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
Q81. Credit purchase of furniture is recorded through
(a) Transfer voucher.
(b) Cash voucher,
(c) Debit voucher.
(d) Credit voucher.
Answer :- A
Q82.. The basis of recording transactions is-
(a) Vouchers
(b) Profit
(c) Order form
(d) Quotation list.
Answer :- A
Q83. The Mathematical Expression defining the comparative relationship between Assets and Liabilities of any person, institution or Business concern is called-
(a) Accounting
(b) Accounting Equation
(c) Book – keeping
(d) None of these.
Answer :- B
Q84. Which source of document is prepared by the seller of the goods on credit?
(a) Invoice
(b) Cash memo
(c) Cash Invoice
(d) None
Answer :- A
Q82. Accounting voucher is prepared from
(a) source voucher.
(b) Journal entry.
(c) Both (a) and (b).
(d) None of these.
Answer :- A
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Q86. Gopal is our debtor for Rs. 10,000. He became insolvent and only 60 paise in a Rs. is received from him. The balance of Rs.4,000 would be entered to the :
(a) Debit of Discount A/c
(b) Credit of Discount A/c
(c) Debit of Bad-Debts A/c
(d) Credit of Bad-Debts A/c
Answer :- C
Q87. Payment to a creditor means
(a) Increase in asset and decrease in liability.
(b) Decrease in asset and decrease in liability.
(c) Decrease in asset and increase in liability.
(d) Increase in asset and increase in liability.
Answer :- A
Q88. Which of the following accounts always shows a debit balance :
(a) Capital Account
(b) Sales Account
(c) Purchases Return Account
(d) None of the above
Answer :- D
Q89. Transfer vouchers are prepared to record
(a) cash transactions.
(b) non-cash transactions.
(c) (a) and (b).
(d) None of these.
Answer :- B
Q90. Credit Note is prepared
(a) when credit is given to the account.
(b) when debit is given to the account.
(c) both (a) and (b).
(d) None of the above.
Answer :- A
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