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
Q41. Cash Memo is
(a) a source voucher.
(b) an accounting voucher,
(c) neither (a) nor (b).
(d) both (a) and (b).
Answer :- A
Q42. Trial Balance shows
(a) both debit and credit balances,
(b) only debit balance.
(c) only credit balance.
(d) either of debit or credit balance.
Answer :- A
Q43. Ledger is a book in which
(a) Real and Nominal Accounts are maintained.
(b) Real and Personal Accounts are maintained,
(c) Real, Personal and Nominal Accounts are maintained.
(d) Personal and Nominal Accounts are maintained.
Answer :- C
Q44. Decrease in one liability may lead to
(a) Decrease in an asset.
(b) Increase in another liability.
(c) Either (a) or (b).
(d) None of these.
Answer :- A
Q45. Purchase book is used to record :
(A) Purchases of goods
(B) Credit Purchases of goods
(C) Credit Purchases of asset
(D) All credit Purchases
Answer :- B
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Q46. Purchased goods from Manoj of Rs.20,000 at 20% trade discount. Posting will be made in Manoj A/c :
(a) Debit side Rs.20,000
(b) Credit side Rs.20,000
(c) Debit side Rs. 16,000
(d) Credit side Rs. 16,000
Answer :- D
Q47. Dinesh who owed us Rs.8,000 became insolvent and paid us 60% in full settlement. Posting will be made to Dinesh A/c : B
(α) Rs.8,000 on Debit side
(b) Rs.8,000 on Credit side
(c) Rs.4,800 on Debit side
(d) Rs.4,800 on Credit side
Answer :- B
Q48. Journal entry to record salaries will include:
(a) Debit salaries Credit cash.
(b) Debit capital Credit cash.
(c) Debit cash Credit salary.
(d) Debit salary Credit creditors.
Answer :- A
Q49 What type of following accounts will have debit balance only?
(a) Personal Accounts
(b) Real Accounts
(c) Nominal Accounts
(d) All of the above
Answer :- B
Q50. If seller receives back the goods sold, he will prepare
(a) Credit Note.
(b) Debit Note.
(c) Both (a) and (b).
(d) None of these.
Answer :- A
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