Check the below NCERT MCQ Questions for Class 11 Accountancy Chapter 9 Financial Statements 1 with Answers Pdf free download. MCQ Questions for Class 11 Accountancy with Answers were prepared based on the latest exam pattern. We have provided Financial Statements 1 Class 11 Accountancy MCQs Questions with Answers to help students understand the concept very well. https://mcqquestions.guru/mcq-questions-for-class-11-accountancy-chapter-9/
Financial Statements 1 Class 11 MCQs Questions with Answers
Financial Statements At MCQ Class 11 Chapter 9 Question 1.
Trading Account discloses-
(a) Gross profit
(b) Net profit
(c) Net loss
(d) Gross profit or Gross loss
Answer
Answer: (d) Gross profit or Gross loss
MCQ On Financial Statements With Answers Pdf Class 11 Question 2.
Direct Expenses are entered in:
(a) Trading Account
(b) profit & Loss Account
(c) Balance sheet
(d) None of these
Answer
Answer: (a) Trading Account
Financial Statements 1 Class 11 Accountancy Chapter 9 Question 3.
Profit and loss Account discloses:
(a) Gross profit
(b) Gross profit or Gross loss
(c) Gross profit or Gross loss
(d) None of these
Answer
Answer: (b) Gross profit or Gross loss
Question 4.
Goodwill is a-
(a) Fixed Asset
(b) Current Asset
(c) Fictitious Asset
(d) None of these
Answer
Answer: (a) Fixed Asset
Question 5.
Drawing is deducted from:
(a) Sales
(b) Purchase
(c) Returns outward
(d) Capital
Answer
Answer: (b) Purchase
Fill in the blanks:
1. Indirect Expenses are entered in …………….. account.
Answer
Answer: Profit & loss account
2. Gross profit or loss is transferred to …………….. account.
Answer
Answer: Profit & loss account
3. ………….. accounts are prepared at the end of the year.
Answer
Answer: Final
4. Balance sheet is a ………………
Answer
Answer: Statement
5. Increase in capital at the end of the year represents ………………..
Answer
Answer: Profit
State True or False:
1. Capital is a fixed Liability.
Answer
Answer: True
2. Closing stock is not shown in balance sheet.
Answer
Answer: False
3. Balance sheet is prepared on the basis of Trial balance.
Answer
Answer: True
4. Bad debt reserve is a loss.
Answer
Answer: False
5. Interest on drawings is loss of owner.
Answer
Answer: True
Match the following:
| Column A | Column B |
| 1. Goodwill | (a) Profit & loss Account |
| 2. Creditors | (b) Fixed Asset |
| 3. Building | (c) Intangible Asset |
| 4. Net profit | (d) Liabilities |
| 5. Balance sheet | (e) Direct expenses |
| 6. Cartage | (f) Closing capital. |
Answer
Answer:
| Column A | Column B |
| 1. Goodwill | (c) Intangible Asset |
| 2. Creditors | (d) Liabilities |
| 3. Building | (b) Fixed Asset |
| 4. Net profit | (a) Profit & loss Account |
| 5. Balance sheet | (f) Closing capital. |
| 6. Cartage | (e) Direct expenses |
Answer in one word/sentence:
1. When cost of goods sold is deducted from net sales, we get.
Answer
Answer: Gross profit
2. The Expenses written in profit & loss Account are known as.
Answer
Answer: Indirect expenses
3. The statement of Assets & Liabilities is called.
Answer
Answer: Balance sheet
4. Give an example of current Liability.
Answer
Answer: Bank overdraft
5. In which side of balance sheet, the goods in transit are shown.
Answer
Answer: Asset side
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