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