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

Q101. The owner withdraws cash from the business for personal use. Then,
(a) Assets: Decrease, Liabilities: Decrease, Equity: Decrease
(b) Assets: Decrease, Liabilities: No Effect, Equity: Decrease
(c) Assets: No Effect .Liabilities: Increase, Equity: No Effect
(d) None of these

Answer :-  B

Q102. If a firm borrows a sum of money, there will be
(a) Increase in Capital
(b) Decrease in Capital
(c) No effect on Capital

Answer :-  C

Q103. In case lesser amount is recorded in sales invoice by mistake, then a is sent 
(A) Debit Note
(B) Credit Note
(C) Cash Note
(D) Debit or Credit Note

Answer :-  A

Q104. Cash received from Kajal Rs.36,000 after allowing her discount @10%. Amount debited to discount account will be :
(α) Rs. 3,600
(b) Rs. 4,000 ‘
(c) Rs. 4,400
(d) Rs.40,000

Answer :-  B

Q105. Personal accounts are related to :   
(a) Assets and Liabilities
(b) Expenses, losses and incomes
(c) Debtors, Creditors etc.

Answer :-  C

Also Read :-

1. Marketing Management MCQs
2.  Digital Business Management MCQs
3.  Cost Accounting MCQs
4.  Join Our Telegram Channel

Q106. Proprietor of the business withdrew goods from business for private use. It will be posted to the : 
(a) Credit of Drawings A/c
(b) Debit of Purchases A/c
(c) Credit of Purchases A/c
(d) None of the above

Answer :-  C

Q107. How many accounts are effected in a transaction?   
(a) Only one
(b) Only Two
(c) At least two
(d) Two or Three

Answer :-  C

Q108. Paid to Rahul on behalf of Sanjay Rs.12,000 will be debited to   
(a) Rahul’s Personal Account
(b) Sanjay’s Account
(c) Drawings Account
(d) Cash Account

Answer :-  B

Q109. Invoice is a source voucher for purchaser of goods 
(a) for cash purchases.
(b) for cash sales.
(c) for credit sales.
(d) for credit purchases.

Answer :-  D

Q110. Cashbook does not record transactions of –
(a) Cash nature.
(b) Credit nature.
(c) Cash and credit nature.

Answer :-  B

Also Read :-

1. Marketing Management MCQs
2.  Digital Business Management MCQs
3.  Cost Accounting MCQs
4.  Join Our Telegram Channel