CBSE Class 11 Accountancy Financial Statements - II MCQs

Refer to CBSE Class 11 Accountancy Financial Statements - II MCQs provided below available for download in Pdf. The MCQ Questions for Class 11 Accountancy with answers are aligned as per the latest syllabus and exam pattern suggested by CBSE, NCERT and KVS. Multiple Choice Questions for Chapter 10 Financial Statements - II are an important part of exams for Class 11 Accountancy and if practiced properly can help you to improve your understanding and get higher marks. Refer to more Chapter-wise MCQs for CBSE Class 11 Accountancy and also download more latest study material for all subjects

MCQ for Class 11 Accountancy Chapter 10 Financial Statements - II

Class 11 Accountancy students should refer to the following multiple-choice questions with answers for Chapter 10 Financial Statements - II in Class 11.

Chapter 10 Financial Statements - II MCQ Questions Class 11 Accountancy with Answers

MCQs

Question : Every adjusting entry affects?
(a) Income statement account only
(b) Balance sheet account only
(c) Both A & B
(d) None
Answer : C

Question : Which of the following item provides the important function of shielding part of income from taxes?
(a) Inventory
(b) Supplies
(c) Machinery
(d) Depreciation
Answer : D

Question : Outstanding expenses are those expenses which have became _____ during the accounting year
(a) Payable
(b) Payed
(c) Received
(d) Receivable
Answer : A

Question : Depreciation is necessary to calculate:
(a) Net profitcorrect
(b) Net financial position
(c) Tax
(d) None of them
Answer : A

Question : Prepaid expenses are also called:
(a) Advance expenses
(b) Deferred expenses
(c) Unexpired expenses
(d) All of these
Answer : D

Question : HDFC bank has been named among 50 most valuable banks in 2014. It has got 45th rank. Wells Fargo & Co. has got first rank in this list. This bank belongs to which country?
(a) UK
(b) France
(c) European Union
(d) USA
Answer : D

Question : Adjusting Entries?
(a) Assign revenue to the period in which they are earned
(b) Help to properly measure the period’s Net Profit / Loss
(c) Bring asset and liability account to correct balances
(d) All of about statements are true regarding Adjusting Entries
Answer : D

Question : A liability account that reports amounts received in advance of providing goods and services?
(a) Unearned Revenue
(b) Earned liabilities
(c) Earned Revenue
(d) Revenue
Answer : A

Question : The person to whom goods are sold on credit is called___________?"
(a) Buyer
(b) Seller
(c) Debtor
(d) Creditor
Answer : C

Question : The adjustment to be made for income received in advance is:
(a) Add income received in advance to respective income and show it as a liability
(b) Deduct income received in advance from respective income and show it as a liability
(c) Add income received in advance to respective income and show it as asset
(d) Deduct income received in advance from respective income and show it as an asset in the Balance Sheet
Answer : B

Question : Which of the following is true for every adjusting entry?
(a) They affect only income statement accounts
(b) They affect balance sheet account and an income statement account
(c) They affect only balance sheet accounts
(d) They affect only accounts with normal debit balance
Answer : B

Question : The purpose of adjusting entries is to?
(a) Adjust the owner’s capital account for the revenue, expense and drawings recorded during the accounting period
(b) Adjust daily the balances in asset, liability, revenue and expense accounts for the effects of business transactions
(c) Apply the realization principle and the matching principle to transactions affecting two or more periods
(d) Prepare revenue and expense accounts for recording the transactions of the next accounting period
Answer : C

Question : Depreciation arises because of:
(a) Wear and tearcorrect
(b) Decrease in the value of assetswrong
(c) Increase in the value of liability
(d) Decrease in capital
Answer : A

Question : The revenue receipt is shown in income statement as a?
(a) Expense
(b) Income
(c) Other income
(d) Other expense
Answer : B

Question : The economic factor causing depreciation:
(a) Time factor
(b) Obsolescence and inadequacycorrect
(c) Wear and tear
(d) Money valuation
Answer : B

Question : Goods Return by the customer are termed as :
(a) Purchase return
(b) Customer return
(c) Sales return
(d) Inventory return
Answer : C

Question : Which of the following is not a primary function of a Bank?
(a) Granting Loans
(b) Collecting Cheques/Drafts customers
(c) Facilitating import of goods
(d) Issuing Bank Drafts
Answer : C

Question : The object of non – trading concerns-
(a) Social service
(b) Profit earning
(c) Both of these
(d) None of the above.
Answer : A

Question : Closing stock is generally valued at______________?
(a) Cost Price
(b) Market Price
(c) Cost price or Market price whichever is higher
(d) Cost price or Market price whichever is lower
Answer : D

Question : Adjusting entries are made:
(a) At the beginning of the year
(b) At the end of the yearcorrect
(c) During the yearwrong
(d) All of these
Answer : B

