CBSE Class 11 Accountancy - MCQ and Online Tests - Unit 10 - Financial Statements 2

CBSE Class 11 Accountancy – MCQ and Online Tests – Unit 10 – Financial Statements

Every year CBSE schools conducts Annual Assessment exams for 6,7,8,9,11th standards. These exams are very competitive to all the students. So our website provides online tests for all the 6,7,8,9,11th standard’s subjects. These tests are also very effective and useful for those who preparing for any competitive exams like Olympiad etc. It can boost their preparation level and confidence level by attempting these chapter wise online tests.

These online tests are based on latest CBSE syllabus. While attempting these our students can identify the weak lessons and continuously practice those lessons for attaining high marks. It also helps to revise the NCERT textbooks thoroughly.

 

CBSE Class 11 Accountancy – MCQ and Online Tests – Unit 10 – Financial Statements

Question 1.
The object of non – trading concerns-
(a) Social service
(b) Profit earning
(c) Both of these
(d) None of the above.

Answer

Answer: (a) Social service

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Question 2.
Prepaid expenses are shown in-
(a) Liability side
(b) Asset side
(c) Assets or Liability side
(d) None of these.

Answer

Answer: (b) Asset side

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Question 3.
Charity of goods is-
(a) Expenses
(b) Loss
(c) Profit
(d) None of these.

Answer

Answer: (b) Loss

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Question 4.
Receipt and payment account is a summary of-
(a) Income & Expenditure account
(b) Profit & Loss A/c
(c) Cash – book
(d) None of these.

Answer

Answer: (c) Cash – book

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Question 5.
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.

Answer

Answer: (a) Revenue items

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Question 6.
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.

Answer

Answer: (a) Bad debts

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Question 7.
Such persons who earn remuneration against their services are called –
(a) Seller
(b) Purchaser
(c) Professional
(d) None of these.

Answer

Answer: (c) Professional

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Question 8.
Which of the following is not an item of income of Non – trading concern –
(a) Entrance fees
(b) Interest
(c) Govt. Aid
(d) Salary.

Answer

Answer: (d) Salary.

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Question 9.
Outstanding Expenses are related to-
(a) Current year
(b) Next year
(c) Last year
(d) None of these.

Answer

Answer: (a) Current year

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