MCQ Questions for Class 11 Accountancy Chapter 2 Theory Base of Accounting with Answers

Check the below NCERT MCQ Questions for Class 11 Accountancy Chapter 2 Theory Base of 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 Theory Base of Accounting Class 11 Accountancy MCQs Questions with Answers to help students understand the concept very well.

Class 11 Accountancy Chapter 2 Theory Base of Accounting MCQ With Answers

Accountancy Class 11 Chapter 2 MCQs On Theory Base of Accounting

Theory Base Of Accounting Class 11 MCQ Question 1.
Generally the duration of an Accounting period is of-
(a) 6 months
(b) 3 months
(c) 12 months
(d) 1 month.

Answer

Answer: (c) 12 months

MCQ Questions For Class 11 Accountancy Chapter 2 Question 2.
The sum of Liabilities and Capital is-
(a) Expense
(b) Income
(c) Drawings
(d) Assets.

Answer

Answer: (d) Assets.

Basis Of Accounting Class 11 MCQ Question 3.
In India, the accounting standard board was set up in the year-
(a) 1972
(b) 1977
(c) 1956
(d) 1932.

Answer

Answer: (b) 1977

Class 11 Accountancy Chapter 2 MCQ Question 4.
The basic accounting postulates are denoted by –
(a) Concepts
(b) Book – keeping
(c) Accounting standards
(d) None of these.

Answer

Answer: (a) Concepts

Ch 2 Accounts Class 11 MCQ Question 5.
The amount drawn by businessmen for his personal use is-
(a) Capital
(b) Drawing
(c) Expenditure
(d) Loss.

Answer

Answer: (b) Drawing

Chapter 2 Accounts Class 11 MCQ Question 6.
Meaning of credibility of going concern is:
(a) Closing of business
(b) Opening of business
(c) Continuing of business
(d) None of these.

Answer

Answer: (c) Continuing of business

Fill in the blanks:

1. …………… is a document that verifies the business transaction.

Answer

Answer: Voucher

2. The existence of business is different from its ………………

Answer

Answer: Owner

3. ……………. has been applied on accountants by accounting standard board, law or professional institutions.

Answer

Answer: Code of conduct

4. ……………. aspects are affected in every transaction.

Answer

Answer: Two

Answer in one word/sentence:

1. When was Indian Accounting standard board formed?

Answer

Answer: 21 st April, 1977

2. “The rules and conventions of accounting are commonly referred to as principles.” Who said it?

Answer

Answer: R.N. Anthony

3. On what basis accounting principles are developed?

Answer

Answer: Accounting Conventions & Concepts

4. Which concept denotes that the existence of business is separate from its owner?

Answer

Answer: Business entity concept.

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