Author name: Prasanna

Students who are searching for NCERT MCQ Questions for Class 11 Accountancy Chapter 6 Trial Balance and Rectification of Errors with Answers Pdf free download are compiled here to get good practice on all fundamentals. Know your preparation level on MCQ Questions for Class 11 Accountancy with Answers. You can also verify your answers from our provided Trial Balance and Rectification of Errors Class 11 MCQs Questions with Answers. So, ace up your preparation with MCQ on Trial Balance and Rectification of Errors Class 11 Objective Questions.

Trial Balance and Rectification of Errors Class 11 MCQs Questions with Answers

Question 1.
Agreement of trial balance is affected by
(a) one sided errors only
(b) two sided errors only
(c) both (a) and (b)
(d) none of the above

Answer

Answer: (c) both (a) and (b).

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Question 2.
Which of the following is not an error of principle?
(a) Purchase of furniture debited to purchases account.
(b) Repairs on the overhauling of second hand machinery purchased debited to repairs account.
(c) Cash received from Manoj posted to Saroj.
(d) Sale of old car credited to sales account.

Answer

Answer: (c) Cash received from Manoj posted to Saroj.

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Question 3.
Which of the following is not an error of commission?
(a) Overcasting of sales book.
(b) Credit sales to Ramesh Rs. 5,000 credited to his account.
(c) Wrong balancing of machinery account.
(d) Cash sales not recorded in cash book.

Answer

Answer: (d) Cash sales not recorded in cash book.

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Question 4.
Which of the following errors will be rectified through suspense account?
(a) Sales return book undercast by Rs. 1,000.
(b) Sales return by Madhu Rs. 1,000 not recorded.
(c) Sales return by Madhu Rs. 1,000 recorded as Rs. 100.
(d) Sales return by Madhu Rs. 1,000 recorded through purchases return book

Answer

Answer: (a) Sales return book undercast by Rs. 1,000.

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Question 5.
If the trial balance agrees, it implies that:
(a) there is no error in the books.
(b) there may be two sided errors in the book.
(c) there may be one sided error in the books.
(d) there may be both two sided and one sided errors in the books.

Answer

Answer: (b) there may be two sided error in the books.

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Question 6.
If suspense account does not balance off even after rectification of errors it implies that:
(a) there are some one sided errors only in the books yet to be located.
(b) there are no more errors yet to be located.
(c) there are some two sided errors only yet to be located.
(d) there may be both one sided errors and two sided errors yet to be located.

Answer

Answer: (a) there are some one sided errors only in the books yet to be located.

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Question 7.
If wages paid for installation of new machinery is debited to wages account, it is
(a) an error or commission.
(b) an error of principle
(c) a compensating error.
(d) an error of omission.

Answer

Answer: (b) an error of principle.

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Question 8.
Trial balance is:
(a) an account.
(b) a statement.
(c) a subsidiary book.
(d) a principal book.

Answer

Answer: (b) a statement.

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Question 9.
A trial balance is prepared:
(a) after preparation financial statement.
(b) after recording transactions in subsidiary books.
(c) after posting to ledger is complete.
(d) after posting to ledger is complete and accounts have been balanced.

Answer

Answer: (d) after posting to ledger is complete and accounts have been balanced

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Fill in the blanks

Question 1.
An item is posted to the wrong side of an account. The error will be of …………….. the amount.

Answer

Answer: double

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Question 2.
Errors of principle ………………… affect the Trial Balance.

Answer

Answer: do not

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Question 3.
If an accounting error has increased the profit, for correction, profit and loss account, will be ……………..

Answer

Answer: debited

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Question 4.
A Trial Balance ……………….. despite the existence of several errors in the books.

Answer

Answer: tallies

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Question 5.
Undercasting in wages account is rectified by ………………. suspense account and wages account.

Answer

Answer: crediting, debiting

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Question 6.
Overcasting in salaries account is rectified by ………………. suspense account and ……………… salaries account.

Answer

Answer: debiting, crediting

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Question 7.
If the Trial Balance does not ……………… it indicates that some ……………….. have been committed.

