Free MCQ Quiz on 11th Commerce Book Keeping Accountancy
by MCQ Quiz on 11th Commerce Book Keeping Accountancy
Subject :- Book-Keeping and Accountancy
This MCQ Quiz platform provide you a Free MCQ Quiz on 11th Commerce Book Keeping Accountancy.
There are Ten chapter of Book Keeping & Accountancy. Each topic consist approx. 10 MCQs and we also provide a MCQ Quiz for this.
Chapter 1
MCQ Quiz on Introduction to Book- Keeping and Accountancy
1) Surplus of income over expenses is ______________.
a) Profit
b) Deficit
c) Loss
d) Financial Statements
2)In ____________ basis of accounting, actual cash receipts and actual cash payments are recorded.
a) Accrual
b) Hybrid
c) Cash
d) Mercantile
3) Amount which is not recoverable from customer is known as ______________.
a) Bad Debts
b) Debts
c) Debtors
d) Doubtful debts
4) Accounts must be honestly prepared and they must disclose all material information is known as _________.
a) Entity Concepts
b) Dual Aspect Concept
c) Disclosure Concept
d) Cost Concept
5)A commodity in which a trader deals is known as ________.
a) Goods
b) Income
c) Property
d) Expenditure
6) _____ means a reputation of a business valued in terms of money.
a) Trademark
b) Assets
c) Patents
d) Goodwill
7)According to _________ cash flow statement is prepared and presented for the period for which the profit and loss account is prepared.
a) AS-3 ;
b) AS-10
c) AS-6
d) AS-2
8)The immediate recognition of loss is supported by principle of ____.
a) Conservatism
b) Objective
c) Matching
d) Consistency
9) Brief explanation of an entry is called as _________.
a) Folio
b) Narration
c) Posting
d) Journalizing
10)An act of exchange of things or services between the two parties is termed as______.
a) Ledger
b) Transfer
c) Transaction
d) Business
Chapter 2
MCQ Quiz on Meaning and Fundamental
of Double Entry Book-Keeping
1) International Accounting day is observed on . . . . . . . . . . . . . .
a) 10th November ;
b) 12th November
c) 10th December
d) 15th December
2) Conventional system of accounting is . . . . . . . . . . . . . .
a) English entry system
b) Double entry system
c) Indian system
d) None of these
3) Every debit has corresponding . . . . . . . . . . . . . .
a) Debit
b) Credit
c) Right hand side
d) None of these
4) Radha`s Account is a type of . . . . . . . . . . . . . account.
a) Nominal
b) Personal
c) Real
d) Expenses
5) Machinery Account is . . . . . . . . . . . . . account.
a) Nominal
b) Income
c) Personal
d) Real
6) Goodwill is . . . . . . . . . . . . . . asset.
a) Tangible
b) Current
c) an intangible
d) None of these
7) Prepaid expenses is . . . . . . . . . . . . account.
a) Real
b) Personal
c) Nominal
d) Income
8)Debit the receiver, Credit the . . . . . . . . . . . . . .
a) Goes out
b) Giver
c) Income and gains
d) Comes in
9)Debit what comes in, Credit what . . . . . . . . . . . . . .
a) Giver
b) Expenses and losses
c) Goes out
d) Income and gains
10)Debit all . . . . . . . . . . . . . . and Credit all income and gains.
a) Giver
b) Expenses and losses
c) Goes out
d) None of these
Chapter 3
MCQ Quiz on Journal
1) ……… means explanation of the transactions recorded in the Journal.
a) Narration
b) Journalizing
c) posting
d) Casting
2) ……… discount is not recorded in the books of accounts.
a) Trade
b) Cash
c) GST
d) VAT
3) Recording of transaction in Journal is called ……
a) posting
b) journalizing
c) narration
d) prime entry
4) Every Journal entry require ……
a) casting
b) posting
c) narration
d) journalizing
5) The ……… column of the Journal is not recorded at the time of journalizing.
