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.

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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.

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

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