Answer

Answer: tally, errors

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Question 8.
Journal entries passed to correct errors are called ……………..

Answer

Answer: rectifying entries

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Question 9.
The last step of preparing Trial Balance is to ascertain the ……………….. of its two amount columns.

Answer

Answer: sum

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Question 10.
While preparing ………………… the ledger account balances are carried from the Trial Balance.

Answer

Answer: financial statement

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Use the above-provided NCERT MCQ Questions for Class 11 Accountancy Chapter 6 Trial Balance and Rectification of Errors with Answers Pdf free download and get a good grip on the fundamentals. Need any support from our end during the preparation of CBSE Class 11 Accountancy Trial Balance and Rectification of Errors MCQs Multiple Choice Questions with Answers then leave your comments below. We’ll revert back to you soon.

Students who are searching for NCERT MCQ Questions for Class 11 Accountancy Chapter 7 Depreciation, Provisions and Reserves with Answers Pdf free download are compiled here to get good practice on all fundamentals. Know your preparation level on MCQ Questions for Class 11 Accountancy with Answers. You can also verify your answers from our provided Depreciation, Provisions and Reserves Class 11 MCQs Questions with Answers. So, ace up your preparation with MCQ on Depreciation, Provisions and Reserves Class 11 Objective Questions.

Depreciation, Provisions and Reserves Class 11 MCQs Questions with Answers

Fill in the correct words

Question 1.
Depreciation is decline in the value of ………………….

Answer

Answer: Assets

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Question 2.
Installation, freight and transport expenses are a part of ……………….

Answer

Answer: Acquisition cost

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Question 3.
Provision is a ………………. against profit.

Answer

Answer: Charge

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Question 4.
Reserve created for maintaining a stable.rate of dividend is termed as ………………….

Answer

Answer: Dividend Equilisation Fund

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State whether the following statements are True or False.

Question 1.
Depreciation is a non-cash expense.

Answer

Answer: True

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Question 2.
Depreciation is also charged on current assets.

Answer

Answer: False

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Question 3.
Depreciation is decline in the market value of tangible fixed assets.

Answer

Answer: False

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Question 4.
The main cause of depreciation is wear and tear caused by its usage.

Answer

Answer: True

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Question 5.
Depreciation must be charged so as to ascertain true profit or loss of the business.

Answer

Answer: True

---

Question 6.
Depletion term is used in case of intangible assets.

Answer

Answer: False

---

Question 7.
Depreciation provides fund for replacement.

Answer

Answer: True

---

Question 8.
When market value of an asset is higher than book value, depreciation is not charged.

Answer

Answer: False

---

Question 9.
Depreciation is charged to reduce the value of asset to its market value.

Answer

Answer: False

---

Question 10.
If adequate maintenance expenditure is incurred, depreciation need not be charged.

Answer

Answer: False

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Use the above-provided NCERT MCQ Questions for Class 11 Accountancy Chapter 7 Depreciation, Provisions and Reserves with Answers Pdf free download and get a good grip on the fundamentals. Need any support from our end during the preparation of CBSE Class 11 Accountancy Depreciation, Provisions and Reserves MCQs Multiple Choice Questions with Answers then leave your comments below. We’ll revert back to you soon.

Students who are searching for NCERT MCQ Questions for Class 11 Accountancy Chapter 8 Bills of Exchange with Answers Pdf free download are compiled here to get good practice on all fundamentals. Know your preparation level on MCQ Questions for Class 11 Accountancy with Answers. You can also verify your answers from our provided Bills of Exchange Class 11 MCQs Questions with Answers. So, ace up your preparation with MCQ on Bills of Exchange Class 11 Objective Questions.

