CBSE Class 11 Accountancy - MCQ and Online Tests - Unit 9 - Financial Statements 1

CBSE Class 11 Accountancy – MCQ and Online Tests – Unit 9 – Financial Statements 1

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 9 – Financial Statements 1

Question 1.
Drawing is deducted from:
(a) Sales
(b) Purchase
(c) Returns outward
(d) Capital

Answer

Answer: (b) Purchase

---

Question 2.
Direct Expenses are entered in:
(a) Trading Account
(b) profit & Loss Account
(c) Balance sheet
(d) None of these

Answer

Answer: (a) Trading Account

---

Question 3.
Profit and loss Account discloses:
(a) Gross profit
(b) Gross profit or Gross loss
(c) Gross profit or Gross loss
(d) None of these

Answer

Answer: (b) Gross profit or Gross loss

---

Question 4.
Goodwill is a-
(a) Fixed Asset
(b) Current Asset
(c) Fictitious Asset
(d) None of these

Answer

Answer: (a) Fixed Asset

---

Question 5.
Trading Account discloses-
(a) Gross profit
(b) Net profit
(c) Net loss
(d) Gross profit or Gross loss

Answer

Answer: (d) Gross profit or Gross loss

---