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( Best 25+ ) Accountancy Class 11 Chapter 1 Introduction to Accounting Multiple Choice Questions ( MCQ )

by Mr. DJ
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Accountancy Class 11 Chapter 1 Introduction to Accounting Multiple Choice Questions ( MCQ )

Accountancy Class 11 Chapter 1 Introduction to Accounting Multiple Choice Questions ( MCQ )

Q.1. Book Keeping and Accounting

(a) means same and are used interchangeably.

(b) does not mean same and are not used interchangeably. 

(c) means both (a) and (b).

(d) None of the above.

 

Q.2. Accounting

(a) includes Book Keeping.

(b) does not include Book Keeping,

(c) may or may not include Book Keeping.

(d) None of these.

 

Q.3. Which of the following will not be recorded in the books of account?

(a) Sales of goods

(b) Payment of salary

(c) Quality of staff 

(d) Purchase of Goods

 

Q.4. Book Keeping is concerned with

(a) recording financial data relating to business operations. 

(b) designing for systems recording, classifying and summarising

(c) interpreting data for internal and external users.

(d) All of the above.

 

Q.5. Which is the last step of accounting as a process of information?

(a) Recording the transaction

(b) Preparation of financial statements

(c) Communication of information 

(d) Analysis and interpretation of information

 

Q.6.  Basic function of financial accounting is to

(a) record all business transactions

(b) interpret financial data.

(c) assist the management.

(d) None of these.

 

Q.7. Transactions are posted into Ledger Account from

(a) Vouchers.

(b) Journal book.

(c) Bank Statement.

(d) None of these

 

Q.8.Which of the following is not a business transaction?

(a) Purchase of goods for resale amounted to Rs 50,000

(b) Paid salaries and wages amounted to Rs 10,000

(c) Paid rent for office premises Rs 5,000

(d) Purchased a LCD for personal use

 

Q.9. Which of the following transactions will not be recorded in the books of account?

(a) Purchased a LCD for personal use, paying the amount from personal bank 

(b) Purchased machinery for manufacture.

(c) Purchased machinery for resale.

(d) Paid salaries and wages.

 

Q.10. Accounting does not show the realisable value of business. It is a/an

(a) limitation of Accounting. 

(6) advantage of Accounting.

(c) Both (a) and (b).

(d) None of these.

 

Q.11. Which of the following is not an internal user of financial statements?

(a) Board of Directors

(b) Managers

(c) Employees

(d) Lenders

 

Q.12.Which of the following is not a characteristic of accounting?

(a) Recording non-monetary transactions 

(b) Classifying

(c) Analysis

(d) Summarising

 

Q.13. Which of the following is a limitation of accounting?

(a) Assistance to Management

(b) Replaces Memory

(c) Unrealistic Information 

(d) Evidence in Court

 

Q.14. Cost of Goods Manufactured is determined by

(a) Financial Accounting.

(b) Cost Accounting.

(c) Management Accounting.

(d) Human Resource

 

Q.15. Qualitative characteristic of Accounting includes

(a) Reliability and Relevance.

(b) Understandability and Comparability.

(c) Both (a) and (b).

(d) None of the above.

 

Q.16. Which of the following is not a qualitative characteristic of accounting information?

(a) Reliability

(b) Understandability

(c) Comparability

(d) Materiality  

 

 

Q.17. Which qualitative characteristic of accounting information is reflected when accounting information is clearly presented?

(a) Reliability

(b) Relevance

(c) Comparability

(d) Understandability

 

Q.18. Which external user of accounting information is most interested in knowing the long-term solvency position of the firm?

(a) Employees

(b) Management

(c) Bank and Financial Institutions

(d) Researchers

 

Q.19. Accounting is

(a) A process concerned with summarising of the recorded transactions.

(b) Not the language of business.

(c) An art of recording, classifying and summarising financial transactions in a significant 

(d) All of the above.

 

Q.20. Which of the following is the objective of Accounting?

(a) Systematic Recording 

(b) Comparison and Evaluation

(c) Solvency Position

(d) Forecasting

 

Q.21. Which of the following is not the user of accounting information?

