Please refer to Recording of Transactions I MCQ Questions Class 11 Accountancy below. These MCQ questions for Class 11 Accountancy with answers have been designed as per the latest NCERT, CBSE books, and syllabus issued for the current academic year. These objective questions for Recording of Transactions I will help you to prepare for the exams and get more marks.
Recording of Transactions I MCQ Questions Class 11 Accountancy
Please see solved MCQ Questions for Recording of Transactions I in Class 11 Accountancy. All questions and answers have been prepared by expert faculty of standard 11 based on the latest examination guidelines.
MCQ Questions Class 11 Accountancy Recording of Transactions I
Question. Which of the following is correct?
(a) Profit/Loss = Closing Capital + Additional Capital – Drawings – Opening Capital
(b) Profit/Loss = Closing Capital-Drawings-Additional Capital – Opening Capital
(c) Profit/Loss = Opening Capital + Drawings made – Additional Capital – Closing Capital
(d) Profit/Lose = Closing Capital + Drawings made – Additional Capital – Opening Capital
Answer
D
Question. 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
Answer
A
Question. Journal is a book of in accounting.
(a) All non-cash transactions
(b) Secondary entry
(c) Original entry
(d) All cash transaction.
Answer
C
Question. Ledger is a book of ______ in accounting.
(a) All non-cash transactions
(b) Secondary entry
(c) Original entry
(d) All cash transactions
Answer
B
Question. Which of the following is a cash transaction?
(a) Sold goods
(b) Sold goods to Ravinder
(c) Sold goods to Ravinder on credit
(d) Sold goods to Ravinder on account.
Answer
A
Fill in the blanks
Question. The accounting voucher are based on …………….
Answer : Supporting
Question. Accounting equation satisfies the …………….. concept of accounting.
Answer : Dual
Question. Accounting equation serves as a basis for preparing …………….
Answer : Balance Sheet
Question. The explanation of a Journal entry is known as ……………….
Answer : Narrations
Question. Ledger account gives the folio of ………………….
Answer : Journal