Question : In a recession:
(a) Unemployment is likely to be low
(b) Prices are likely to increase
(c) Growth is negativecorrect
(d) Growth is slow
Answer : C

Question : Outstanding expenses are
(a) Current Liability
(b) Fixed Liability
(c) Contingent Liability
(d) None of these
Answer : A

Question : Under the diminishing balance method, depreciation is calculated on:
(a) Scrap value
(b) on original value
(c) on book valuecorrect
(d) None of them
Answer : C

Question : Accrued income is
(a) A liability
(b) Revenue
(c) An Asset
(d) An Expense
Answer : C

Question : If a closing stock appears in trial balance then it will be appearing in.
(a) Trading Account
(b) Balance Sheet
(c) Profit & Loss Account
(d) Trading & Balance sheet account
Answer : B

Question : If the rent of one month is still to be paid the adjustment entry will be
(a) Debit outstanding rent account and Credit rent account.
(b) Debit profit and loss account and Credit rent account.
(c) Debit rent account and Credit profit and loss account.
(d) Debit rent account and Credit outstanding rent account.
Answer : D

Question : If the opening capital is Rs. 50,000 as on April 1, 2005 and additional capital introduced Rs. 10,000 on January 1,2006. Interest charge on capital 10% p.a. The amount of interest on capital shown in profit and loss account as on March 31, 2006 will be:
(a) Rs. 5,250
(b) Rs. 6,000
(c) Rs. 4,000
(d) Rs. 3,000
Answer : A
 

HOTs Questions

Question : What journal account will be passed for outstanding salary?
Answer : 
Salary A/c Dr. To Outstanding Salary A/c

Question : Accrued income and income due but not received are the same. Is it true or false?
Answer : 
True

Question : For doubtful debts under which accounting concept provision is made?
Answer : 
Prudence Concept

Question :  In balance sheet assets side represents a debit balance
Answer : 
True

Question : Bank overdraft is a contingent account
Answer : 
False
 

Fill in the blanks with suitable words.

Question :  Trading and Profit & Loss Account shows the ………………. or ………………..
Answer : 
profit, loss

Question :  Items of income and expenditure which do not pertain to the accounting period should be ……………….
Answer : 
excluded

Question : Expenses related to the current accounting period but have not been paid are known as ……………….
Answer : 
outstanding expenses

Question :  Income earned but not received till the end of the accounting year is termed as ……………….
Answer : 
accrued income

Question :  While making a provision for possible bad debts or for doubtful debts, we ………………. Reserves Debts Account.
Answer : 
credit
 

Mention whether the following are true or false

Question :  Income received in advance is written on the liabilities side of the balance sheet.
Answer : 
True

Question : Outstanding expenses appearing inside the trial balance are shown on the debit side of the profit & loss account.
Answer : 
False

Question : Salary outstanding account is a personal account.
Answer : 
True

Question : Outstanding salaries appearing in the trial balance is shown in Profit & Loss Account.
Answer : 
False

Question. Deferred revenue expenditure is partly debited to Profit & Loss Account and the balance is shown in the Balance Sheet.
Answer : 
True

Chapter 01 Introduction to Accounting
CBSE Class 11 Accountancy Introduction to Accounting MCQs
Chapter 03 Recording of Transactions-I
CBSE Class 11 Accountancy Recording Of Transactions MCQs
Chapter 05 Bank Reconciliation Statement
CBSE Class 11 Accountancy Bank Reconciliation Statement MCQs
Chapter 06 Trial Balance and Rectification of Errors
CBSE Class 11 Accountancy Rectification Of Errors MCQs
Chapter 07 Depreciation Provisions and Reserves
CBSE Class 11 Accountancy Depreciation Reserves and Provisions MCQs
Chapter 11 Accounts from Incomplete Records
CBSE Class 11 Accountancy Accounts from Incomplete Records MCQs
Chapter 12 Applications of Computers in Accounting
CBSE Class 11 Accountancy Applications of Computers in Accounting MCQs
Chapter 13 Computerised Accounting System
CBSE Class 11 Accountancy Computerised Accounting System MCQs

MCQs for Accountancy CBSE Class 11 Chapter 10 Financial Statements - II

Expert teachers of studiestoday have referred to NCERT book for Class 11 Accountancy to develop the Accountancy Class 11 MCQs. If you download MCQs with answers for the above chapter daily, you will get higher and better marks in Class 11 test and exams in the current year as you will be able to have stronger understanding of all concepts. Daily Multiple Choice Questions practice of Accountancy and its study material will help students to have stronger understanding of all concepts and also make them expert on all critical topics. After solving the questions given in the MCQs which have been developed as per latest course books also refer to the NCERT solutions for Class 11 Accountancy designed by our teachers

Chapter 10 Financial Statements - II MCQs Accountancy CBSE Class 11

All MCQs given above for Class 11 Accountancy have been made as per the latest syllabus and books issued for the current academic year. The students of Class 11 can refer to the answers which have been also provided by our teachers for all MCQs of Accountancy so that you are able to solve the questions and then compare your answers with the solutions provided by us. We have also provided lot of MCQ questions for Class 11 Accountancy so that you can solve questions relating to all topics given in each chapter. All study material for Class 11 Accountancy students have been given on studiestoday.