(a) Short-term creditors

(b) Debtors

(c) Government

(d) Owners

 

Q.22. Which one is the advantage of accounting?

(a) Replacement of memory 

(b) Shows the present value of the business

(c) Accounting does not record price level changes

(d) Accounting is not fully exact

 

Q.23. Out of the following which is the branch of Accounting?

(a) Financial Accounting

(b) Cost Accounting

(c) Management Accounting

(d) All of these

 

Q.24. Two primary qualitative characteristics of financial statements are

(a) Understandability and materiality.

(b) Relevance and reliability. 

(c) Relevance and Materiality.

(d) All of these.

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Accounting standards

 

2. Fill in the blanks

(i) Scope of accountancy is _________________ than that of Book Keeping.

(ii) Book Keeping is a systematic record of ______________ transactions

(iii) Accounting records can be produced as _________________ in the court of law.

(iv) Information in financial reports is based on transactions and _________________.

(v) The process of accounting starts with ________________ and ends with _____________________.

(vi) Accounting measures the business transactions in terms __________________ of units.

(vii) Identified and measured economic events should be recorded in __________________ order.

(viii) In every transaction, _________________ aspects are involved.

 

Answers:

(i) wider

(ii) financial

(iii) evidence

(iv) financial, event

(v) Identifying the transaction, communicating information

(vi) monetary

(vii) chronological

(viii) two

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CO-OPERATIVE THEORY AND PRACTICE MCQ
Accounting

( Best 130+ ) Computerized Accounting Software MCQ

by Mr. DJ
written by Mr. DJ

Computerized Accounting Software MCQ

Computerized Accounting System with Answers Pdf free download. MCQ Questions for Class 11 Accountancy with Answers were prepared based on the latest exam pattern. We have provided Computerized Accounting System Class 11 Accountancy MCQs Questions with Answers to help students understand the concept very well.

Computerized Accounting Software MCQ

Computerized Accounting Software MCQ

1. Which accounting concept satisfy the valuation criteria

A. Going concern, Realization, Cost

B. Going concern, Cost, Dual aspect

C. Cost, Dual aspect, Conservatism

D. Realization, Conservatism, Going concern.

Answer: –

A. Going concern, Realization, Cost

2. A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He showed trade receivables on 31-3-2014 at Rs.25,500. Which concept is followed by him?

A. Going concern

B. Cost

C. Accrual

D. Money measurement

Answer: –

C. Accrual

3. In which of the following cases, accounting estimates are needed?

A. Employs benefit schemes

B. Impairment of losses

C. Inventory obsolescence

D. All of the above

Answer: –

D. All of the above

4. Diwali advance given to an employee is

A. Revenue Expenditure

B. Capital Expenditure

C. Deferred Revenue Expenditure

D. Not an Expenditure

Answer: –

D. Not an Expenditure

5. A firm has reported a profit of Rs.1,47,000 for the year ended 31-3-2014 after taking into consideration the following items.
(i) The cost of an asset Rs.23,000 has been taken as an expense_new_line_(ii) The firm anticipated a profit of Rs.12,000 on the sale of an old furniture_new_line_(iii) Salary of Rs.7,000 outstanding for the year has not been taken into account._new_line_(iv) An asset of Rs.85,000 was purchased for Rs.75,000 and was recorded in the books at Rs.85,000._new_line_What is the correct amount of profit to be reported in the books?

A. Rs.1,47,000

B. Rs. 1,51,000

C. Rs.1,63,000

D. Rs.1,41,000

Answer: –

B. Rs. 1,51,000

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6. The process of recording financial data upto trial balance is

A. Book keeping

B. Classifying

C. Summarizing

D. Analyzing

Answer: –

A. Book keeping

7. Rohit carrying on real estate business sold a piece of land for Rs.4,00,00,000 (cost Rs.3,50,00,000) then the type of receipt is ______ nature and profit on sale is

