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
b. Trading Account
c. Machinery Account
d. None of these

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

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

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

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

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

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

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

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

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

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

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  

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

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

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)
d. Trading Account (debit)

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

Question. Depreciation for current year given in Trial balance. Its treatment will be
a. Debited to Trading Account
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)

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

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

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

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

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

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

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

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

Fill In The Blanks 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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

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 .

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.

Question. Net profit is calculated from trading accounts profit. 

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

 Question. Gross profit is calculated from trading accounts.

Question. Unearned income is added to its concerned expense.

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.

  Question. Trial balance is a part of final accounts.

Question. Trading account is also known as manufacturing account.

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

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

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

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

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

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

Match The Following

Question. Match the activity with their respective heads:

Activity	Heading
1. Recording	A. Profit and Loss A/c and Balance sheet
2. Classifying	B. Trial Balance
3. Summarizing	C. Ledger
4. Interpretation	D. Journal

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

Expense	Expense Type
1. Salaries And wages	A. Direct Expenses
2. Interest on Loan	B. Operating Expenses
3. Wages and salaries	C. Non-operating Expenses

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

Expense	Expense Type
1. Non-Cash expenses	A. Payment of salaries
2. Cash expenses	B. Depreciation and amortization

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

1. Opening stock is debited to	A. Trading A/c
2. Closing stock is credited to	B. Profit and Loss A/c
3. Discount on purchase is credited
4. Carriage on purchase debited to

Question. Match the following account with their respective accounts:

Items	Account
1. Profit on sale of fixed assets	A. Trading A/c
2. Bad debts recovered	B. Profit and Loss A/c
3. Carriage on sales
4. Carriage on purchase

Question. Match the below items

Items	Types
1. Final Accounts	A. Ledger
2. Books of final Entry	B. Cash Book
3. Subsidiary and principal Book	C. Purchase book
4. Principal Book	D. Profit and Loss A/c and Balance sheet

Question. Match the following:

1. Profit and Loss A/c	A. Position statement
2. Balance sheet	B. Reconciliation statement
3. Bank reconciliation statement	C. Income statement

Question. Match the following:

1. Accrued Income	A. Expense
2. Rent	B. Assets
3. Out-standing salary	C. Income
4. Discount received	D. Liability

Question.Match the type of entries with purpose:

Entries	Purpose
1. Journal Entry	A. Entry in which cash A/c and Bank A/c are used in opposite
2. Adjustment entry	B. For transferring of balance to next year set of books
3. Contra entry	C. For closing the accounts of current year
4. Opening Entry	D. For recording a transaction
5. Closing Entry	E. Entry for adjustment purpose.

Question .Match the following

Expenditure	Definition
1. Revenue Expenditure	A. Expenditure incurred on purchase of fixed assets or increasing the value of fixed assets
2. Capital Expenditure	B. Expenditure benefit of which derived over the years.
3. Deferred Revenue Expenditure	C. Expenditure benefit of which exhausted within the accounting period

Question. Match the following with their format

1. Trading and profit and loss A/c	A. As on …….
2. Balance sheet	B. for the year ended……….
3. Trail Balance	C. As at………………

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