Account

B

Question. Which type of expenses is written in Profit & Loss Account?
a. Direct
b. Indirect
c. Direct & Indirect
d. None of these

B

Question. Manufacturing expenses are treated as………
a. Capital Expenditure
b. Direct Expenses
c. Indirect Expenses
d. None of these

B

Question. If Rent paid in advance Rs. 7000 given in Trial balance. It will be shown in
a. Liabilities
b. Assets
c. Profit & Loss Account (Debit)

B

Question. Return outward appearing in Trial balance are deducted from
a. Sales
b. Purchase
c. Return outward
d. Capital

B

Question. Depreciation for current year given in Trial balance. Its treatment will be
b. Deducted from Fixed Assets in Balance Sheet
c. Debited to Profit & Loss Account
d. Debited to Profit & Loss Account and Deducted from Fixed Assets in Balance Sheet (D)

D

Question. If Accrued Interest Rs. 2000 given in Trial balance. It will be shown in
a. Liabilities
b. Assets
c. Profit & Loss Account (Credit)

B

Question. Which statement tells us about the financial position of the business?
b. Profit & Loss Account
c. Trial Balance
d. Balance Sheet

D

Question. Which is the position statement?
b. Profit & Loss Account
c. Balance Sheet
d. None of these

C

Question. Wages paid for erection of Machinery are debited to
a. Deferred wages account
b. Machinery Account
c. Profit & Loss Account
d. Wages Account

B

Question. Preliminary exp. fall in which category
a. Revenue Receipt
b. Deferred Revenue expenditure
c. Intangible assets
d. Deferred Capital receipts

B

Question. If opening stock is Rs. 30000, closing stock is Rs. 40000, Purchases are Rs. 80000, Direct Expenses Rs. 30000. What will be the value of Cost of Goods sold
a. 100000
b. 120000
c. 90000
d. 80000

A

Question. If Salary payable Rs. 9000 given in Trial balance. It will be shown in
a. Liabilities
b. Assets
c. Profit & Loss Account (Debit)

A

Question. If insurance premium paid Rs. 2000 and prepaid insurance is Rs. 300. The amount of insurance premium shown in profit & Loss Account will be…
a. Rs. 2300
b. Rs. 2000
c. 1700
d. 300

C

Fill In The Blanks

Question. Assets & Liabilities of business are shown in ………………. .

balance sheet

Question. Assets & Liabilities arranged in a proper order is known as …………………. .

Marshalling of Assets

Question. ………………….. type of liability comes last in Liabilities side of Balance Sheet as per liquidity order.

Non-Current Liability

Question. Wages & Salaries are debited to ………………….. Account.

Question. …………………. type of liability comes last in Liabilities side of Balance Sheet as per order of permanency.

Current Liability

Question. Debit balance of profit and loss A/C represents ………………………….. .

Net Loss

Question. Direct expenses are a Debited to …………………. Account.

Question. Statement of balances prepared from ledger is known as ……………… .

Trial balance

Question. Profit and loss account is prepared on ……………….basis.

Accrual

Question. Net sales Rs. 8,00,000, Gross profit 25% on cost. Amount of cost of goods sold is Rs ………………….. .

6,40,000

Question. Credit balance of profit & loss A/C represents ………………….. .

Net Profit

Question. Unearned commission mentioned in Trial balance will be transferred to ………………………. .

Balance Sheet

Question. Indirect expenses consists of……….…& ………

Operating & Non-Operating expenses

Question. Amortization is used for ………………………..assets.

Intangible

Question. If net loss is Rs. 60,000, operating expenses are Rs. 90,000. The amount of gross profit will be Rs ……… .

30,000

Question. If closing stock is not appearing in …………………………., it will appear in Trading account and balance Sheet.

Trial balance

Question. A manager is entitled to a commission of 12% on net profit after charging such commission. Net profit before charging commission is Rs. 67,200. The commission payable to manager is Rs. …………… . 720020. Wages & Salaries are debited to ………………….. Account.

Question. Salaries & Wages are debited to ……………………Account.

Profit & Loss

Question. Rent Account is shown in ………………………. Account.

Profit & Loss

True/False.

Question. The balance of debtor in balance sheet shows Rs 40,000, the provision is to be maintained at 10% . The amount of provision will be Rs 4,000 .

True

Question. The net profit of a firm is Rs. 44,000 before charging his commission. The commission payable to manager before charging at 5% is Rs 2,200.

True

Question. Net profit is calculated from trading accounts profit.

False

Question. GST paid is debited to P&L account.

False

Question. Gross profit is calculated from trading accounts.

True

Question. Unearned income is added to its concerned expense.

False

Question. The manager is entitled for a commission of 10% on net profit after charging his commission . The net profit for the year ended is Rs.66,000. the commission payable to him is Rs 6000.

True

Question. Trial balance is a part of final accounts.

False

Question. Trading account is also known as manufacturing account.

False

Question. Income tax paid is debited to P&L a/c.

False

Question. Wages paid for erection of machinery is debited to P&L a/c.

False

Question. Interest paid is shown on credit side of Profit & Loss account.

False

Question. Apprentice premium is always debited to P&L a/c

False

Question. Profit & Loss a/c is also known as Factory A/c.

False

Question. Cost of goods sold can be calculated by deducting adjusted purchase from value of sales.

True

Match The Following

Question. Match the activity with their respective heads:

1-D, 2-C, 3-B, 4-A

Question. Match the below expenses with their respective expense head:

1-B,2-C,3-A

Question. Match the below expenses with their respective expense head:

1-B, 2-A

Question. Match the below items with respective A/c where it transferred:

4-A, 3-B

Question. Match the following account with their respective accounts:

3-B; 4-A

Question. Match the below items

1-D,2-A,3-B,4-A

Question. Match the following:

1-C, 2-A, 3-B

Question. Match the following:

1-B, 2-A, 3-D, 4-C

Question.Match the type of entries with purpose:

1-D, 2-E, 3-A, 4-B, 5-C

Question .Match the following