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

Q61. The entry which is passed for bringing forward the balances of personal and Real Account as shown in the last year’s balance sheet is called –
(a) Closing entry
(b) Journal entry
(c) Opening entry
(d) None of these.

Answer :-  C

Q62. Sale of goods.to Ram for cash is debited to   
(a) Ram.
(b) Cash A/c.
(c) Sales A/c.
(d) Stock A/c.

Answer :-  B

Q63. Total assets in a business are Rs.8,00,000 and total liabilities are Rs.5,00,000. The difference is called: 
(a) Income
(b) Expenses
(c) Capital
(d) Goodwill

Answer :-  C

Q64. Nominal Accounts are related to :   
(a) Assets and Liabilities
(b) Expenses, losses and incomes
(c) Debtors, Creditors etc.

Answer :-  B

Q65. Which of these accounts has debit balance?   
(a) Income received in advance
(b) Bank loan
(c) Prepaid insurance premium
(d) Creditors for goods

Answer :-  C

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Q66. Bad Debts earlier written off and now received are credited to   
(a) Bad Debts A/c.
(b) Bad Debts Recovered A/c.
(c) Miscellaneous Income A/c.
(d) Debtors A/c.

Answer :-  B

Q67. Which of the following is correct entry to record cash purchase of Rs. 3,000 from Amar?   
(a) Dr. Purchases A/c and Cr. Amar by Rs. 3,000.
(b) Dr. Amar and Cr. Purchases A/c by Rs. 3,000.
(c) Dr. Cash A/c and Cr. Purchase A/c by Rs. 3,000.
(d) Dr. Purchases A/c and Cr. Cash A/c by Rs. 3,000.

Answer :-  D

Q68. Purchase of goods from A’ for Cash should be Credited to:   
(a) Purchase
(b) Cash
(c) X

Answer :-  B

Q69. Recording of transaction in a Journal is called   
(a) Posting.
(b) Journalising.
(c) Transfer.
(d) Ruling.

Answer :-  B

Q70.  The liabilities of a firm are Rs. 3,000; the capital of the proprietor is Rs. 7,000. The total assets are:   
(a) Rs. 7,000.
(b) Rs. 10,000.
(c) Rs. 4,000.
(d) None of these.

Answer :-  A

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