a) date
b) particulars
c) ledger folio
d) amount
6) Goods sold on credit should be debited to ………
a) purchase A/c
b) customer A/c
c) sales A/c
d) cash A/c
7) Wages paid for installation of Machinery should be debited to ……
a) wages A/c
b) machinery A/c
c) cash A/c
d) Installation A/c
8) The commission paid to the agent should be debited to ………
a) drawing A/c
b) cash A/c
c) commission A/c
d) Agent A/c
9) Loan taken from Dena Bank should be credited to ……
a) Capital A/c
b) Dena Bank A/c
c) Cash A/c
d) Dena Bank Loan A/c
10) Purchase of animals for cash should be debited to ……
a) Live stock A/c
b) Goods A/c
c) Cash A/c
d) Bank A/c
Chapter 4
MCQ Quiz on Ledger
1) In case of a credit transaction one of the account must be a …………….account.
a) Cash
b) Credit
c) Personal
d) Debit
2) ‘c/d’ indicates …………..balance.
a) Opening
b) Closing
c) Positive
d) Negative
3) ………….. Column of ledger is used for writing page number of Journal.
a) J.F.
b) L.F.
c) Date
d) Particulars
4) Debtors Account shows ……….balance.
a) Real
b) Negative
c) Credit
d) Debit
5) ………..is the process of deriving the difference between totals of the debit and credit
side of each ledger a/c.
a) Totaling
b) Journalizing
c) Balancing
d) Posting.
6) Total of Purchase book is………….to Purchase Account.
a) posted
b) moved
c) given
d) entered.
7) Real account always shows…………balance.
a) minimum
b) maximum
c) debit
d) credit
8) …………..is prepared to test arithmetical accuracy of Books of Accounts.
a) Trial Balance
b) Ledger
c) Journal
d) List
Chapter 5
MCQ Quiz on Subsidiary Books
1) Cash column of Cash Book can never have ….. balance.
(a) credit
(b) debit
(c) zero
(d) none of the above
2) Any entry recorded on both sides of Cash Book is known as ….. entry
(a) opening
(b) rectifying
(c) transfer
(d) contra
3) The source document for recording in Sales book is …..
(a) Inward Invoice
(b) Outward Invoice
(c) Voucher
(d) Cash Memo
4) Credit purchase of Machinery is recorded in the …….
(a) Purchase Book
(b) Cash Book
(c) Journal Proper
(d) Returns Outward Book
5) Sub-division of journal is knows as …. book.
(a) Subsidiary
(b) Purchase Return
(c) Purchase
(d) Journal Proper
6) Additional cash introduced in business is recorded in …..
(a) Purchase Book
(b) Cash Book
(c) Journal Proper
(d) Returns Inwards Book.
7) Entry for bad debts is recorded in the ……
(a) Sales Book
(b) Purchase Book
(c) Cash Book
(d) Journal Proper
8) Direct deposit made by customer into our bank is recorded in the ….. side of the Cash
Book.
(a) payments
(b) credit
(c) receipts
(d) both
9) The person who draws the cheque and signs on it is the ……
(a) drawer
(b) drawee
(c) payee
(d) all of the above
10) A fixed amount is deposited for a fixed period in ….. deposit account.
(a) Current
(b) Savings
(c) Fixed
(d) Recurring
Chapter 6
MCQ Quiz on Bank Reconciliation Statement
1. Overdraft means _______ balance of Cash Book.
a) closing
b) debit
c) opening
d) credit
2. When a cheque is deposited and collected by bank Pass Book is _________ .
a) dishonored
b) debited
c) credited
d) written.
3. A __________ is a summary of financial transactions that take place over a period of time
on a bank account.
a) withdrawal slip
b) bank advice
c) bank statement
d) Pay-in-slip.
4. Debiting an entry in Cash Book ___________ cash balance.
a) increases
b) decreases
c) nullifies
d) none of the above.
5. Bank Reconciliation Statement is prepared by _________ .
a) student
b) businessman
c) bank
d) none of the above.
6. Bank balance as per Pass Book means ___________ balance of Pass Book.
a) credit
b) opening
c) debit
d) closing.
7. Bank gives overdraft facility to __________ account holder.
a) savings
b) recurring
c) current
d) fixed.
8. Debit balance as per Cash Book is also known as ___________ balance.
a) favorable
b) overdraft
c) abnormal
d) unfavorable.
9. When extracts of Cash Book and Pass Book are given for uncommon periods, only________ items are considered for preparation of Bank Reconciliation Statement.
a) uncommon
b) normal
c) favorable
d) common.
10. When extract of Cash Book and Pass Book are given for common period, only ______items are considered for preparation of Bank Reconciliation Statement.
a) uncommon
b) common
c) favorable
d) unfavorable
Chapter 7
MCQ Quiz on Depreciation
1. Decrease in the value of fixed assets is known as ……….
a) Depreciation
b)Appreciation
c) Combination
d) None of these
2. Depreciation is charged only on ……….assets.
a) Fixed
b) Current
c) Non-performing.
d) Fictitious.
