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Recording of Transactions 1 Class 11 MCQs Questions with Answers
Question 1.
Which of the following equation’s correct?
(a) Assets = Liabilities – Capital
(b) Assets = Capital – Liabilities
(c) Assets = Liabilities + Capital
(d) Assets = External Equities
Answer
Answer: (c) Assets = Liabilities + Capital
Question 2.
Which of the following is correct?
(a) Profit/Loss = Closing Capital + Additional Capital – Drawings – Opening Capital
(b) Profit/Loss = Closing Capital-Drawings-Additional Capital – Opening Capital
(c) Profit/Loss = Opening Capital + Drawings made – Additional Capital – Closing Capital
(d) Profit/Lose = Closing Capital + Drawings made – Additional Capital – Opening Capital
Answer
Answer: (d) Profit/Lose = Closing Capital + Drawings made – Additional Capital – Opening Capital
Question 3.
The liabilities of a firm are Rs. 60,000 and the capital of the proprietor is Rs. 40,000. The total assets are:
(a) 60,000
(b) 1,00,000
(c) 20,000
(d) 40,000
Answer
Answer: (b) 1,00,000
Question 4.
If a film borrows a sum of money, there will be
(a) Increase in capital
(b) Decrease in capital
(c) No effect on capital
(d) None of the above
Answer
Answer: (a) Increase in capital
Question 5.
Debit Means
(a) an increase in asset
(b) a decrease in asset
(c) an increase in liability
(d) an increase in capital
Answer
Answer: (a) an increase in asset
Question 6.
Journal is a book of in accounting.
(a) All non-cash transactions
(b) Secondary entry
(c) Original entry
(d) All cash transaction.
Answer
Answer: (c) Original entry
Question 7.
The following account has a debit balance
(a) Creditor’s A/c
(b) Capital A/c
(c) Building A/c
(d) Loan A/c
Answer
Answer: (c) Building A/c
Question 8.
Ledger is a book of …………. in accounting.
(a) All non-cash transactions
(b) Secondary entry
(c) Original entry
(d) All cash transactions
Answer
Answer: (b) Secondary entry
Question 9.
The process of recording a business transaction in the journal is called
(a) Costing
(b) Balancing
(c) Posting
(d) Journalising
Answer
Answer: (d) Journalising
Question 10.
Which of the following is a cash transaction?
(a) Sold goods
(b) Sold goods to Ravinder
(c) Sold goods to Ravinder on credit
(d) Sold goods to Ravinder on account.
Answer
Answer: (a) Sold goods
Fill in the blanks
Question 1.
The accounting voucher are based on …………….
Answer
Answer: Supporting
Question 2.
Both debit and credit aspects of a transaction are shown by …………… vouchers.
Answer
Answer: Transfer
Question 3.
Accounting equation satisfies the …………….. concept of accounting.
Answer
Answer: Dual
Question 4.
Liabilities = ……………….. – Capital
Answer
Answer: Assets
Question 5.
Accounting equation serves as a basis for preparing …………….
Answer
Answer: Balance Sheet
Question 6.
Journalising is the process of entering transactions in ………………
Answer
Answer: Journal
Question 7.
The explanation of a Journal entry is known as ……………….
Answer
Answer: Narrations
Question 8.
Transactions, when recorded in journal, are known as ………………
Answer
Answer: Entries
Question 9.
Ledger account gives the folio of ………………….
Answer
Answer: Journal
Question 10.
The balance of capital account is usually ………………… balance.
Answer
Answer: Credit
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