{"id":19327,"date":"2021-02-27T14:53:27","date_gmt":"2021-02-27T09:23:27","guid":{"rendered":"https:\/\/ncertsolutions.guru\/?p=19327"},"modified":"2021-07-19T12:12:13","modified_gmt":"2021-07-19T06:42:13","slug":"mcq-questions-for-class-11-accountancy-chapter-3","status":"publish","type":"post","link":"https:\/\/ncertsolutions.guru\/mcq-questions-for-class-11-accountancy-chapter-3\/","title":{"rendered":"MCQ Questions for Class 11 Accountancy Chapter 3 Recording of Transactions 1 with Answers"},"content":{"rendered":"

Students who are searching for NCERT MCQ Questions for Class 11 Accountancy Chapter 3 Recording of Transactions 1 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 Recording of Transactions 1 Class 11 MCQs Questions with Answers. So, ace up your preparation with MCQ on Recording of Transactions 1 Class 11 Objective Questions.<\/p>\n

Recording of Transactions 1 Class 11 MCQs Questions with Answers<\/h2>\n

Question 1.
\nWhich of the following equation’s correct?
\n(a) Assets = Liabilities – Capital
\n(b) Assets = Capital – Liabilities
\n(c) Assets = Liabilities + Capital
\n(d) Assets = External Equities<\/p>\n

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

Answer: (c) Assets = Liabilities + Capital<\/p>\n<\/details>\n

\n

Question 2.
\nWhich of the following is correct?
\n(a) Profit\/Loss = Closing Capital + Additional Capital – Drawings – Opening Capital
\n(b) Profit\/Loss = Closing Capital-Drawings-Additional Capital – Opening Capital
\n(c) Profit\/Loss = Opening Capital + Drawings made – Additional Capital – Closing Capital
\n(d) Profit\/Lose = Closing Capital + Drawings made – Additional Capital – Opening Capital<\/p>\n

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

Answer: (d) Profit\/Lose = Closing Capital + Drawings made – Additional Capital – Opening Capital<\/p>\n<\/details>\n

\n

Question 3.
\nThe liabilities of a firm are Rs. 60,000 and the capital of the proprietor is Rs. 40,000. The total assets are:
\n(a) 60,000
\n(b) 1,00,000
\n(c) 20,000
\n(d) 40,000<\/p>\n

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

Answer: (b) 1,00,000<\/p>\n<\/details>\n

\n

Question 4.
\nIf a film borrows a sum of money, there will be
\n(a) Increase in capital
\n(b) Decrease in capital
\n(c) No effect on capital
\n(d) None of the above<\/p>\n

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

Answer: (a) Increase in capital<\/p>\n<\/details>\n

\n

Question 5.
\nDebit Means
\n(a) an increase in asset
\n(b) a decrease in asset
\n(c) an increase in liability
\n(d) an increase in capital<\/p>\n

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

Answer: (a) an increase in asset<\/p>\n<\/details>\n

\n

Question 6.
\nJournal is a book of in accounting.
\n(a) All non-cash transactions
\n(b) Secondary entry
\n(c) Original entry
\n(d) All cash transaction.<\/p>\n

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

Answer: (c) Original entry<\/p>\n<\/details>\n

\n

Question 7.
\nThe following account has a debit balance
\n(a) Creditor’s A\/c
\n(b) Capital A\/c
\n(c) Building A\/c
\n(d) Loan A\/c<\/p>\n

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

Answer: (c) Building A\/c<\/p>\n<\/details>\n

\n

Question 8.
\nLedger is a book of …………. in accounting.
\n(a) All non-cash transactions
\n(b) Secondary entry
\n(c) Original entry
\n(d) All cash transactions<\/p>\n

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

Answer: (b) Secondary entry<\/p>\n<\/details>\n

\n

Question 9.
\nThe process of recording a business transaction in the journal is called
\n(a) Costing
\n(b) Balancing
\n(c) Posting
\n(d) Journalising<\/p>\n

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

Answer: (d) Journalising<\/p>\n<\/details>\n

\n

Question 10.
\nWhich of the following is a cash transaction?
\n(a) Sold goods
\n(b) Sold goods to Ravinder
\n(c) Sold goods to Ravinder on credit
\n(d) Sold goods to Ravinder on account.<\/p>\n

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

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

\n

Fill in the blanks<\/span><\/p>\n

Question 1.
\nThe accounting voucher are based on …………….<\/p>\n

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

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

\n

Question 2.
\nBoth debit and credit aspects of a transaction are shown by …………… vouchers.<\/p>\n

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

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

\n

Question 3.
\nAccounting equation satisfies the …………….. concept of accounting.<\/p>\n

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

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

\n

Question 4.
\nLiabilities = ……………….. – Capital<\/p>\n

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

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

\n

Question 5.
\nAccounting equation serves as a basis for preparing …………….<\/p>\n

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

Answer: Balance Sheet<\/p>\n<\/details>\n

\n

Question 6.
\nJournalising is the process of entering transactions in ………………<\/p>\n

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

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

\n

Question 7.
\nThe explanation of a Journal entry is known as ……………….<\/p>\n

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

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

\n

Question 8.
\nTransactions, when recorded in journal, are known as ………………<\/p>\n

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

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

\n

Question 9.
\nLedger account gives the folio of ………………….<\/p>\n

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

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

\n

Question 10.
\nThe balance of capital account is usually ………………… balance.<\/p>\n

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

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

\n

Use the above-provided NCERT MCQ Questions for Class 11 Accountancy Chapter 3 Recording of Transactions 1 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 Recording of Transactions 1 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 3 Recording of Transactions 1 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 …<\/p>\n

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