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Account MCQ .(1 Marks)

Journal · Gujarat Board (GSEB) STD 11 Commerce (GSEB - English Medium). 15 questions.

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MCQ .(1 Marks)

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15 questions · timed · auto-graded

MCQ 11 Mark
On account of purchase of furniture, which account will be debited for inward and installation expense?
  • A
    Installation expense
  • B
    Furniture account
  • C
    Purchase account
  • D
    Cash account
Answer
SELF
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MCQ 21 Mark
Life insurance premium is debited to _____________ .
  • A
    Capital account
  • B
    Drawings account
  • C
    Life insurance premium account
  • D
    Cash account
Answer
SELF
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MCQ 31 Mark
Goods of $₹ 5000$ purchased from Keval at $10 \%$ trade discount and at $5 \%$ cash discount where $50 \%$ amount paid by cheque. What amount will be credited to bank account?
  • A
    $₹ 250$
  • B
    $₹ 500$
  • C
    $₹ 112.50$
  • ✓
    $₹ 2137.50$
Answer
Correct option: D.
$₹ 2137.50$
$₹ 2137.50$
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MCQ 41 Mark
Goods of $₹ 6000$ purchased from Shreya on cash at $10 \%$ trade discount and $5 \%$ cash discount. How much amount of discount will be recorded in the journal entry?
  • A
    $₹ 300$
  • B
    $₹ 270$
  • ✓
    zero
  • D
    $₹ 600$
Answer
Correct option: C.
zero
zero
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MCQ 51 Mark
Which balance and what effect would take place when interest on bank balance is occured?
  • A
    Increase in cash balance
  • B
    Decrease in cash balance
  • C
    Decrease in bank balance
  • D
    Increase in bank balance
Answer
SELF
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MCQ 61 Mark
Which account will be credited when life insurance premium of $₹ 500$ is paid by cheque?
  • A
    Drawings
  • B
    Life insurance preimum
  • ✓
    Bank
  • D
    Cash
Answer
Correct option: C.
Bank
Bank
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MCQ 71 Mark
Which amount will be recorded to sales account, if goods of $₹ 1000$ purchased at $10 \%$ trade discount and at $5 \%$ cash discount, out of which half goods sold to Ankita to earn $10 \%$ profit on selling price?
  • A
    $₹ 11,000$
  • B
    $₹ 495$
  • C
    $₹ 9900$
  • ✓
    $₹ 500$
Answer
Correct option: D.
$₹ 500$
$₹ 500$
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MCQ 81 Mark
What amount will be debited to purchase account, if goods of $₹ 10,000$ purchased at $10\%$ trade discount and at $5\%$ cash discount from Rishita?
  • ✓
    $₹ 9000$
  • B
    $₹ 8550$
  • C
    $₹10,000$
  • D
    $₹ 9500$
Answer
Correct option: A.
$₹ 9000$
$₹ 9000$
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MCQ 91 Mark
Bank has credited $₹ 100$ to our bank account. Which is correct for journal entry?
  • A
    Debited to interest account
  • ✓
    Debited to bank account
  • C
    Credit to bank account
  • D
    No entry will be passed
Answer
Correct option: B.
Debited to bank account
Debited to bank account
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MCQ 101 Mark
Which account will be debited when $₹ 200$ are paid by cheque for shares purchase of Ghaghrat Limited?
  • ✓
    Share investment account
  • B
    Bank account
  • C
    Brokerage account
  • D
    Cash account
Answer
Correct option: A.
Share investment account
Share investment account
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MCQ 121 Mark
Goods of $₹ 1000$ is received as free sample. What is the nature of transaction?
  • A
    Debit
  • B
    Cash
  • C
    Economic
  • ✓
    Non$-$economic
Answer
Correct option: D.
Non$-$economic
Non$-$economic
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MCQ 131 Mark
Which account will be credited when goods stolen, of $₹ 300,$ received back during police investigation?
  • A
    Goods returned account
  • ✓
    Goods stolen account
  • C
    Purchase account
  • D
    Loss on goods stolen account
Answer
Correct option: B.
Goods stolen account
Goods stolen account
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MCQ .(1 Marks) - Account STD 11 Commerce Questions - Vidyadip