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Class 11 Accountancy MCQ Questions of Recording of Transactions with Answers?

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Practice Class 11 Accountancy MCQ Questions of Recording of Transactions with Answers here. Students ought to allude to the accompanying Multiple Choice Questions with answers for Recording Of Transactions in class 11. These MCQ Questions with answers for Class 11 Accountancy will come in tests and assist you with scoring great marks. 

CBSE Class 11 Accountancy MCQ Questions for Recording Of Transactions with answers accessible for nothing. The MCQ Questions for Class 11 Accountancy with answers have been prepared according to the most recent syllabus and exam pattern proposed in class 11 by CBSE. Multiple Choice Questions are a significant piece of exams for Class 11 Accountancy and whenever practiced appropriately can assist you with getting better marks. Refer to more Chapter-wise Multiple Choice questions for NCERT Class 11 Accountancy for all subjects.

1. The Mathematical Expression defining the comparative relationship between Assets and Liabilities of any person, institution or Business concern is called-

(a) Accounting
(b) Accounting Equation
(c) Book – keeping
(d) None of these.

2. Liabilities and Assets amount to Rs. 50,000 and Rs. 7,800 respectively. The difference Amount shall represent-

(a) Creditors
(b) Debentures
(c) Profit
(d) Capital.

3. The basis of recording transactions is-

(a) Vouchers
(b) Profit
(c) Order form
(d) Quotation list.

4. As per American Belief, Accounts are of how many types-

(a) Two
(b) Three
(c) Five
(d) Four.

5. Which of the following is entered in cash – book-

(a) Only cash transactions
(b) Only credit transactions
(c) Both cash and credit transactions
(d) None of these.

6. Cash – book always show-

(a) Debit balance
(b) Credit balance
(c) Debit or Credit balance
(d) None of these.

7. Anil, the Petty Cashier of Ebony, has an imprest of Rs.5,000 out of which he pays for petty expenses. He submits the details of payments every 15 days which is reimbursed to him. He submitted the details for 15 days that ended on 15th April, 2012 amounting to Rs. 4,900. He has with him unpaid expense vouchers amounting to Rs.2,200. How much amount should be paid to him?

(a) Rs.4,900
(b) Rs.5,000
(c) Rs.2,200
(d) Rs.7,100

8. Anil purchased, 1,000 Add Gell Roller Pens @ Rs. 50 each less 20% Trade Discount and 3% Cash Discount if payment is made within 30 days. Anil paid Rs. 10,000 within 30 days and balance amount after 30 days period. Purchases Account will be debited and Discount Received Account will be credited respectively with   

(a) Rs. 40,000, Nil.
(b) Rs. 40,000, Rs. 300.
(c) Rs. 40,000, Rs. 1,200.
(d) Rs. 40,000, Rs. 900.

9. The Sales Book is a part of:

(a) Journal
(b) Trading A/c
(c) Balance Sheet
(d) Ledger

10. While passing an opening entry, all the assets are______while all the liabilities are_____

(a) Debited , credited
(b) Credited, Credited
(c) None of the options
(d) Credited, Debited

11. Which account will be debited in case wages are paid for installation of machinery?

(a) Machinery A/c
(b) Installation A/c
(c) Wages A/c
(d) Cash A/c

12. Goods worth Rs.7,000 given away as charity would be credited to :   

(a) Sales A/c
(b) Purchases A/c
(c) Charity A/c
(d) Trustee A/c

13. What are total number of subsidiary books available to record financial transactions?

(a) 8
(b) 7
(c) 6
(d) 12

14.The process of recording a business transaction in the journal is called

(i) Costing
(ii) Balancing
(iii) Posting
(iv) Journalising

15. The Sales Book is a part of:

(i) Journal
(ii) Trading A/c
(iii) Balance Sheet
(iv) Ledger

16. Which account will be debited in case wages are paid for installation of machinery?

(i) Machinery A/c
(ii) Installation A/c
(iii) Wages A/c
(iv) Cash A/c

17. How many columns are there in a Ledger (in one side)

(i) Six
(ii) Four
(iii) Five
(iv) Seven

18. The following account has a debit balance

(i) Creditor’s A/c
(ii) Capital A/c
(iii) Building A/c
(iv) Loan A/c

19. It is system of paying advance in the beginning and reimbursing the amount spent from time to time to the petty cashier.

a) Imprest System

b) Financial System

c) Analytical System

d) Ordinary System

20. The Sales Book is a part of:

a) Journal

b) Trading A/c

c) Balance Sheet

d) Ledger

21. Which account will be debited in case Life insurance premium is paid by proprietor from business cash?

a) Drawings A/c

b) Capital A/c

c) Insurance A/c

d) Cash A/c

22.  While passing an opening entry, all the assets are______while all the liabilities are_____

a) Debited , credited

b) Credited, Credited

c) None of the options

d) Credited, Debited

23. Which account will be debited in case wages are paid for installation of machinery?

a) Machinery A/c

b) Installation A/c

c) Wages A/c

d) Cash A/c

24. What are total number of subsidiary books available to record financial transactions?

a) 8

b) 7

c) 6

d) 12

25.  Name the transaction that is recorded in both sides of Cash book simultaneously.

a) Contra Entry

b) Dual entry

c) Double entry

d) Single entry

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Answer:

1. Answer (b) Accounting Equation

2. Answer (d) Capital.

3. Answer  (a) Vouchers

4. Answer (c) Five

5. Answer (d) None of these.

6. Answer (a) Debit balance

7. Answer (a) Rs.4,900

8. Answer (a) Rs. 40,000, Nil.

9. Answer (a) Journal

10. Answer (a) Debited , credited

11. Answer (a) Machinery A/c

12. Answer (b) Purchases A/c

13. Answer (a) 8

14. Answer (iv) Journalising

15. Answer (i) Journal

16. Answer (i) Machinery A/c

17. Answer (ii) Four

18. Answer (iii) Building A/c

19. Answer (a) Imprest System

20. Answer (a) Journal

21. Answer (a) Drawings A/c

22. Answer (a) Debited , credited

23. Answer (a) Machinery A/c

24. Answer (a) 8

25. Answer (a) Contra Entry

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