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
Q111. The source documents provide information about the nature of ……………. involved in it.
(a) Transactions
(b) Accounts
(c) Journal
Answer :- A
Q112. While posting in personal accounts from the purchases book, posting is done :
(a) On Debit side
(b) On Credit side
(c) On Debit or Credit side
(d) None of the above
Answer :- B
Q113. Double column cash book records:-
(a) All transactions
(b) Cash and bank transaction
(c) Only cash transaction
(d) Only Credit transaction
Answer :- B
Q114. X commenced business on 1st April, 2013 with a capital of Rs. 6,00,000. On 31st March, 2014 his assets were worth Rs. 8,00,000 and liabilities Rs. 50,000. Find out his closing capital.
(a) Rs. 7,50,000.
(b) Rs. 2,00,000.
(c) Rs. 5,50,000.
(d) None of these.
Answer :- A
Q115. Ledger Account is prepared from
(a) Vouchers.
(b) Trial Balance.
(c) Journal.
(d) Financial Statements.
Answer :- C
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Q116. Which of the following expense is not a revenue expense?
(a) Salary
(b) Electricity
(c) Water
(d) Repair of second-hand machinery purchased
Answer :- D
Q117 An increase in one asset is accompanied by
(a) Decrease in another asset.
(b) increase in a liability.
(c) Increase in capital.
(d) All of these.
Answer :- A
Q118. Purchase of furniture on credit means
(a) Decrease in asset and increase in liability.
(b) Increase in asset and increase in liability.
(c) Increase in asset and decrease in liability.
(d) Decrease in asset and decrease in liability.
Answer :- B
Q119. Received Rs.4,900 from Garima in full settlement of Rs.5,000. Posting of Rs.100 will be made to the :
(a) Debit side of Garima’s A/c
(b) Credit side of Garima’s A/c
(c) Debit side of Discount A/c
(d) Credit side of Discount A/c
Answer :- C
Q120. The credit balance of a personal account is
(a) Cash in hand
(b) Amount receivable
(c) Income earned
(d) Amount payable
Answer :- D
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