Bills of Exchange Class 11 MCQs Questions with Answers

Choose the correct alternative in the following
Question 1.
Bills receivable account is a:
(a) Nominal account
(b) Personal account
(c) Real account

Answer

Answer: (c) Real account

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Question 2.
At the time of retirement of a bill, the acceptor debits:
(a) Bills payable’account
(b) Discount account
(c) Neither of two

Answer

Answer: (a) Bills payable’account

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Question 3.
At the time of endorsement of a bill, the drawee debits:
(a) Bills payable account
(b) Other party ’s account
(c) No entry

Answer

Answer: (c) No entry

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Question 4.
When a bill is discharged, the acceptor debits:
(a) Creditor’s account
(b) Cash account
(c) Bills payable account

Answer

Answer: (c) Bills payable account

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Question 5.
When noting charges are paid by the bank at the time of dishonour of the bill and the drawee credits:
(a) Bank account
(b) Noting charges account
(c) Neither of the two

Answer

Answer: (c) Neither of the two

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Question 6.
The due date of bill dated 1st February, 2003 for a period of 2 months shall be:
(a) 4th April, 2003
(b) 5th April, 2003
(c) 4th May, 2003
(d) 2nd February, 1993

Answer

Answer: (a) 4th April, 2003

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Question 7.
The due date of bill dated 31st January, 1992 for a period of 1 month will be: (year 1992 is a leap year)
(a) 1 st October, 1993
(b) 31 st January, 1992
(c) 31st January, 1993
(d) 3rd March, 1992

Answer

Answer: (d) 3rd March, 1992

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Question 8.
Accommodation bills are also termed as …………. bills.
(a) Drawee bills
(b) Kite bills
(c) Payee bills
(d) Drawer bills

Answer

Answer: (b) Kite bills

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Question 9.
What shall be the due date of bill dated 21st July, 1993 for a period of 60 days when 22nd September, 1993 is declared as emergency holiday?
(a) 21 st September, 1993
(b) 22nd September, 1993
(c) 23rd September, 1993
(d) None of these

Answer

Answer: (c) 23rd September, 1993

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Question 10.
B/R stands for
(a) Bank Receivable Books
(b) Bank Receipt
(c) Bank Rebate
(d) All of them

Answer

Answer: (a) Bank Receivable Books

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Fill in the blanks with suitable word(s)

Question 1.
The person to whom the amount mentioned in the promissory is payable is known as ………………….

Answer

Answer: Promisee

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Question 2.
Transfer of a negotiable instrument to another person by signing on it, is known as ……………….

Answer

Answer: Endorsement

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Question 3.
In a promissory note, the person who makes the promise to pay is called as ……………..

Answer

Answer: Promissor

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Question 4.
A person who endorses the promissory note in favour of another is known as ………………

Answer

Answer: Endorser

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Question 5.
A bill of exchange is a …………….. instrument.

Answer

Answer: negotiable

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Question 6.
A bill of exchange is drawn by the …………….. upon his ………………

Answer

Answer: drawer, drawee

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Question 7.
A promissory note is drawn by ………………. in favour of his …………………

Answer

Answer: debtor, creditor

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Question 8.
There are ………………. parties to a bill of exchange.

Answer

Answer: three

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Question 9.
There are ………………… parties to a promissory note.

Answer

Answer: two

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Question 10.
Drawer and ………………… cannot be the same parties in case of a bill of exchange.

Answer

Answer: drawee

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Question 11.
Bill of exchange in Indian language is called ……………..

Answer

Answer: Hundi

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Question 12.
…………….. days of grace are added in terms of the bill to calculate the date of its ………………….

Answer

Answer: Three, maturity

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Write ‘True’ or ‘False’ against each statement regarding a bill of exchange

Question 1.
A bill of exchange must be accepted by the payee.

Answer

Answer: False

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Question 2.
A bill of exchange is drawn by the creditor.

Answer

Answer: True

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Question 3.
A bill of exchange is drawn for all cash transaction.

Answer

Answer: False

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Question 4.
A bill payable on demand is called Time bill.

Answer

Answer: False

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Question 5.
A person to whom payment is to be made in a bill or exchange is called payee.

Answer

Answer: True

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Question 6.
A negotiable instrument does not require the signature of its maker.

Answer

Answer: False

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Question 7.
The hundi payable at sight is called Darshani hundi.

