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Account M.C.Q (1 Marks)

Model Paper 1 · CBSE STD 11 Commerce (CBSE - English Medium). 5 questions.

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M.C.Q (1 Marks)

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5 questions · timed · auto-graded

MCQ 11 Mark
Calculate provision for doubtful debt. If debtor closing balance is Rs.3,400 and provision for the reserve of doubtful debts at $10 \%$ on sundry debtors
  • A
    Rs. 2,060
  • B
    Rs. 3,400
  • ✓
    Rs. 340
  • D
    Rs. 3,060
Answer
Correct option: C.
Rs. 340
(c) Rs. 340
Explanation:
Amount of Provision for doubtful debts $=10 \%$ of $3,400=340$
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MCQ 21 Mark
A new firm commenced business on $1^{\text {st }}$ January 2022 and purchased goods costing ₹ 90,000 during the year. A sum of ₹ 6,000 was spent on freight inward. At the end of the year (on $31^{\text {st }}$ March, 2023) the cost of goods still unsold was ₹ 15,000 (Realisable value 12,000 ). Sales during the year was ₹ 1,20,000. What is the gross profit earned by the firm?
Answer
Correct option: B.
(b) ₹ 36,000
Explanation:
Gross Profit $=$ Total Sales $-($ Cost of goods + Freight - Unsold goods $)$
Gross Profit =₹[1,20,000 - (90,000 + 6,000 - 12,000)]
=₹ 36,000
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MCQ 31 Mark
Revenue Expenditure means
  • A
    Both
  • B
    None
  • ✓
    The expenditure which is incurred for the day to day running of the business
  • D
    The amount which is incurred incurred for the day to day running of the business in acquiring or improving the value of fixed assets
Answer
Correct option: C.
The expenditure which is incurred for the day to day running of the business
(c) The expenditure which is incurred for the day to day running of the business
Explanation:
revenue expenditure are the expenses incurred to match the revenue. these are the expenses which are done to run the day to day business.
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MCQ 41 Mark
Single entry system is also known as
  • A
    Accounts for Real and Nominal
  • B
    Accounts from Auditors nature
  • C
    Accounts from complete records
  • ✓
    Accounts from incomplete records
Answer
Correct option: D.
Accounts from incomplete records
(d) Accounts from incomplete records
Explanation:
every transaction in single entry system has only one effect. only pesonal and real account are there in single entry system. nominal account is not there.
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MCQ 51 Mark
If the Opening capital is ₹ 60,000, drawings ₹ 5,000, capital introduced during the period ₹ 10,000, closing capital ₹ 90,000. The value of profit earned during the period will be:
  • A
    ₹ 30,000
  • B
    ₹ 20,000
  • ✓
    ₹ 25,000
  • D
    ₹ 40,000
Answer
Correct option: C.
₹ 25,000
(c) ₹ 25,000
Explanation:
Profit = Closing capital + Drawings – (Additional capital + Opening capital)
Profit = 90,000 + 5,000 – (10,000 + 60,000)
Profit = 25,000.
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M.C.Q (1 Marks) - Account STD 11 Commerce Questions - Vidyadip