A. Capital & transferred to capital reserve

B. Revenue & transferred to P & L a/c c)

C. Capital & transferred to P & L a/c

D. Revenue & tr

Answer: –

D. Revenue & tr

8. In income measurement & recognition of assets & liabilities which of the following concepts goes together ?

A. Periodicity, Accural, Matching

B. Cost, Accural, matching

C. Going concern, cost, Realization

D. Going concern, Periodicity, Reliability

Answer: –

A. Periodicity, Accural, Matching

9. Interpretation means

A. Explanation of meaning and significance of the data in Financial Statements.

B. Concerned with preparation and presentation of classified data

C. Systematic analysis of recorded data

D. Methodical classification of data given in Financial Statements.

Answer: –

A. Explanation of meaning and significance of the data in Financial Statements.

10. A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in his books for Rs. 750000. Which of the following concept is violated?

A. Money measurement

B. Conservatism

C. Consistency

D. None of these

Answer: –

B. Conservatism

Pages: 1 2 3 4 5 6 7 8 9 10 11 12 13

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Corporate Accounting MCQ
Accounting

( Best 20+ ) Company Final Accounts MCQ

by Mr. DJ
written by Mr. DJ

Company Final Accounts MCQ

Company Final Accounts MCQ

1. The form of balance sheet is………………..

A. Vertical

B. Horizontal

C. Horizontal and vertical

D. None of the above

Answer: –

C. Horizontal and vertical

2. The term current asset doesn’t cover

A. Car

B. Debtors

C. Stock

D. Prepaid expenses

Answer: –

A. Car

3. P&L statement is also known as

A. Statement of operations

B. Statement of income

C. Statement of earnings

D. All of the above

Answer: –

B. Statement of income

4. Which of the following is true about financial statements?
I)Financial statement gives a summary of accounts. II) Financial statements can be stated as recorded facts.

A. Only I

B. Only II

C. Both I andII

D. None of the above

Answer: –

C. Both I andII

5. The statement of financial position and the balance sheet are synonyms

A. True

B. False

C. none

D. none

Answer: –

A. True

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6. Which of the following statements are true?
I) Financial statements are only interim report. II) Financial statements are also known as annual records. III) Financial statements are historic.

A. Both I and II

B. Both I and III

C. Both II and III

D. I, II, III

Answer: –

C. Both II and III

7. Certain assumptions are essential to prepare financial statements.

A. True

B. False

C. none

D. none

Answer: –

A. True

8. Premium received on issue of shares cannot be utilised for ———.

A. for the issue of bonus shares .

B. for writing of preliminary expenses

C. for providing premium payable on redemption

D. for distribution of dividend.

Answer: –

D. for distribution of dividend.

9. In case of public limited company, after getting the———–the company can start the business

A. Memorandum of Association

B. Table A

C. Certificate of commencement of business

D. Articles of Association

Answer: –

C. Certificate of commencement of business

10. Trade Payables are recorded in………………….

A. Current Liabilities

B. Current Assets

C. Equity

D. Inventories

Answer: –

A. Current Liabilities

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Corporate Accounting MCQ
Accounting

( Best Advanced Accounting-II MCQ+ )

by Mr. DJ
written by Mr. DJ

Advanced Accounting-II MCQ | T.Y. B.Com. Sem-III Subject: –

Advanced Accounting-II MCQ | T.Y. B.Com. Sem-III Subject: -

Advanced Accounting-II MCQ | T.Y. B.Com. Sem-III Subject: –

1) Voluntary winding up:

a) If period fixed for the company is expired.

b) If company passes a special resolution the company wound up voluntarily.

c) Members voluntary winding up is applicable to solvent companies only.

d) All of the above

 

2) Compulsory winding up:

a) If a company unable to pay its debt

b) If the number of members of company reduced below statutory limit.

c) If a company does commence its business within a year from its incorporation.

d) All of the above.

