MCQ Questions for Class 11 Accountancy Chapter 1 Introduction to Accounting with Answers

Check the below NCERT MCQ Questions for Class 11 Accountancy Chapter 1 Introduction to Accounting with Answers Pdf free download. MCQ Questions for Class 11 Accountancy with Answers were prepared based on the latest exam pattern. We have provided Introduction to Accounting Class 11 Accountancy MCQs Questions with Answers to help students understand the concept very well.

Class 11 Accountancy Chapter 1 Introduction to Accounting MCQ With Answers

Accountancy Class 11 Chapter 1 MCQs On Introduction to Accounting

Introduction To Accounting Class 11 MCQ Question 1.
The art of recording all business transactions in a systematic manner in a set of books is called-
(a) Accounting
(b) Book – keeping
(c) Ledger
(d) None of these.

Answer

Answer: (b) Book – keeping

MCQ Questions For Class 11 Accountancy Chapter 1 Question 2.
The process of recording, classifying and summarizing all business transactions in order to know the financial result is called –
(a) Book – keeping
(b)Accounting
(c) Journalizing
(d) None of these.

Answer

Answer: (b) Accounting

MCQ Of Accountancy Class 11 Chapter 1 Question 3.
Cash, goods or assets invested by the proprietor in the business for earning profit is called-
(a) Profit
(b) Capital
(c) Fixed assets
(d) None of these.

Answer

Answer: (b) Capital

Ch 1 Accounts Class 11 MCQ Question 4.
The person, firm or institution who does not pay the price in cash for the goods purchased or the services received is called-
(a) Creditor
(b) Proprietor
(c) Debtor
(d)None of these.

Answer

Answer: (c) Debtor

Chapter 1 Accounts Class 11 MCQ Question 5.
Book – keeping is-
(a) An art
(b) A science
(c) An art and science both
(d) None of these.

Answer

Answer: (c) An art and science both

Fill in the blanks:

1. The document certifying the purchase or sale of goods or any monetary transaction is called …………….

Answer

Answer: Voucher

2. The thing which is purchased and sold in the business is called …………….

Answer

Answer: Goods

3. The things or properties which helps in smooth functioning of the business and which are owned by the business are called ……………. of the business.

Answer

Answer: Assets

4. The unsold goods left at the end of the year is called ……………..

Answer

Answer: Closing stock

5. …………… represents the excess of assets over liabilities.

Answer

Answer: Capital

State True or False:

1. Trade discount is given on credit transactions only.

Answer

Answer: False

2. Furniture purchased by a Trader dealing in Furniture will be treated as ‘purchases’ for him.

Answer

Answer: True

3. Cash is a Fixed Asset of a Business.

Answer

Answer: False

4. The goods invested at the commencement of the business is called closing stock.

Answer

Answer: False

Match the Following

Column A

Column B
1. Building (a) Debit
2. Salary (b) Credit
3. Left side (c) Asset
4. Right side (d) Expense
5. Vouchers (e) Written document.
Answer

Answer:

Column A

Column B
1. Building (c) Asset
2. Salary (d) Expense
3. Left side (a) Debit
4. Right side (b) Credit
5. Vouchers (e) Written document.

Answer in one word/sentence:

1. Any legal activity performed for earning profit is called.

Answer

Answer: Business

2. The head under which transactions pertaining to a person, institution, firm, expenses, assets etc. is recorded is called.

Answer

Answer: Account

3. The system in which only one aspect of the transaction is recorded is called.

Answer

Answer: Single entry system

4. The concession given on cash transactions is called.

Answer

Answer: Cash discount

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