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
Q21. Name an asset which is also a liability?
(a) Cash at bank
(b) Cash in hand
(c) Furniture
(d) Machinery
Answer :- A
Q22. Which of the following account will be credited on giving cash donations?
(a) Cash A/c
(b) Purchases A/c
(c) Bank A/c
(d) Donation A/c
Answer :- A
Q23. In Journal Proper, only_____discount is recorded.|
(a) Cash
(b) Trade
(c) None of the options
(d) Both Cash and Trade
Answer :- A
Q24. Voucher is prepared for
(a) Cash and Credit purchases.
(b) Cash and Credit sales,
(c) Cash received and paid.
(d) All of these.
Answer :- D
Q25. Books of Account are written on the basis of
(a) Source Document.
(b) Accounting Vouchers.
(c) Both (a) and (b).
(d) None of these.
Answer :- B
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Q26. Rent of proprietor’s house paid from account on cash will
(a) Decrease the profit
(b) Increase the profit
(c) Reduce the capital of business
(d) Reduce the cash as well as capital of the business.
Answer :- D
Q27. A ledger is called a book of____
(a) Secondary entry
(b) Primary entry
(c) Final entry
(d) None of the options
Answer :- A
Q28. Which of the following equations is correct?
(a) Assets + Capital = Liabilities.
(b) Assets – Liabilities = Capital,
(c) Assets + Liabilities = Capital.
(d) None of these.
Answer :- B
Q29. A sole trader took goods costing Rs.. 1,000 from stock from his own use. The normal selling price of the goods is Rs. 1,500. Which of the following Journal entries would correctly record this?
(a) Dr. Drawings A/c and Cr. Purchases A/c by Rs. 1,000.
(b) Dr. Drawings A/c and Cr. Sales A/c by Rs. 1,500.
(c) Dr. Drawings A/c and Cr. Purchases A/c by Rs. 1,500.
(d) Dr. Sales A/c and Cr Drawings A/c by Rs. 1,000.
Answer :- A
Q30. Journal is called
(a) a book of primary entry.
(b) a book of secondary entry.
(c) a book of final entry.
(d) both secondary entry and final entry.
Answer :- A
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