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Account M.C.Q (1 Marks)

Financial Statements · CBSE STD 11 Commerce (CBSE - English Medium). 19 questions.

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M.C.Q (1 Marks)

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19 questions · timed · auto-graded

MCQ 11 Mark
Balance Sheet shows:
  • A
    Profit or Loss.
  • ✓
    Financial Position.
  • C
    Errors of Accounts.
  • D
    Total Debtors.
Answer
Correct option: B.
Financial Position.
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MCQ 21 Mark
Closing Stock appearing in the Trial Balance is shown:
  • A
    On the Dr. side of Trading A/c.
  • B
    On the Cr. side of Trading A/c.
  • ✓
    On the Assets side of Balance Sheet.
  • D
    On the Cr. side of Trading A/c and on the Assets side of Balance Sheet.
Answer
Correct option: C.
On the Assets side of Balance Sheet.
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MCQ 31 Mark
Excess of debit in Profit and Loss Account is called:
  • A
    Net Profit.
  • ✓
    Net Loss.
  • C
    Gross Profit.
  • D
    Gross Loss.
Answer
Correct option: B.
Net Loss.
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MCQ 41 Mark
Opening Stock $₹ 8,500$
Purchases $₹ 30,700$
Direct Wages $₹ 4,800$
Interest on Loan $₹ 2,800$
Closing Stock $₹ 9,000$
Cost of goods sold will be $.........$
  • A
    $₹ 30,000$
  • B
    $₹ 32,000$
  • ✓
    $₹ 35,000$
  • D
    $₹ 40,000$
Answer
Correct option: C.
$₹ 35,000$
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MCQ 51 Mark
Balance Sheet is prepared with the balances of which of the following:
  • A
    All balances in the Ledger.
  • B
    Balances of Personal Accounts.
  • C
    Balances of Real Accounts.
  • ✓
    Balances of Personal and Real Accounts.
Answer
Correct option: D.
Balances of Personal and Real Accounts.
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MCQ 61 Mark
Cost of Goods Sold $₹ 1,50,000$; Closing Stock $₹ 40,000$; Opening Stock $₹ 60,000$; Amount of purchase will be:
  • ✓
    $₹ 1,30,000$
  • B
    $₹ 1,70,000$
  • C
    $₹ 50,000$
  • D
    None of these.
Answer
Correct option: A.
$₹ 1,30,000$
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MCQ 71 Mark
The purpose of preparing final accounts is to ascertain:
  • A
    Profit or loss.
  • B
    Capital.
  • C
    The value of assets.
  • ✓
    Profit or loss and financial position.
Answer
Correct option: D.
Profit or loss and financial position.
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MCQ 81 Mark
Final Accounts are prepared:
  • A
    At the end of calendar year.
  • B
    At the end of Assessment year.
  • C
    On every Diwali.
  • ✓
    At the end of Accounting year.
Answer
Correct option: D.
At the end of Accounting year.
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MCQ 91 Mark
If sales are$ ₹ 2,000$ and the rate of gross profit on cost of goods sold is $25\%$, then the cost of goods sold will be:
  • ✓
    $₹ 1,600$
  • B
    $₹ 1,500$
  • C
    $₹ 1,700$
  • D
    $₹ 1,800$
Answer
Correct option: A.
$₹ 1,600$
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MCQ 101 Mark
Calculate the gross profit if rate of gross profit is $25\%$ on sales and cost of goods sold are $₹ 1,80,000.$
  • ✓
    $₹ 60,000.$
  • B
    $₹ 36,000.$
  • C
    $₹ 45,000.$
  • D
    $₹ 30,000.$
Answer
Correct option: A.
$₹ 60,000.$
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MCQ 111 Mark
Trading and Profit and Loss Account is prepared:
  • ✓
    For a particular period.
  • B
    On a particular date.
  • C
    For the whole year.
  • D
    None of above.
Answer
Correct option: A.
For a particular period.
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MCQ 121 Mark
Choose the Current Assets from the following:
  • A
    Cash.
  • B
    Stock.
  • C
    Debtors.
  • ✓
    All of these.
Answer
Correct option: D.
All of these.
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MCQ 131 Mark
Fixed assets are kept:
  • ✓
    For earning revenue.
  • B
    For conversion into cash as quickly as possible.
  • C
    For resale.
  • D
    For getting loan by mortgage.
Answer
Correct option: A.
For earning revenue.
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MCQ 141 Mark
The Profit and Loss Account shows:
  • A
    Financial Position of the Concern.
  • B
    Gross Profit.
  • ✓
    Net Profit.
  • D
    Net Profit and Financial Position.
Answer
Correct option: C.
Net Profit.
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MCQ 151 Mark
Schedule of balances prepared from ledger accounts is known as:
  • A
    Balance Sheet.
  • ✓
    Trial Balance.
  • C
    Statement of Accounts.
  • D
    Statement of Affairs.
Answer
Correct option: B.
Trial Balance.
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MCQ 161 Mark
Goodwill is:
  • A
    Current Asset.
  • B
    Tangible Asset.
  • ✓
    Intangible Asset.
  • D
    Fictitious Asset.
Answer
Correct option: C.
Intangible Asset.
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MCQ 171 Mark
"Salaries and Wages” appearing in Trial Balance is shown:
  • A
    On the Debit Side of Trading A/c.
  • ✓
    On the Debit Side of P & L A/C.
  • C
    On the Asset Side of Balance Sheet.
  • D
    On the Liabilities Side of Balance Sheet.
Answer
Correct option: B.
On the Debit Side of P & L A/C.
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MCQ 181 Mark
Balance Sheet is prepared:
  • A
    For a particular period.
  • ✓
    On a particular date.
  • C
    For the whole year.
  • D
    None of the above.
Answer
Correct option: B.
On a particular date.
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M.C.Q (1 Marks) - Account STD 11 Commerce Questions - Vidyadip