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
Q11. Journal proper includes entries related to______
(a) Sale of asset on credit
(b) Sale of asset for cash
(c) Sale of goods for cash
(d) Sale of goods on credit
Answer :- A
Q12. Business transactions are recorded
(a) in chronological order.
(b) weekly.
(c) at the end of the month.
(d) All of these.
Answer :- A
Q13. Withdrawal of cash from business by the proprietor is credited to
(a) Drawings A/c.
(b) Capital A/c.
(c) Cash A/c.
(d) Bank A/c.
Answer :- C
Q14. X sells goods on credit to Y. He receives 10% trade discount from X and a further 5% cash discount if paid within 15 days. K bought goods with a list price of Rs. 2,00,000 from X.
Which of the following Journal entry would correctly record the sale in the books of A?
(a) Dr. y and Cr. Sales A/c by Rs. 1,70,000.
(b) Dr. Y and Cr. Sales A/c by Rs. 1,80,000.
(c) Dr. X and Cr. Sales A/c by Rs. 1,90,000.
(d) Dr. X by Rs. 2,00,000; Cr. Sales A/c by Rs. 1,70,000 and Discount A/c by Rs. 30,000.
Answer :- B
Q15. The weekly or monthly total of purchase book is recorded to the__________
(a) Debit side of Purchase Account
(b) Credit side of Purchase Book
(c) Credit side of Cash book
(d) Debit side of Cash book.
Answer :- A
Also Read :-
- Marketing Management MCQs
- Digital Business Management MCQs
- Cost Accounting MCQs
- Join Our Telegram Channel
Q16. If purchaser of goods returns them, he will prepare
(a) Credit Note.
(b) Debit Note.
(e) Both (a) and (b).
(d) None of these.
Answer :- B
Q17. Amount withdrawn by proprietor for personal use will … Cash and Capital.
(a) Increase.
(b) Decrease.
(c) Not Change.
(d) None of these.
Answer :- B
Q18. Cash Discount received is recorded in the books of account as follows:
(а) Cash Discount is credited to Discount Received Account.
(б) Cash Discount is reduced from the Invoice Price.
(c) Cash Discount is debited to Discount Allowed Account.
(d) Any of (a) and (b).
Answer :- A
Q19. The balance in Petty Cash Book is______
(a) An asset
(b) An expense
(c) A liability
(d) A profit
Answer :- A
Q20. Real accounts are related to
(a) Assets
(b) Expenses, losses and incomes
(c) Debtors, Creditors etc.
Answer :- A
Also Read :-
- Marketing Management MCQs
- Digital Business Management MCQs
- Cost Accounting MCQs
- Join Our Telegram Channel
