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.

## Recording of Transactions 1 Class 11 MCQs Questions with Answers

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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