CBSE MCQ Class 11 Accountancy Chapter 3 Recording Of Transactions 1

MCQ Class 11 Accountancy Chapter 3 Recording of Transactions 1 : MCQ Questions for Class 11 Accountancy 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 3 Wise with answer and Free PDF Download

MCQ Class 11 Accountancy Chapter 3 Recording of Transactions 1

Q1. The process of recording a business transaction in the journal is called

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

(iv) Journalising

Q2. The Sales Book is a part of:

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

(i) Journal

Q3. 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

(i) Machinery A/c

Q4. How many columns are there in a Ledger (in one side)

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

(ii) Four

Q5. The following account has a debit balance

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

(iii) Building A/c

Q6. 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

(i) Machinery A/c

Q7. Name the transaction that is recorded in both sides of Cash book simultaneously.

(i) Contra Entry
(ii) Dual entry
(iii) Double entry
(iv) Single entry

(i) Contra Entry

Q8. The balance of good’s Account is transferred to-

(i) Profit and loss Account
(ii) Trading Account
(iii) Balance sheet
(iv) None of these.

(ii) Trading Account

Q9. Journal is a book of in accounting.

(i) All non-cash transactions
(ii) Secondary entry
(iii) Original entry
(iv) All cash transaction.

(iii) Original entry

Q10. All the indirect expenses are closed to

(i) Profit and loss A/c
(ii) Cash Flow Statement
(iii) Balance sheet
(iv) Trading A/c

(i) Profit and loss A/c

Q11. Journal proper includes entries related to

(i) Sale of asset on credit
(ii) Sale of asset for cash
(iii) Sale of goods for cash
(iv) Sale of goods on credit

(i) Sale of asset on credit

Q12. What statement is used while closing a Drawing Account-

(i) Balance c/d
(ii) By Trading A/c
(iii) By P & L A/c
(iv) By Capital Account.

(iv) By Capital Account.

Q13. If a film borrows a sum of money, there will be

(i) Increase in capital
(ii) Decrease in capital
(iii) No effect on capital
(iv) None of the above

(i) Increase in capital

Q14. Payment to a creditor means

(i) Increase in asset and decrease in liability.
(ii) Decrease in asset and decrease in liability.
(iii) Decrease in asset and increase in liability.
(iv) Increase in asset and increase in liability.

(i) Increase in asset and decrease in liability.

Q15. A credit balance in Bank column of cash book indicates

(i) Overdraft
(ii) Expense.
(iii) Loss
(iv) Profit

(i) Overdraft

Q16. The cash – book meant for recording petty expenses is called –

(i) Simple cash – book
(ii) Petty cash – book
(iii) Triple column
(iv) None of these.

(ii) Petty cash – book

Q17. Which of the following equation’s correct?

(i) Assets = Liabilities – Capital
(ii) Assets = Capital – Liabilities
(iii) Assets = Liabilities + Capital
(iv) Assets = External Equities

(iii) Assets = Liabilities + Capital

Q18. Withdrawal of cash from business by the proprietor is credited to

(i) Drawings A/c.
(ii) Capital A/c.
(iii) Cash A/c.
(iv) Bank A/c.

(iii) Cash A/c.

Q19. Which of the following account will be credited on giving cash donations?

(i) Cash A/c
(ii) Purchases A/c
(iii) Bank A/c
(iv) Donation A/c

(i) Cash A/c

Q20. Which of the following is entered in cash – book-

(i) Only cash transactions
(ii) Only credit transactions
(iii) Both cash and credit transactions
(iv) None of these.

(i) Only cash transactions

Q21. Amount withdrawn by proprietor for personal use will … Cash and Capital.

(i) Increase.
(ii) Decrease.
(iii) Not Change.
(iv) None of these.

Q22. A ledger is prepared from

(i) Journal
(ii) None of the options
(iii) Transactions
(iv) Events

(i) Journal

Q23. The basis of recording transactions is-

(i) Vouchers
(ii) Profit
(iii) Order form
(iv) Quotation list.

(i) Vouchers

Q1. The Sales Book is a part of:

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

(a) Journal

Q2. 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

(a) Debited , credited

Q3. 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

(a) Machinery A/c

Q4. 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

(a) Sales A/c

Q5. What are total number of subsidiary books available to record financial transactions?

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

(a) 8

Q6. 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

(a) Contra Entry

Q7. All the indirect expenses are closed to_____

(a) Profit and loss A/c
(b) Cash Flow Statement
(c) Balance sheet
(d) Trading A/c

(a) Profit and loss A/c

Q8. Which accounting equation is incorrect out of the following?

(a) Liabilities = Assets – Capital.
(b) Assets = Liabilities – Capital.
(c) Capital = Assets – Liabilities.
(d) Assets = Liabilities + Capital.

(a) Liabilities = Assets – Capital.

Q9. Journal proper includes entries related to______

(a) Sale of asset on credit
(b) Sale of asset for cash
(c) Sale of goods for cash
(d) Sale of goods on credit

(a) Sale of asset on credit

Q10. Business transactions are recorded

(a) in chronological order.
(b) weekly.
(c) at the end of the month.
(d) All of these.

(a) in chronological order.

Q11. Withdrawal of cash from business by the proprietor is credited to

(a) Drawings A/c.
(b) Capital A/c.
(c) Cash A/c.
(d) Bank A/c.

Q12. X sells goods on credit to Y. He receives 10% trade discount from X and a further 5% cash discount if paid within 15 days. K bought goods with a list price of Rs. 2,00,000 from X.
Which of the following Journal entry would correctly record the sale in the books of A?

(a) Dr. y and Cr. Sales A/c by Rs. 1,70,000.
(b) Dr. Y and Cr. Sales A/c by Rs. 1,80,000.
(c) Dr. X and Cr. Sales A/c by Rs. 1,90,000.
(d) Dr. X by Rs. 2,00,000; Cr. Sales A/c by Rs. 1,70,000 and Discount A/c by Rs. 30,000.

(b) Dr. Y and Cr. Sales A/c by Rs. 1,80,000.

Q13. 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.

(d) Capital.

Q14. The basis of recording transactions is-

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

(a) Vouchers

Q15. As per American Belief, Accounts are of how many types-

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

Q16. 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.

(a) Only cash transactions

Q17. Cash – book always show-

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

(a) Debit balance

Q18. The cash – book meant for recording petty expenses is called –

(a) Simple cash – book
(b) Petty cash – book
(c) Triple column
(d) None of these.

(b) Petty cash – book

Q19. The liabilities of a firm are Rs. 60,000 and the capital of the proprietor is Rs. 40,000. The total assets are:

(a) 60,000
(b) 1,00,000
(c) 20,000
(d) 40,000

(b) 1,00,000

Q20. If a film borrows a sum of money, there will be

(a) Increase in capital
(b) Decrease in capital
(c) No effect on capital
(d) None of the above

(a) Increase in capital

Q21. Debit Means

(a) an increase in asset
(b) a decrease in asset
(c) an increase in liability
(d) an increase in capital

(a) an increase in asset

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