Chapter 10 Financial Statements - II CBSE Class 11 MCQs Accountancy

Regular MCQs practice helps to gain more practice in solving questions to obtain a more comprehensive understanding of Chapter 10 Financial Statements - II concepts. MCQs play an important role in developing understanding of Chapter 10 Financial Statements - II in CBSE Class 11. Students can download and save or print all the MCQs, printable assignments, practice sheets of the above chapter in Class 11 Accountancy in Pdf format from studiestoday. You can print or read them online on your computer or mobile or any other device. After solving these you should also refer to Class 11 Accountancy MCQ Test for the same chapter

CBSE MCQs Accountancy Class 11 Chapter 10 Financial Statements - II

CBSE Class 11 Accountancy best textbooks have been used for writing the problems given in the above MCQs. If you have tests coming up then you should revise all concepts relating to Chapter 10 Financial Statements - II and then take out print of the above MCQs and attempt all problems. We have also provided a lot of other MCQs for Class 11 Accountancy which you can use to further make yourself better in Accountancy

Where can I download latest CBSE MCQs for Class 11 Accountancy Chapter 10 Financial Statements - II

You can download the CBSE MCQs for Class 11 Accountancy Chapter 10 Financial Statements - II for latest session from StudiesToday.com

Can I download the MCQs of Chapter 10 Financial Statements - II Class 11 Accountancy in Pdf

Yes, you can click on the links above and download topic wise MCQs Questions PDFs for Chapter 10 Financial Statements - II Class 11 for Accountancy

Are the Class 11 Accountancy Chapter 10 Financial Statements - II MCQs available for the latest session

Yes, the MCQs issued by CBSE for Class 11 Accountancy Chapter 10 Financial Statements - II have been made available here for latest academic session

How can I download the Chapter 10 Financial Statements - II Class 11 Accountancy MCQs

You can easily access the links above and download the Chapter 10 Financial Statements - II Class 11 MCQs Accountancy for each topic

Is there any charge for the MCQs with answers for Class 11 Accountancy Chapter 10 Financial Statements - II

There is no charge for the MCQs and their answers for Class 11 CBSE Accountancy Chapter 10 Financial Statements - II you can download everything free

How can I improve my MCQs in Class 11 Accountancy Chapter 10 Financial Statements - II

Regular revision of MCQs given on studiestoday for Class 11 subject Accountancy Chapter 10 Financial Statements - II can help you to score better marks in exams

What are MCQs for Class 11 Accountancy Chapter 10 Financial Statements - II

Multiple Choice Questions (MCQs) for Chapter 10 Financial Statements - II Class 11 Accountancy are objective-based questions which provide multiple answer options, and students are required to choose the correct answer from the given choices.

Why are Chapter 10 Financial Statements - II important for Class 11 students?

Learning Chapter 10 Financial Statements - II based MCQs will help students improve their overall understanding of important concepts and topics and help to score well in Class 11 Accountancy exams.

How can I practice Chapter 10 Financial Statements - II for CBSE Class 11?

You can practice Chapter 10 Financial Statements - II for CBSE Class 11 through worksheets, textbooks and online quizzes provided by studiestoday.com.

Where can I find CBSE Class 11 Accountancy Chapter 10 Financial Statements - II MCQs online?

You can find CBSE Class 11 Accountancy Chapter 10 Financial Statements - II MCQs on educational websites like studiestoday.com, online tutoring platforms, and in sample question papers provided on this website.

How can I prepare for Chapter 10 Financial Statements - II Class 11 MCQs?

To prepare for Chapter 10 Financial Statements - II MCQs, refer to the concepts links provided by our teachers and download sample papers for free.

Are there any online resources for CBSE Class 11 Accountancy Chapter 10 Financial Statements - II?

Yes, there are many online resources that we have provided on studiestoday.com available such as practice worksheets, question papers, and online tests for learning MCQs for Class 11 Accountancy Chapter 10 Financial Statements - II

Can I find CBSE Class 11 Accountancy Chapter 10 Financial Statements - II practice worksheets online?

Yes, you can find printable Chapter 10 Financial Statements - II worksheets for CBSE Class 11 Accountancy on studiestoday.com.

How can I get more free MCQs with answers for CBSE Class 11 Accountancy Chapter 10 Financial Statements - II MCQs?

We have provided full database of free multiple choice questions with answers on studiestoday.com for CBSE Class 11 Accountancy Chapter 10 Financial Statements - II