 

3) The first item in order of payment to be made by liquidator is:

a) Secured creditors

b) Preferential creditors

c) Liquidation expenses

d) Preferential creditors

 

4) Liquidator’s statement of receipts and payment is know as:

a) Cash flow statement

b) Cash book

c) Liquidator’s final statement of account

d) Deficiency account

 

5) The liquidator final statement of account is prepared

a) Only in case of creditor voluntary winding up

b) Only in case of members voluntary winding up

c) Only in case of compulsory winding up

d) Whatever may be

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6) When the liquidator company has adequate cash to pay off all liabilities, the interest on liabilities will be paid

a) Up to date of commencement of insolvency

b) Up to date of actual payment

c) Up to date of payment to share holders

d) None of these

 

7) The Job of Realizing Assets and Paying Liabilities Is Performed by A Person

a) Liquidator

b) Auditor

c) Registrar of the Company

d) None of the above

 

 

8) At the time of liquidation of company, the liquidator has to file a statement of receipt and payment is known as

a) Statement of affairs

b) Liquidator report

c) Liquidator final statement of account

d) None of the Above

 

9) At the time of liquidation of company, the liquidator has to file a statement of receipt and payment is known as

a) Statement of affairs

b) Liquidator report

c) Liquidator final statement of account

d) None of the Above

 

10) At the time of liquidation of company, the liquidator has to file a statement of receipt and payment is known as

a) Statement of affairs

b) Liquidator report

c) Liquidator final statement of account

d) None of the Above

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Corporate Accounting MCQ
Accounting

( Best 30+ ) Company Liquidation Accounts MCQ

by Mr. DJ
written by Mr. DJ

Company Liquidation Accounts MCQ

Company Liquidation Accounts MCQ

Company Liquidation Accounts MCQ

1. Voluntary winding up:

A. If period fixed for the company is expired.

B. If company passes a special resolution the company wound up voluntarily.

C. Members voluntary winding up is applicable to solvent companies only.

D. All of the above

Answer: –

D. All of the above

2. Compulsory winding up:

A. If a company unable to pay its debt

B. If the number of members of company reduced below statutory limit.

C. If a company does commence its business within a year from its incorporation.

D. All of the above.

Answer: –

D. All of the above.

3. The first item in order of payment to be made by liquidator is:

A. Secured creditors

B. Preferential creditors

C. Liquidation expenses

D. Preferential creditors

Answer: –

C. Liquidation expenses

4. Liquidator’s statement of receipts and payment is know as:

A. Cash flow statement

B. Cash book

C. Liquidator’s final statement of account

D. Deficiency accounts.

Answer: –

C. Liquidator’s final statement of account

5. A contributory is:

A. Creditor

B. A shareholder

C. A debenture holder

D. A convertible debenture holder

Answer: –

B. A shareholder

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6. A past member is not liable to contribute:

A. In respect of any liability contracted after he ceased to be member of the company.

B. One year passed since he ceased to be a member.

C. In case of company limited by shares, no liability arises if shares are fully paid up.

D. All of the above

Answer: –

D. All of the above

7. Which of the following is not a preferential creditors:

A. All sum due to employee from a provident fund, pension fund, gratuity fund or any other fund maintain for welfare of employee.

B. Compensation under workmen’s compensation act.

C. Amount due under employees state insurance act for 12 months previous to the winding up

D. Amount due to employee under amalgamation or reconstruction

Answer: –

D. Amount due to employee under amalgamation or reconstruction

8. Salaries due to clerk is preferential for a period not exceeding:

A. Two months

B. Three months

C. Four months

D. Nine months

Answer: –

C. Four months

9. B” List of contributories are not liable:

A. If shares are fully paid up

B. For liabilities after they are ceases to be member of the company.

C. If present shareholders paid the unpaid amount of the shares transferred by them.

D. All of the above

Answer: –

D. All of the above

10. Which of the following is not a preferential creditors:

A. All sum due to employee from a provident fund, pension fund, gratuity fund or any other fund maintain for welfare of employee.