3. The amount spent on installation of new machinery is a ……………expenditure.
a) Revenue
b) Capital
c) Deferred Revenue
d) Income.
4. The amount that a fixed asset is expected to realise on its disposal is known as…………
a) Book value
b) Scrap value
c) Market value
d) Original value.
5. The amount of depreciation reduces year after year under…………..
a) Fixed Instalment Method
b) Written Down Value Method
c) Depreciation Fund Method.
d) Revaluation Method.
6. The amount of depreciation remains constant every year under……
a) Straight Line Method
b) Diminishing Balance Method
c) Revaluation Method.
d) Insurance Policy Method
7. The balance of depreciation account is transferred to ……………….
a) Manufacturing A/c
b) Trading A/c
c) Profit & Loss A/c
d) Balance sheet
Chapter 8
MCQ Quiz on Rectification of Errors
1) Rectification entries are passed in —————–.
a) Journal Proper
b) Ledger
c) Balance sheet
d) Cash Book
2) The type of error for which journal entry is always required for rectification —————.
a) over casting
b) one sided error
c) under casting
d) two sided error
3) Errors occurred due to wrong posting are called as errors of ——-
a) principle
b) commission
c) compensating
d) omission
4) If transaction is totally omitted from the Books, it is called ———
a) Error of recording
b) Error of omission
c) Error of principle
d) Error of commission
5) Suspense Account is opened when ____ does not tally
a) Balance sheet
b) Trading account
c) Profit and Loss
d) Trial Balance
Chapter 9
MCQ Quiz on Final Accounts of a Proprietary Concern
1) ………… is excess of assets over liabilities
a) Goodwill
b) Capital
c) Investments
d) Drawings
2) Discount earned is transferred to credit side of ……… account.
a) Current A/c
b) Profit & Loss
c) Trading
d) Capital
3) …… is a statement which shows the financial position of business on a specific date.
a) Trading account
b) Trial Balance
c) Profit & Loss A/c
d) Balance Sheet
4) Outstanding expenses are shown on the ……… side of Balance Sheet.
a) Assets
b) Liability
c) Both
d) None of these
5) Interest on Drawing is credited to …… Account.
a) Trading
b) Profit & Loss
c) Capital d) All
6) Debit balance of Trading Account means ……
a) Gross Loss
b) Net Loss
c) Net Profit
d) Gross Profit
7) Carriage Inward is debited to …… Account.
a) Trading
b) Profit & Loss
c) Capital
d) Bank
8) Excess of credit over to debit in Profit & Loss Account indicates ………
a) Net Profit
b) Gross Profit
c) Gross Loss
d) Net Loss
9) Closing stock is always valued at cost or market price which is-
a) more
b) less
c) zero
d) equal
10) When specific date is not given, in that case interest on drawing is charged for ……month.
a) Four
b) Six
c) Eight
d) Nine
Chapter 10
MCQ Quiz on Single Entry System
1) The capital balances are ascertained by preparing ——-
a) Statement of affairs
b) Cash Account
c) Drawings Accounts
d) Debtors Accounts
2) Under Single Entry System, Opening Capital = Opening Assets less—–
a) Opening Liabilities
b) Closing Liabilities
c)Debtors Account
d) Creditors Account
3) Additional Capital introduced during the year is —————- from closing capital in order to find out the correct profit
a) Added
b) Deducted
c) Divided
d) Ignored
4) Single Entry System may be useful for —–
a) Sole traders
b) Company
c) Government
d) None of these
5) In order to find out the correct profit, drawings is —— from closing capital
a) Multiplies
b) Divided
c) Deducted
d) Added
6) The difference between assets and liabilities is called ——-
a) Capital
b) Drawings
c) Income
d) Expenses
7) When Closing Capital is greater than the Opening Capital, the difference is —–
a) Profit
b) Loss
c) Assets
d) Liabilities
8) Opening Capital is Rs 30,000; Closing Capital is Rs 60,000; Withdrawals are Rs 5,000; and further capital brought in is Rs 3,000; Profit is —————-
a) Rs 45,000
b) Rs 35,000
c) Rs 32,000
d) Rs 22,000
