Check the below NCERT MCQ Questions for Class 11 Accountancy Chapter 3 Recording of Transactions 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 Recording of Transactions 1 Class 11 Accountancy MCQs Questions with Answers to help students understand the concept very well.
Class 11 Accountancy Chapter 3 Recording of Transactions 1 MCQ With Answers
Accountancy Class 11 Chapter 3 MCQs On Recording of Transactions 1
Question 1.
The Mathematical Expression defining the comparative relationship between Assets and Liabilities of any person, institution or Business concern is called-
(a) Accounting
(b) Accounting Equation
(c) Book – keeping
(d) None of these.
Answer
Answer: (b) Accounting Equation
Question 2.
Liabilities and Assets amount to Rs. 50,000 and Rs. 7,800 respectively. The difference Amount shall represent-
(a) Creditors
(b) Debentures
(c) Profit
(d) Capital.
Answer
Answer: (d) Capital.
Question 3.
The basis of recording transactions is-
(a) Vouchers
(b) Profit
(c) Order form
(d) Quotation list.
Answer
Answer: (a) Vouchers
Question 4.
As per American Belief, Accounts are of how many types-
(a) Two
(b) Three
(c) Five
(d) Four.
Answer
Answer: (c) Five
Question 5.
Which of the following is entered in cash – book-
(a) Only cash transactions
(b) Only credit transactions
(c) Both cash and credit transactions
(d) None of these.
Answer
Answer: (a) Only cash transactions
Question 6.
Cash – book always show-
(a) Debit balance
(b) Credit balance
(c) Debit or Credit balance
(d) None of these.
Answer
Answer: (a) Debit balance
Question 7.
The cash – book meant for recording petty expenses is called –
(a) Simple cash – book
(b) Petty cash – book
(c) Triple column
(d) None of these.
Answer
Answer: (b) Petty cash – book
Question 8.
The entry which affects cash and bank column of a triple column cash – book is known as –
(a) Compound entry
(b) Contra entry
(c) Journal entry
(d) None of these.
Answer
Answer: (b) Contra entry
Question 9.
What statement is used while closing a Drawing Account-
(a) Balance c/d
(b) By Trading A/c
(c) By P & L A/c
(d) By Capital Account.
Answer
Answer: (d) By Capital Account.
Question 10.
The entry which is passed for bringing forward the balances of personal and Real Account as shown in the last year’s balance sheet is called –
(a) Closing entry
(b) Journal entry
(c) Opening entry
(d) None of these.
Answer
Answer: (c) Opening entry
Question 11.
The balance of good’s Account is transferred to-
(a) Profit and loss Account
(b) Trading Account
(c) Balance sheet
(d) None of these.
Answer
Answer: (b) Trading Account
Question 12.
Which Account is opened first in ledger book-
(a) Personal
(b) Real
(c) Non – real
(d) None of these.
Answer
Answer: (a) Personal
Question 13.
How many columns are there in a Ledger (in one side)-
(a) Six
(b) Four
(c) Five
(d) Seven.
Answer
Answer: (b) Four
Fill in the blanks:
1. Only …………… transactions are recorded in cash – book.
Answer
Answer: Cash
2. Cash – book is a main book as well as …………… book.
Answer
Answer: Subsidiary
3. …………. entry is passed in triple column cash – book for depositing cash in bank.
Answer
Answer: Contra
4. Advancing money to petty cashier is called ……………
Answer
Answer: Float
5. Contra entry is made in …………… book.
Answer
Answer: Cash
6. Ledger posting is done on the basis of ……………..
Answer
Answer: Journal book and Subsidiary book
7. …………… of transaction is not written in Ledger Account.
Answer
Answer: Narration
8. The recording of page number from subsidiary books to Ledger book and vice versa is called ……………..
Answer
Answer: Folioing
9. The balance of Income and Expenditure Accounts is transferred to ……………..
Answer
Answer: Profit and loss Account.
State True or False:
1. Assets = Liabilities – Capital.
Answer
Answer: False
2. The sum of Assets is equal to the sum of liabilities.
Answer
Answer: True
3. Capital Account represents owner’s Account in Business.
Answer
Answer: True
4. Assets – Liabilities = Capital.
Answer
Answer: True
5. No need of voucher to be written.
Answer
Answer: False
6. Cash – book is only a subsidiary book.
Answer
Answer: False
7. When a cheque is received, it is recorded in both sides of cash – book?
Answer
Answer: False
8. Cash – book always shows debit balance.
Answer
Answer: True
9. The cash balance as per cash-book is tallied daily with the physical cash balance.
Answer
Answer: True
10. The word ‘By’ should be used always while making and entry in debit side of an account.
Answer
Answer: False
11. The debit balance of personal accounts denotes debtors.
Answer
Answer: True
12. The balance of goods accounts is transferred to trading account.
Answer
Answer: True
13. Ledger book does not possess legal acceptability.
Answer
Answer: False
14. In ledger narration is not required.
Answer
Answer: False
Match the following:
1.
| Column A | Column B |
| 1. Increase of Assets & Liabilities | (a) Investment of capital in business. |
| 2. Decrease of Assets and Liabilities | (b) Drawings or Expenses. |
| 3. Increase of Capital and Assets | (c) Payment of Liabilities. |
| 4. Decrease of Capital and Assets | (d) Credit purchase of Assets. |
Answer
Answer:
| Column A | Column B |
| 1. Increase of Assets & Liabilities | (d) Credit purchase of Assets. |
| 2. Decrease of Assets and Liabilities | (c) Payment of Liabilities. |
| 3. Increase of Capital and Assets | (a) Investment of capital in business. |
| 4. Decrease of Capital and Assets | (b) Drawings or Expenses. |
2.
| Column A | Column B |
| 1. Amount withdrawn from bank | (a) Credit |
| 2. Petty cash book | (b) Debit |
| 3. Balance of cash-book | (c) Contra entry |
| 4. Bank overdraft | (d) Petty cashier. |
Answer
Answer:
| Column A | Column B |
| 1. Amount withdrawn from bank | (c) Contra entry |
| 2. Petty cash book | (d) Petty cashier. |
| 3. Balance of cash-book | (b) Debit |
| 4. Bank overdraft | (a) Credit |
Answer in one word/sentence:
1. The book used for recording cash and bank related transactions is.
Answer
Answer: Double column cash – book
2. Which book is maintained to record day – to – day expenses?
Answer
Answer: Petty cash – book
3. Mention any transaction for which contra entry will be done.
Answer
Answer: Cash deposited in bank
4. Which side of cash – book records all cash payments?
Answer
Answer: Credit side.
5. The book in which accounts relating to person, goods, income and expenditure is maintained and transactions are recorded is called.
Answer
Answer: Ledger book
6. On which date account are closed?
Answer
Answer: Last day of the month or year
7. Sales account always shows which balance?
Answer
Answer: Credit balance
8. The process of totaling the debit and credit side of a ledger account is called.
Answer
Answer: Closing of account.
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