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Account M.C.Q (1 Marks)

Basic Accounting Terms · CBSE STD 11 Commerce (CBSE - English Medium). 17 questions.

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M.C.Q (1 Marks)

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17 questions · timed · auto-graded

MCQ 11 Mark
Consider the following items:
  1. Prepaid Salary.
  2. Accrued Interest $($Receivable$).$
  3. Loan $($Short term$).$
  4. Bank Overdraft.
Current Liability would include:
  • A
    $1, 2, 3, 4$
  • B
    $2, 3, 4$
  • C
    $4, 3, 1$
  • ✓
    $3, 4$
Answer
Correct option: D.
$3, 4$
Loan $($Short term$)$ and Bank Overdraft.
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MCQ 21 Mark
Goods means:
  • ✓
    Commodity to be bought and sold.
  • B
    Commodity to be bought but not to be sold.
  • C
    Commodity to be used as an asset.
  • D
    All of the above.
Answer
Correct option: A.
Commodity to be bought and sold.
Commodity to be bought and sold.
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MCQ 31 Mark
Current Liabilities include:
  • A
    Bills Payable.
  • B
    Creditors.
  • C
    Outstanding Expenses.
  • ✓
    All of the above.
Answer
Correct option: D.
All of the above.
All of the above.
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MCQ 41 Mark
Current assets do not include:
  • A
    Debtors.
  • ✓
    Motor Car.
  • C
    Bank Balance.
  • D
    Prepaid Expenses.
Answer
Correct option: B.
Motor Car.
Motor Car.
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MCQ 51 Mark
Trade Discount is:
  • A
    Which is allowed at the time of receiving the payment.
  • ✓
    Which is allowed at the time of sale of goods.
  • C
    Which is allowed both at the time of receiving payment and sale of goods.
  • D
    Allowed in all of the above.
Answer
Correct option: B.
Which is allowed at the time of sale of goods.
Which is allowed at the time of sale of goods.
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MCQ 61 Mark
The term sales is used only for the sales of _______ and is never used for the sale of _______:
  • A
    Assets, Investments.
  • B
    Assets, Goods.
  • C
    Intangible Assets, Goods.
  • ✓
    Goods, Assets
Answer
Correct option: D.
Goods, Assets
Goods, Assets.
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MCQ 71 Mark
Main feature of business transaction is:
  • A
    It involves an economic activity.
  • B
    It results in a change in the financial position of the firm.
  • C
    Change must be capable of being expressed in terms of money.
  • ✓
    All of the above.
Answer
Correct option: D.
All of the above.
All of the above.
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MCQ 81 Mark
Out of the following assets which one is NOT an intangible asset?
  • A
    Patents.
  • ✓
    Investments.
  • C
    Goodwill.
  • D
    Trademark.
Answer
Correct option: B.
Investments.
Investments.
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MCQ 91 Mark
Current Liabilities do not include:
  • A
    Bills Payable.
  • B
    Creditors.
  • C
    Outstanding Exp.
  • ✓
    Debentures.
Answer
Correct option: D.
Debentures.
Debentures.
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MCQ 101 Mark
Which of the following is the Capital expenditure?
  • A
    Wages paid for repair of building.
  • B
    Wages paid for white washing of building.
  • ✓
    Wages paid for construction of building.
  • D
    Wages paid for cleaning of building.
Answer
Correct option: C.
Wages paid for construction of building.
Wages paid for construction of building.
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MCQ 111 Mark
Purchases refers to the buying of:
  • A
    Stationery for office use.
  • B
    Assets for the factory.
  • ✓
    Goods of resale.
  • D
    Investment.
Answer
Correct option: C.
Goods of resale.
Goods of resale.
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MCQ 121 Mark
Tangible Assets do not include:
  • ✓
    Goodwill.
  • B
    Furniture.
  • C
    Stock.
  • D
    Cash.
Answer
Correct option: A.
Goodwill.
Goodwill.
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MCQ 131 Mark
At the end of financial year, during which sale of goods was worth ₹ 35,00,000, the closing stock is valued at ₹ 40,000. This is ......
  • A
    An event.
  • B
    A transaction.
  • ✓
    Both an event as well as transaction.
  • D
    None of (A) and (B).
Answer
Correct option: C.
Both an event as well as transaction.
Both an event as well as transaction.
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MCQ 141 Mark
Cash Discount is:
  • ✓
    Which is received at the time of making the payment.
  • B
    Which is allowed at the time of sale of goods.
  • C
    Which is received at the time of purchase of goods.
  • D
    Which is received both at the time of making payment and purchase of goods.
Answer
Correct option: A.
Which is received at the time of making the payment.
Which is received at the time of making the payment.
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MCQ 151 Mark
A person who owes money to the firm is called:
  • ✓
    Debtor.
  • B
    Creditor.
  • C
    Supplier.
  • D
    None of these.
Answer
Correct option: A.
Debtor.
Debtor.
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MCQ 161 Mark
Which of the following will be treated as drawings:
  • A
    Withdrawing money for payment of salary to employees.
  • B
    Withdrawing money for payment to creditors.
  • ✓
    Withdrawing money from business for private expenses.
  • D
    Withdrawing money for purchase of asset.
Answer
Correct option: C.
Withdrawing money from business for private expenses.
Withdrawing money from business for private expenses.
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MCQ 171 Mark
Which of the following is capital expenditure?
  • A
    Wages.
  • ✓
    Wages paid for building construction.
  • C
    Repair expenses of building.
  • D
    Advertisement Expenses.
Answer
Correct option: B.
Wages paid for building construction.
Wages paid for building construction.
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