Please refer to Financial Statements 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 Financial Statements I Class 11 Accountancy will help you to prepare for the exams and get more marks.
Financial Statements I MCQ Questions Class 11 Accountancy
Please see solved MCQ Questions for Financial Statements 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 Financial Statements I
Question. Choose the correct chronological order of ascertainment of the following profits from the profit and loss account:
(a) Operating Profit, Net Profit, Gross Profit
(b) Operating Profit, Gross Profit, Net Profit
(c) Gross Profit, Operating Profit, Net Profit
(d) Gross Profit, Net Profit, Operating Profit
Answer
C
Question. Which of the following is correct:
(a) Operating profit = Operating profit – Non-operating expenses – Non-operating incomes
(b) Operating profit = Net profit + Non-operating expenses + Non-operating incomes
(c) Operating profit = Net profit + Non-operating expenses – Non-operating incomes
(d) Operating profit = Net profit – Non-operating expenses + Non-operating incomes
Answer
C
Question. The financial statements consist of:
(a) Trial balance
(b) Profit and Loss account
(c) Balance sheet
(d) (a) & (c)
(e) (b) & (c)
Answer
E
Question. While calculating operating profit, the following are not taken into account.
(a) Normal transactions
(b) Abnormal items
(c) Expenses of a purely financial nature
(d) (b) & (c)
(e) (a) & (c)
Answer
C
