{"id":19356,"date":"2022-06-03T05:00:41","date_gmt":"2022-06-02T23:30:41","guid":{"rendered":"https:\/\/mcq-questions.com\/?p=19356"},"modified":"2022-05-21T11:59:35","modified_gmt":"2022-05-21T06:29:35","slug":"mcq-questions-for-class-11-accountancy-chapter-9","status":"publish","type":"post","link":"https:\/\/mcq-questions.com\/mcq-questions-for-class-11-accountancy-chapter-9\/","title":{"rendered":"MCQ Questions for Class 11 Accountancy Chapter 9 Financial Statements 1 with Answers"},"content":{"rendered":"

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<\/a>. 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.<\/p>\n

Financial Statements 1 Class 11 MCQs Questions with Answers<\/h2>\n

Choose the correct option in the following questions<\/span><\/p>\n

Question 1.
\nThe financial statements consist of:
\n(a) Trial balance
\n(b) Profit and Loss account
\n(c) Balance sheet
\n(d) (a) & (c)
\n(e) (b) & (c)<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (e) (b) & (c)<\/p>\n<\/details>\n

\n

Question 2.
\nChoose the correct chronological order of ascertainment of the following profits from the profit and loss account:
\n(a) Operating Profit, Net Profit, Gross Profit
\n(b) Operating Profit, Gross Profit, Net Profit
\n(c) Gross Profit, Operating Profit, Net Profit
\n(d) Gross Profit, Net Profit, Operating Profit<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (c) Gross Profit, Operating Profit, Net Profit<\/p>\n<\/details>\n

\n

Question 3.
\nWhile calculating operating profit, the following are not taken into account.
\n(a) Normal transactions
\n(b) Abnormal items
\n(c) Expenses of a purely financial nature
\n(d) (b) & (c)
\n(e) (a) & (c)<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (c) Expenses of a purely financial nature<\/p>\n<\/details>\n

\n

Question 4.
\nWhich of the following is correct:
\n(a) Operating profit = Operating profit – Non-operating expenses – Non-operating incomes
\n(b) Operating profit = Net profit + Non-operating expenses + Non-operating incomes
\n(c) Operating profit = Net profit + Non-operating expenses – Non-operating incomes
\n(d) Operating profit = Net profit – Non-operating expenses + Non-operating incomes<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (c) Operating profit = Net profit + Non-operating expenses – Non-operating incomes<\/p>\n<\/details>\n

\n

State True or False<\/span><\/p>\n

Question 1.
\nGross profit is total revenue.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (e) (b) & (c)<\/p>\n<\/details>\n

\n

Question 2.
\nIn 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.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (e) (b) & (c)<\/p>\n<\/details>\n

\n

Question 3.
\nRent, rates and taxes is an example of direct expenses.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (e) (b) & (c)<\/p>\n<\/details>\n

\n

Question 4.
\nIf 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.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (e) (b) & (c)<\/p>\n<\/details>\n

\n

Match the items given under \u2018A\u2019 with the correct items under ‘B\u2019<\/span><\/p>\n\n\n\n\n\n\n\n\n
Column A<\/td>\nColumn B<\/td>\n<\/tr>\n
I. Closing stock is credited to<\/td>\n(a) Trial balance<\/td>\n<\/tr>\n
II. Accuracy of book of account is tested by<\/td>\n(b) Trading account<\/td>\n<\/tr>\n
III.On returning the goods to seller, the buyer sends<\/td>\n(c) Credit note<\/td>\n<\/tr>\n
IV.The financial position is determined by<\/td>\n(d) Balance sheet<\/td>\n<\/tr>\n
V. On receiving the returned goods from the buyer, the seller sends<\/td>\n(e) Debit note<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\nAnswer<\/span><\/summary>\n

Answer:<\/p>\n\n\n\n\n\n\n\n\n
Column A<\/td>\nColumn B<\/td>\n<\/tr>\n
I. Closing stock is credited to<\/td>\n(b) Trading account<\/td>\n<\/tr>\n
II. Accuracy of book of account is tested by<\/td>\n(a) Trial balance<\/td>\n<\/tr>\n
III.On returning the goods to seller, the buyer sends<\/td>\n(e) Debit note<\/td>\n<\/tr>\n
IV.The financial position is determined by<\/td>\n(d) Balance sheet<\/td>\n<\/tr>\n
V. On receiving the returned goods from the buyer, the seller sends<\/td>\n(c) Credit note<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/details>\n
\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 …<\/p>\n

MCQ Questions for Class 11 Accountancy Chapter 9 Financial Statements 1 with Answers<\/span> Read More »<\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":""},"categories":[35],"tags":[],"yoast_head":"\nMCQ Questions for Class 11 Accountancy Chapter 9 Financial Statements 1 with Answers - MCQ Questions<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mcq-questions.com\/mcq-questions-for-class-11-accountancy-chapter-9\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MCQ Questions for Class 11 Accountancy Chapter 9 Financial Statements 1 with Answers - MCQ Questions\" \/>\n<meta property=\"og:description\" content=\"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. 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