Answer

Answer: False

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Question 8.
A negotiable instrument is not freely transferable.

Answer

Answer: False

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Question 9.
Stamping of promissory note is not mandatory.

Answer

Answer: False

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Question 10.
The time of payment of a-negotiable instrument need not be certain.

Answer

Answer: True

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Use the above-provided NCERT MCQ Questions for Class 11 Accountancy Chapter 8 Bills of Exchange with Answers Pdf free download and get a good grip on the fundamentals. Need any support from our end during the preparation of CBSE Class 11 Accountancy Bills of Exchange MCQs Multiple Choice Questions with Answers then leave your comments below. We’ll revert back to you soon.

Students who are searching for NCERT MCQ Questions for Class 11 Accountancy Chapter 9 Financial Statements 1 with Answers Pdf free download are compiled here to get good practice on all fundamentals. Know your preparation level on MCQ Questions for Class 11 Accountancy with Answers. You can also verify your answers from our provided Financial Statements 1 Class 11 MCQs Questions with Answers. So, ace up your preparation with MCQ on Financial Statements 1 Class 11 Objective Questions.

Financial Statements 1 Class 11 MCQs Questions with Answers

Choose the correct option in the following questions

Question 1.
The financial statements consist of:
(a) Trial balance
(b) Profit and Loss account
(c) Balance sheet
(d) (a) & (c)
(e) (b) & (c)

Answer

Answer: (e) (b) & (c)

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Question 2.
Choose the correct chronological order of ascertainment of the following profits from the profit and loss account:
(a) Operating Profit, Net Profit, Gross Profit
(b) Operating Profit, Gross Profit, Net Profit
(c) Gross Profit, Operating Profit, Net Profit
(d) Gross Profit, Net Profit, Operating Profit

Answer

Answer: (c) Gross Profit, Operating Profit, Net Profit

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Question 3.
While calculating operating profit, the following are not taken into account.
(a) Normal transactions
(b) Abnormal items
(c) Expenses of a purely financial nature
(d) (b) & (c)
(e) (a) & (c)

Answer

Answer: (c) Expenses of a purely financial nature

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Question 4.
Which of the following is correct:
(a) Operating profit = Operating profit – Non-operating expenses – Non-operating incomes
(b) Operating profit = Net profit + Non-operating expenses + Non-operating incomes
(c) Operating profit = Net profit + Non-operating expenses – Non-operating incomes
(d) Operating profit = Net profit – Non-operating expenses + Non-operating incomes

Answer

Answer: (c) Operating profit = Net profit + Non-operating expenses – Non-operating incomes

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State True or False

Question 1.
Gross profit is total revenue.

Answer

Answer: (e) (b) & (c)

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Question 2.
In trading and profit and loss account, opening stock appears on the debit side because it forms the part of the cost of sales for the current accounting year.

Answer

Answer: (e) (b) & (c)

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Question 3.
Rent, rates and taxes is an example of direct expenses.

Answer

Answer: (e) (b) & (c)

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Question 4.
If the total of the credit side of the profit and loss account is more than the total of the debit side, the difference is the net profit.

Answer

Answer: (e) (b) & (c)

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Match the items given under ‘A’ with the correct items under ‘B’

Column A	Column B
I. Closing stock is credited to	(a) Trial balance
II. Accuracy of book of account is tested by	(b) Trading account
III.On returning the goods to seller, the buyer sends	(c) Credit note
IV.The financial position is determined by	(d) Balance sheet
V. On receiving the returned goods from the buyer, the seller sends	(e) Debit note

Answer

Answer:

Column A	Column B
I. Closing stock is credited to	(b) Trading account
II. Accuracy of book of account is tested by	(a) Trial balance
III.On returning the goods to seller, the buyer sends	(e) Debit note
IV.The financial position is determined by	(d) Balance sheet
V. On receiving the returned goods from the buyer, the seller sends	(c) Credit note

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Use the above-provided NCERT MCQ Questions for Class 11 Accountancy Chapter 9 Financial Statements 1 with Answers Pdf free download and get a good grip on the fundamentals. Need any support from our end during the preparation of CBSE Class 11 Accountancy Financial Statements 1 MCQs Multiple Choice Questions with Answers then leave your comments below. We’ll revert back to you soon.