B. Compensation under workmen’s compensation act.

C. Amount due under employee’s state insurance act for 12 months previous to the winding up

D. Amount due to employee under amalgamation or reconstruction

Answer: –

D. Amount due to employee under amalgamation or reconstruction

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Corporate Accounting MCQ
Accounting

( Best 20+ ) Computerized Accounting Practices MCQ

by Mr. DJ
written by Mr. DJ

Computerized Accounting Practices MCQ

Computerized Accounting Practices MCQ

Computerized Accounting Practices MCQ

1. Spreadsheet software can be utilize to generate accounting reports.

A. True

B. False

C. none

D. none

Answer: –

A. True

2. A computer sometimes is also termed as ‘electronic brain’

A. True

B. False

C. none

D. none

Answer: –

A. True

3. The idea of computers was first conceived by Charles P. Babbage in 1833.

A. True

B. False

C. none

D. none

Answer: –

A. True

4. Software, refers to the physical devices of a computer system

A. True

B. False

C. none

D. none

Answer: –

B. False

5. Consistency refers to the ability of the computers of perform a variety of
tasks, simple as well as complex.

A. True

B. False

C. none

D. none

Answer: –

B. False

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6. Connectivity is acknowledge as a . . . . . . element of the computer system.

A. Sixth

B. Thirth

C. Fourth

D. Fifth

Answer: –

A. Sixth

7. Where large number of accounting data is involved spreadsheet software may not
work……………………………….

A. Effective

B. Speedy

C. Accurate

D. Perfect

Answer: –

A. Effective

8. The Enterprise Resource Planning software are of…………………………..proposals.

A. Higher

B. Lower

C. Average

D. simple

Answer: –

A. Higher

9. Repeating the same results without any variations irrespective of the number of times
the program is run is known as……………………

A. Simple

B. Complex

C. Flexible

D. Consistency

Answer: –

D. Consistency

10. In a pre-packaged accounting software reports are generated from the software
could be the………………………….

A. Package

B. Plan

C. Course

D. none

Answer: –

A. Package

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Valuation of Shares MCQ
Accounting

( Best 30+ ) Valuation of Shares MCQ

by Mr. DJ
written by Mr. DJ

Valuation of Shares MCQ

Valuation of shares is the process of knowing the value of a company’s shares. Share valuation is done based on quantitative techniques and share value will vary depending on the market demand and supply. The share price of the listed companies which are traded publicly can be known easily.

Valuation of Shares MCQ

Valuation of Shares MCQ

1. Shares are to be valued on ___________.

A. Mergers

B. Sale of shares

C. Gift tax

D. All of the above

Answer:-

D. All of the above

2. Quoted shares are those shares which are ___________.

A. listed on the stock exchange

B. quoted daily

C. quoted by the seller

D. quoted by the buyer

Answer:-

A. listed on the stock exchange

3. Under net asset method, value of a share depends on ___________.

A. net assets available to equity shareholders

B. net assets available to debentures holders

C. net assets available to preference shareholders

D. none of the above

Answer:-

A. net assets available to equity shareholders

4. Net asset value is also called as ___________.

A. asset backing value

B. intrinsic value

C. liquidation value

D. (a), (b) and (c)

Answer:-

D. (a), (b) and (c)

5. While deciding net asset value, fictitious assets ___________.

A. should be considered

B. should not be considered

C. added to total assets

D. none of the above

Answer:-

B. should not be considered

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6. Net asset value method is based on the assumption that the company is
___________.

A. a going concern

B. going to be liquidated.

C. A & B both

D. none of the above

Answer:-

B. going to be liquidated.

7. Yield value depends on ___________.

A. future maintainable profit

B. paid-up equity capital

C. normal rate of return

D. none of the above

Answer:-

D. none of the above

8. F.M.P. for yield valuation is ___________.

A. future profit

B. profit that would be available to equity shareholders

C. past profit

D. none of the above

Answer:-

B. profit that would be available to equity shareholders

9. Fair value of a share is equal to ___________.

A. Intrinsic value only

B. Yield value only

C. Average of intrinsic and yield value

D. None of the above

Answer:-

C. Average of intrinsic and yield value

10. Value of a partly paid equity share is equal to ___________.

A. Value of fully paid share – calls unpaid per share

B. Calls in arrears per share

C. Paid-up value per share

D. None of the above

Answer:-

A. Value of fully paid share – calls unpaid per share

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