CBSE MCQ Class 11 Accountancy Chapter 10 Financial Statements 2 with answer

MCQ Class 11 Accountancy Chapter 10 : MCQ Questions for Class 11 Accountancy Chapter 10 Financial Statements 2 with Answers PDF Free Download prepared here according to the latest CBSE RBSE and Other State Board syllabus and NCERT curriculum.

MCQ Class 11 Accountancy Chapter 10 Wise with answer and Free PDF Download

MCQ Class 11 Accountancy Chapter 10 Financial Statements 2 with answer

Q1. If a person fails to pay his debt, such amount is considered as-

(a) Bad debts
(b) Bad debts recovered
(c) Provision for Bad debt
(d) None of these.

(a) Bad debts


Q2. The object of non – trading concerns-

(a) Social service
(b) Profit earning
(c) Both of these
(d) None of the above.

(a) Social service


Q3. Such persons who earn remuneration against their services are called –

(a) Seller
(b) Purchaser
(c) Professional
(d) None of these.

(c) Professional


Q4. Which of the following is not an item of income of Non – trading concern –

(a) Entrance fees
(b) Interest
(c) Govt. Aid
(d) Salary.

(d) Salary.


Q5. While making a provision for possible bad debts or for doubtful debts, we ………………. Reserves Debts Account.

credit


Q6. Receipt and payment account is a summary of-

(a) Income & Expenditure account
(b) Profit & Loss A/c
(c) Cash – book
(d) None of these.


Q7. Which of the following is recorded in income & expenditure account –

(a) Revenue items
(b) Capital items
(c) Revenue and capital items
(d) None of these.

(a) Revenue items


Fill in the blanks:

Q8. Goods given in charity is credited in …………… Account.

Purchase


Q9. Such Expenses which are paid in current year but are related to next year are called ……………. expenses.


Q10. Accrued income is ……………. Account.

Personal account


Q11. There is ……………. fall in the value of Asset due to depreciation.

Constant/ gradual


Q12. 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.

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


Q13. 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

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


Q14. 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


Q15. 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

(d) Rs. 700


Fill in the blanks with suitable.word/words

Q16. Trading and Profit & Loss Account shows the ………………. or ………………..

profit, loss


Q17. Adjustments are necessary to show the correct ………………., and ………………. of a business concern.

profit or loss, financial position


Q18. Items of income and expenditure which do not pertain to the accounting period should be ………………

excluded


Q19. Items of income and expenditure which relates to the accounting period but are left out should be ……………….

accounted for


Q20. Expenses related to the current accounting period but have not been paid are known as ……………….

outstanding expenses

MCQ Questions for Class 11 Accountancy with Answers Chapter Wise PDF Download

MCQ Questions for Class 11 Accountancy: Financial Accounting

  1. MCQ Class 11 Accountancy Chapter 1 Introduction to Accounting
  2. MCQ Class 11 Accountancy Chapter 2 Theory Base of Accounting
  3. MCQ Class 11 Accountancy Chapter 3 Recording of Transactions 1
  4. MCQ Class 11 Accountancy Chapter 4 Recording of Transactions 2
  5. MCQ Class 11 Accountancy Chapter 5 Bank Reconciliation Statement
  6. MCQ Class 11 Accountancy Chapter 6 Trial Balance and Rectification of Errors
  7. MCQ Class 11 Accountancy Chapter 7 Depreciation, Provisions and Reserves
  8. MCQ Class 11 Accountancy Chapter 8 Bills of Exchange
  9. MCQ Class 11 Accountancy Chapter 9 Financial Statements 1
  10. MCQ Class 11 Accountancy Chapter 10 Financial Statements 2
  11. MCQ Class 11 Accountancy Chapter 11 Accounts from Incomplete Records
  12. MCQ Class 11 Accountancy Chapter 12 Applications of Computers in Accounting
  13. MCQ Class 11 Accountancy Chapter 13 Computerised Accounting System
  14. MCQ Class 11 Accountancy Chapter 14 Structuring Database for Accounting
  15. MCQ Class 11 Accountancy Chapter 15 Accounting System Using Database Management System

NCERT MCQ Questions for Class 11 Chemistry with Answers
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