Recording of Transactions-I MCQ
Please refer to Chapter 2 Recording of Transactions-I MCQ Class 11 Accountancy with answers below. These multiple-choice questions have been prepared based on the latest NCERT book for Class 11 Accountancy. Students should refer to MCQ Questions for Class 11 Accountancy with Answers to score more marks in Grade 11 Accountancy exams. Students should read the chapter Recording of Transactions I and then attempt the following objective questions.
Recording of Transactions-I MCQ
Q1. Anil, the Petty Cashier of Ebony, has an imprest of Rs.5,000 out of which he pays for petty expenses. He submits the details of payments every 15 days which is reimbursed to him. He submitted the details for 15 days that ended on 15th April, 2012 amounting to Rs. 4,900. He has with him unpaid expense vouchers amounting to Rs.2,200. How much amount should be paid to him?
(a) Rs.4,900
(b) Rs.5,000
(c) Rs.2,200
(d) Rs.7,100
Answer :- A
Q2. Anil purchased, 1,000 Add Gell Roller Pens @ Rs. 50 each less 20% Trade Discount and 3% Cash Discount if payment is made within 30 days. Anil paid Rs. 10,000 within 30 days and balance amount after 30 days period. Purchases Account will be debited and Discount Received Account will be credited respectively with
(a) Rs. 40,000, Nil.
(b) Rs. 40,000, Rs. 300.
(c) Rs. 40,000, Rs. 1,200.
(d) Rs. 40,000, Rs. 900.
Answer :- A
Q3. The Sales Book is a part of:
(a) Journal
(b) Trading A/c
(c) Balance Sheet
(d) Ledger
Answer :- A
Q4. 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
Answer :- A
Q5: 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
Answer :- A
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Q6. 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
Answer :- B
Q7. What are total number of subsidiary books available to record financial transactions?
(a) 8
(b) 7
(c) 6
(d) 12
Answer :- A
Q8: 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
Answer :- A
Q9. All the indirect expenses are closed to_____
(a) Profit and loss A/c
(b) Cash Flow Statement
(c) Balance sheet
(d) Trading A/c
Answer :- A
Q10. 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.
Answer :- B
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