Students who are searching for NCERT MCQ Questions for Class 11 Accountancy Chapter 10 Financial Statements 2 with Answers Pdf free download are compiled here to get good practice on all fundamentals. Know your preparation level on MCQ Questions for Class 11 Accountancy with Answers. You can also verify your answers from our provided Financial Statements 2 Class 11 MCQs Questions with Answers. So, ace up your preparation with MCQ on Financial Statements 2 Class 11 Objective Questions.

Financial Statements 2 Class 11 MCQs Questions with Answers

Choose the correct answer

Question 1.
Rahul’s trial balance provide you the following information :
Debtors – Rs. 80,000
Bad debts – Rs. 2,000
Provision for bad debts – Rs. 4,000
It is desired to maintain a provision for bad debts of Rs. 1,000. State the amount to be debited/credited in Profit & Loss A/c.
(a) Rs. 5,000 (Debit)
(b) Rs. 3,000 (Debit)
(c) Rs. 1,000 (Credit)
(d) None of these

Answer

Answer: (c) Rs. 1,000 (Credit)

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Question 2.
If the rent of one month is still to be paid the adjustment entry will be
(a) Debit outstanding rent account and Credit rent account.
(b) Debit profit and loss account and Credit rent account.
(c) Debit rent account and Credit profit and loss account.
(d) Debit rent account and Credit outstanding rent account.

Answer

Answer: (d) Debit rent account and Credit outstanding rent account.

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Question 3.
If the rent received in advance Rs. 2,000. The adjustment entry will be
(a) Debit profit and loss account and Credit rent account.
(b) Debit rent account Credit rent received in advance account.
(c) Debit rent received in advance account and Credit rent account.
(d) None of these

Answer

Answer: (b) Debit rent account Credit rent received in advance account.

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Question 4.
If the opening capital is Rs. 50,000 as on April 1, 2005 and additional capital introduced Rs. 10,000 on January 1,2006. Interest charge on capital 10% p.a. The amount of interest on capital shown in profit and loss account as on March 31, 2006 will be:
(a) Rs. 5,250
(b) Rs. 6,000
(c) Rs. 4,000
(d) Rs. 3,000

Answer

Answer: (a) Rs. 5,250

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Question 5.
If the insurance premium paid Rs. 1,000 and prepaid insurance Rs. 300. The amount of insurance premium shown in profit and loss account will be
(a) Rs. 1,300
(b) Rs. 1,000
(c) Rs. 300
(d) Rs. 700

Answer

Answer: (d) Rs. 700

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Fill in the blanks with suitable.word/words

Question 1.
Trading and Profit & Loss Account shows the ………………. or ………………..

Answer

Answer: profit, loss

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Question 2.
Adjustments are necessary to show the correct ………………., and ………………. of a business concern.

Answer

Answer: profit or loss, financial position

---

Question 3.
Items of income and expenditure which do not pertain to the accounting period should be ……………….

Answer

Answer: excluded

---

Question 4.
Items of income and expenditure which relates to the accounting period but are left out should be ……………….

Answer

Answer: accounted for

---

Question 5.
Expenses related to the current accounting period but have not been paid are known as ……………….

Answer

Answer: outstanding expenses

---

Question 6.
Part of expenses paid if relates to the next accounting year, it is called ……………….

Answer

Answer: prepaid expenses

---

Question 7.
Income earned but not received till the end of the accounting year is termed as ……………….

Answer

Answer: accrued income

---

Question 8.
Income if received before it becomes due is called ……………….

Answer

Answer: income received in advance

---

Question 9.
While making a provision for possible bad debts or for doubtful debts, we ………………. Reserves Debts Account.

Answer

Answer: credit

---

Question 10.
An unexpired expenditure is shown on the ………………. side of the Balance Sheet.

Answer

Answer: assets.

