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Account M.C.Q (1 Marks)

Model Paper 5 · 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
Following particulars are given in Trial Balance:
Purchases ₹ 1,10,000; Sales ₹ 2,00,000; Wages ₹ 30,000; Closing Stock was ₹ 8,000 more than the Opening Stock. Two-third of the Wages was charged to the Cost of goods sold in Trading Account. Gross Profit was:
  • ✓
    78000
  • B
    88000
  • C
    62000
  • D
    68000
Answer
Correct option: A.
78000
A
₹ 78,000
Explanation:
₹ 78,000
Gross profit = sales + closing stock - Purchase - Wages
= 2,00,000 + 8,000 - 1,10,000 - 20,000
= 78,000
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MCQ 21 Mark
Wages paid for the installation of the machine is added to the cost of machine because of
  • ✓
    Cost Principle
  • B
    Accrual Concept
  • C
    Materiality Principle
  • D
    Matching Principle
Answer
Correct option: A.
Cost Principle
A
Cost Principle
Explanation:
As per Cost Principle. Wages paid for the installation of a machine is added to the cost of
machine because of the cost principle.
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MCQ 31 Mark
Payment of Income Tax is considered as:
  • A
    Administrative expense
  • B
    Direct Expenses
  • C
    Operating Expenses
  • ✓
    Indirect Expenses
Answer
Correct option: D.
Indirect Expenses
D
Indirect Expenses
Explanation:
Payment of Income Tax is considered an indirect expense for an enterprise.
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MCQ 41 Mark
Single entry system records
  • A
    Two sided effect
  • ✓
    One sided effect
  • C
    Three sided effect
  • D
    Four sided effect
Answer
Correct option: B.
One sided effect
B
One sided effectth
Explanation:
Sometimes for certain transactions, both aspects are recorded, for others one aspects are recorded and some transactions are not even recorded. that's why it is called as unscientific system of accounting. This is incomplete system of accounting.
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MCQ 51 Mark
Two methods for ascertaining profit and loss in case of single entry system:
  • A
    Statement of balance and conversion
  • B
    Statement of affairs and converter
  • ✓
    Statement of affairs and conversion
  • D
    Statement of profits and Conversation
Answer
Correct option: C.
Statement of affairs and conversion
C
Statement of affairs and conversion
Explanation:
The profit and loss of a firm in case of single entry system can be ascertained by the
following two methods
i. statement of affairs method and
ii. conversion method
From these method profit is calculated only.
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M.C.Q (1 Marks) - Account STD 11 Commerce Questions - Vidyadip