{"id":19318,"date":"2021-02-27T12:42:04","date_gmt":"2021-02-27T07:12:04","guid":{"rendered":"https:\/\/ncertsolutions.guru\/?p=19318"},"modified":"2021-02-27T12:42:04","modified_gmt":"2021-02-27T07:12:04","slug":"mcq-questions-for-class-11-accountancy-chapter-1","status":"publish","type":"post","link":"https:\/\/ncertsolutions.guru\/mcq-questions-for-class-11-accountancy-chapter-1\/","title":{"rendered":"MCQ Questions for Class 11 Accountancy Chapter 1 Introduction to Accounting with Answers"},"content":{"rendered":"

Students who are searching for NCERT MCQ Questions for Class 11 Accountancy Chapter 1 Introduction to Accounting with Answers Pdf free download are compiled here to get good practice on all fundamentals. Know your preparation level on MCQ Questions for Class 11 Accountancy with Answers<\/a>. You can also verify your answers from our provided Introduction to Accounting Class 11 MCQs Questions with Answers. So, ace up your preparation with MCQ on Introduction to Accounting Class 11 Objective Questions.<\/p>\n

Introduction to Accounting Class 11 MCQs Questions with Answers<\/h2>\n

Question 1.
\nWhich of the following is not a business transaction?
\n(a) Bought furniture of Rs. 10,000 for business
\n(b) Paid for salaries of employees Rs. 5,000
\n(c) Paid sons fees from her personal bank account Rs. 20,000
\n(d) Paid sons fees from the business Rs. 2,000<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (c) Paid sons fees from her personal bank account Rs. 20,000<\/p>\n<\/details>\n

\n

Question 2.
\nDeepti wants to buy a building for her business today. Which of the following is the relevant data for his decision?
\n(a) Similar business acquired the required building in 2000 for Rs. 10,00,000
\n(b) Building cost details of 2003
\n(c) Building cost details of 1998
\n(d) Similar building cost in August, 2005 Rs. 25,00,000<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (a) Similar business acquired the required building in 2000 for Rs. 10,00,000<\/p>\n<\/details>\n

\n

Question 3.
\nWhich is the last step of accounting as a process of information?
\n(a) Recording of data in the books of accounts
\n(b) Preparation of summaries in the form of financial statements
\n(c) Communication of information
\n(d) Analysis and interpretation of information<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (c) Communication of information<\/p>\n<\/details>\n

\n

Question 4.
\nWhich qualitative characteristics of accounting information is reflected when accounting information is clearly presented?
\n(a) Understandability
\n(b) Relevance
\n(c) Comparability
\n(d) Reliability<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (a) Understandability<\/p>\n<\/details>\n

\n

Question 5.
\nUse of common unit of measurement and common format of reporting promotes
\n(a) Comparability
\n(b) Understandability
\n(c) Relevance
\n(d) Reliability<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (a) Comparability<\/p>\n<\/details>\n

\n

Complete the following sentences with appropriate words<\/span><\/p>\n

Question 1.
\nInformation in financial reports’is based on ……………. transactions.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: economic<\/p>\n<\/details>\n

\n

Question 2.
\nInternal users are the ……………… of the business entity.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: management\/employees<\/p>\n<\/details>\n

\n

Question 3.
\nA ………………. would most likely use an entities financial report to determine whether or not the business entity is eligible for a loan.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: creditor<\/p>\n<\/details>\n

\n

Question 4.
\nThe Internet has assisted in decreasing the ………………… in issuing financial reports to users.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: time-gap<\/p>\n<\/details>\n

\n

Question 5.
\n………………….. users are groups outside the business entity, who uses the information to make decisions about the business entity.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: external<\/p>\n<\/details>\n

\n

Question 6.
\nInformation is said to be relevant if it is ……………….<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: free from bias<\/p>\n<\/details>\n

\n

Question 7.
\nThe process of accounting starts with …………….. and ends with ……………….<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: identifying the transactions, communicating information<\/p>\n<\/details>\n

\n

Question 8.
\nAccounting measures the business transactions in terms of ……………….. units.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: monetary<\/p>\n<\/details>\n

\n

Question 9.
\nIdentified and measured economic events should be recording in ……………….. order.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: chronological<\/p>\n<\/details>\n

\n

Use the above-provided NCERT MCQ Questions for Class 11 Accountancy Chapter 1 Introduction to Accounting with Answers Pdf free download and get a good grip on the fundamentals. Need any support from our end during the preparation of CBSE Class 11 Accountancy Introduction to Accounting MCQs Multiple Choice Questions with Answers then leave your comments below. We’ll revert back to you soon.<\/p>\n","protected":false},"excerpt":{"rendered":"

Students who are searching for NCERT MCQ Questions for Class 11 Accountancy Chapter 1 Introduction to Accounting with Answers Pdf free download are compiled here to get good practice on all fundamentals. Know your preparation level on MCQ Questions for Class 11 Accountancy with Answers. You can also verify your answers from our provided Introduction …<\/p>\n

MCQ Questions for Class 11 Accountancy Chapter 1 Introduction to Accounting with Answers<\/span> Read More »<\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[35],"tags":[],"yoast_head":"\nMCQ Questions for Class 11 Accountancy Chapter 1 Introduction to Accounting with Answers - NCERT Solutions<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ncertsolutions.guru\/mcq-questions-for-class-11-accountancy-chapter-1\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MCQ Questions for Class 11 Accountancy Chapter 1 Introduction to Accounting with Answers - NCERT Solutions\" \/>\n<meta property=\"og:description\" content=\"Students who are searching for NCERT MCQ Questions for Class 11 Accountancy Chapter 1 Introduction to Accounting with Answers Pdf free download are compiled here to get good practice on all fundamentals. 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