MCQ Questions for Class 11 Accountancy Chapter 9 Financial Statements 1 with Answers

Check the below NCERT MCQ Questions for Class 11 Accountancy Chapter 9 Financial Statements 1 with Answers Pdf free download. MCQ Questions for Class 11 Accountancy with Answers were prepared based on the latest exam pattern. We have provided Financial Statements 1 Class 11 Accountancy MCQs Questions with Answers to help students understand the concept very well.

Class 11 Accountancy Chapter 9 Financial Statements 1 MCQ With Answers

Accountancy Class 11 Chapter 9 MCQs On Financial Statements 1

Question 1.
Trading Account discloses-
(a) Gross profit
(b) Net profit
(c) Net loss
(d) Gross profit or Gross loss

Answer

Answer: (d) Gross profit or Gross loss

Question 2.
Direct Expenses are entered in:
(a) Trading Account
(b) profit & Loss Account
(c) Balance sheet
(d) None of these

Answer

Answer: (a) Trading Account

Question 3.
Profit and loss Account discloses:
(a) Gross profit
(b) Gross profit or Gross loss
(c) Gross profit or Gross loss
(d) None of these

Answer

Answer: (b) Gross profit or Gross loss

Question 4.
Goodwill is a-
(a) Fixed Asset
(b) Current Asset
(c) Fictitious Asset
(d) None of these

Answer

Answer: (a) Fixed Asset

Question 5.
Drawing is deducted from:
(a) Sales
(b) Purchase
(c) Returns outward
(d) Capital

Answer

Answer: (b) Purchase

Fill in the blanks:

1. Indirect Expenses are entered in …………….. account.

Answer

Answer: Profit & loss account

2. Gross profit or loss is transferred to …………….. account.

Answer

Answer: Profit & loss account

3. ………….. accounts are prepared at the end of the year.

Answer

Answer: Final

4. Balance sheet is a ………………

Answer

Answer: Statement

5. Increase in capital at the end of the year represents ………………..

Answer

Answer: Profit

State True or False:

1. Capital is a fixed Liability.

Answer

Answer: True

2. Closing stock is not shown in balance sheet.

Answer

Answer: False

3. Balance sheet is prepared on the basis of Trial balance.

Answer

Answer: True

4. Bad debt reserve is a loss.

Answer

Answer: False

5. Interest on drawings is loss of owner.

Answer

Answer: True

Match the following:

Column A Column B
1. Goodwill (a) Profit & loss Account
2. Creditors (b) Fixed Asset
3. Building (c) Intangible Asset
4. Net profit (d) Liabilities
5. Balance sheet (e) Direct expenses
6. Cartage (f) Closing capital.
Answer

Answer:

Column A Column B
1. Goodwill (c) Intangible Asset
2. Creditors (d) Liabilities
3. Building (b) Fixed Asset
4. Net profit (a) Profit & loss Account
5. Balance sheet (f) Closing capital.
6. Cartage (e) Direct expenses

Answer in one word/sentence:

1. When cost of goods sold is deducted from net sales, we get.

Answer

Answer: Gross profit

2. The Expenses written in profit & loss Account are known as.

Answer

Answer: Indirect expenses

3. The statement of Assets & Liabilities is called.

Answer

Answer: Balance sheet

4. Give an example of current Liability.

Answer

Answer: Bank overdraft

5. In which side of balance sheet, the goods in transit are shown.

Answer

Answer: Asset side

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