---

Mention whether the following are true or false

Question 1.
Income received in advance is written on the liabilities side of the balance sheet.

Answer

Answer: True

---

Question 2.
Prepaid expenses appearing inside the trial balance will appear on the liabilities side of the balance sheet.

Answer

Answer: False

---

Question 3.
Outstanding expenses appearing inside the trial balance are shown on the debit side of the profit & loss account.

Answer

Answer: False

---

Question 4.
Assets are to be shown in the balance sheet at the values realisable on liquidation.

Answer

Answer: True

---

Question 5.
Salary outstanding account is a personal account.

Answer

Answer: True

---

Question 6.
The provision for discount on debtors is calculated after deducting the provisions for doubtful debts from debtors.

Answer

Answer: True

---

Question 7.
Outstanding salaries appearing in the trial balance is shown in Profit & Loss Account.

Answer

Answer: False

---

Question 8.
Goods sold on approval basis is treated as a complete sale.

Answer

Answer: False

---

Question 9.
Deferred revenue expenditure is partly debited to Profit & Loss Account and the balance is shown in the Balance Sheet.

Answer

Answer: True

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Question 10.
Provision for bad debts is debited to sundry debtors accounts.

Answer

Answer: False

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Use the above-provided NCERT MCQ Questions for Class 11 Accountancy Chapter 10 Financial Statements 2 with Answers Pdf free download and get a good grip on the fundamentals. Need any support from our end during the preparation of CBSE Class 11 Accountancy Financial Statements 2 MCQs Multiple Choice Questions with Answers then leave your comments below. We’ll revert back to you soon.

Students who are searching for NCERT MCQ Questions for Class 11 Accountancy Chapter 11 Accounts from Incomplete Records with Answers Pdf free download are compiled here to get good practice on all fundamentals. Know your preparation level on MCQ Questions for Class 11 Accountancy with Answers. You can also verify your answers from our provided Accounts from Incomplete Records Class 11 MCQs Questions with Answers. So, ace up your preparation with MCQ on Accounts from Incomplete Records Class 11 Objective Questions.

Accounts from Incomplete Records Class 11 MCQs Questions with Answers

Choose the correct answer

Question 1.
Incomplete record mechanism of book keeping is
(a) Scientific
(b) Unscientific
(c) Unsystematic
(d) Both (b) and (c)

Answer

Answer: (b) Unscientific

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Question 2.
Opening capital is ascertained by preparing
(a) Total debtor’s account
(b) Total creditor’s account
(c) Cash account
(d) Opening statement of affairs

Answer

Answer: (d) Opening statement of affairs

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Question 3.
Credit purchase, during the year is ascertained by preparing :
(a) Total creditor’s account
(b) Total debtor’s account
(c) Cash account
(d) Opening statement of affairs

Answer

Answer: (a) Total creditors account

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Question 4.
If Opening capital is Rs. 60,000, drawings Rs. 5,000, capital introduced during the period Rs. 10,000, closing capital Rs. 90,000. The value of profit earned during the period will be:
(a) Rs. 20,000
(b) Rs. 25,000
(c) Rs. 30,000
(d) Rs. 40,000

Answer

Answer: (b) Rs. 25,000.

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Write the correct word(s)

Question 1.
Credit sales can be ascertained as the balancing figure in the …………….. account.

Answer

Answer: total debtor’s

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Question 2.
Excess of ……………. over ……………… represents loss sustained during the period.

Answer

Answer: opening capital, closing capital

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Question 3.
To ascertain the profit, closing capital is to be adjusted by deducting ………………. and adding …………….

Answer

Answer: additional capital introduced, drawings during the year

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Question 4.
Incomplete records are generally used by ……………….

Answer

Answer: small traders.

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Use the above-provided NCERT MCQ Questions for Class 11 Accountancy Chapter 11 Accounts from Incomplete Records with Answers Pdf free download and get a good grip on the fundamentals. Need any support from our end during the preparation of CBSE Class 11 Accountancy Accounts from Incomplete Records MCQs Multiple Choice Questions with Answers then leave your comments below. We’ll revert back to you soon.