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MCQ Questions for Class 11 Accountancy Chapter 10 Financial Statements 2 with Answers

December 1, 2020 by Prasanna Leave a Comment

Check the below NCERT MCQ Questions for Class 11 Accountancy Chapter 10 Financial Statements 2 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 2 Class 11 Accountancy MCQs Questions with Answers to help students understand the concept very well.

Financial Statements 2 Class 11 MCQs Questions with Answers

Question 1.
Outstanding Expenses are related to-
(a) Current year
(b) Next year
(c) Last year
(d) None of these.

Answer

Answer: (a) Current year


Question 2.
Prepaid expenses are shown in-
(a) Liability side
(b) Asset side
(c) Assets or Liability side
(d) None of these.

Answer

Answer: (b) Asset side


Question 3.
Charity of goods is-
(a) Expenses
(b) Loss
(c) Profit
(d) None of these.

Answer

Answer: (b) Loss


Question 4.
If a person fails to pay his debt, such amount is considered as-
(a) Bad debts
(b) Bad debts recovered
(c) Provision for Bad debt
(d) None of these.

Answer

Answer: (a) Bad debts


Question 5.
The object of non – trading concerns-
(a) Social service
(b) Profit earning
(c) Both of these
(d) None of the above.

Answer

Answer: (a) Social service


Question 6.
Such persons who earn remuneration against their services are called –
(a) Seller
(b) Purchaser
(c) Professional
(d) None of these.

Answer

Answer: (c) Professional


Question 7.
Which of the following is not an item of income of Non – trading concern –
(a) Entrance fees
(b) Interest
(c) Govt. Aid
(d) Salary.

Answer

Answer: (d) Salary.


Question 8.
Receipt and payment account is a summary of-
(a) Income & Expenditure account
(b) Profit & Loss A/c
(c) Cash – book
(d) None of these.

Answer

Answer: (c) Cash – book


Question 9.
Which of the following is recorded in income & expenditure account –
(a) Revenue items
(b) Capital items
(c) Revenue and capital items
(d) None of these.

Answer

Answer: (a) Revenue items


Fill in the blanks:

1. Goods given in charity is credited in …………… Account.

Answer

Answer: Purchase


2. Such Expenses which are paid in current year but are related to next year are called ……………. expenses.

Answer

Answer: Prepaid expenses


3. Accrued income is ……………. Account.

Answer

Answer: Personal account


4. There is ……………. fall in the value of Asset due to depreciation.

Answer

Answer: Constant/ gradual


5. Interest on capital is always shown in …………….. side of profit & loss A/c.

Answer

Answer: Debit


6. Unearned income is shown on the ……………….. side of balance sheet.

Answer

Answer: Liability


7. The main object of non – trading concerns is ……………….

Answer

Answer: Social service


8. The debit side of income & expenditure A/c is called ………………. side.

Answer

Answer: Expenditure


9. Non – trading concerns maintain their books according to ………………. system.

Answer

Answer: Cash


10. …………….. account is prepared with the help of cash-book.

Answer

Answer: Receipts & payment A/c


11. Only …………… item are shown in income & expenditure A/c.

Answer

Answer: Revenue


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

Answer

Answer: Capital


State True or False:

1. Depreciation is charged only in case of profits.

Answer

Answer: False


2. Unearned Income is recorded in Asset side.

Answer

Answer: False


3. Interest on Capital is income for the business.

Answer

Answer: False


4. Drawing of goods is deducted from purchases.

Answer

Answer: True


5. Doctor employed with government is an example of non – trading professional.

Answer

Answer: False


6. Professional people maintain their accounts according to cash system.

Answer

Answer: True


7. Income & expenditure account reveals cash balance.

Answer

Answer: False


8. Capital items are written in Receipts & payments account.

Answer

Answer: True


9. No adjustment is made in Receipt & payment A/c.

Answer

Answer: True


Match the following:

1.

Column A Column B
1. Added to Expenses (a) Interest on Capital
2. Deduced from Expenses (b) Depreciation
3. Deducted from Assets (c) Outstanding Expenses
4. Added to capital (d) Prepaid Expenses
Answer

Answer:

Column A Column B
1. Added to Expenses (c) Outstanding Expenses
2. Deduced from Expenses (d) Prepaid Expenses
3. Deducted from Assets (b) Depreciation
4. Added to capital (a) Interest on Capital

2.

Column A Column B
1. Outstanding expense of last year (a) Balance sheet
2. Unearned income of current year (b) Opening capital
3. Hospital (c) Professional
4. Manager I Doctor / Surgeon (d) Non-trading concern
5. School/college (e) Non-trading concern.
Answer

Answer:

Column A Column B
1. Outstanding expense of last year (a) Balance sheet
2. Unearned income of current year (b) Opening capital
3. Hospital (d) Non-trading concern
4. Manager I Doctor / Surgeon (c) Professional
5. School/college (e) Non-trading concern.

Answer in one word/sentence:

1. Such Expenses for which services have been received but amount is yet to be paid are called.

Answer

Answer: Outstanding Expenses


2. Recording of relevant transactions and eliminating non – related transactions is called.

Answer

Answer: Adjustment


3. Such income which is earned but not yet received is called.

Answer

Answer: Accrued or Earned Income


4. Unearned income is recorded in which side of the balance sheet?

Answer

Answer: Liability side


5. Which statement/Account reveals the financial position of the non – trading concerns?

Answer

Answer: Balance sheet


6. “The receipts and payments account is nothing as more than the summary of the cash book” who said this?

Answer

Answer: Pickles


7. When a donor provides a continuous source of income to the concerns by endowment of property or money, such a donation is called.

Answer

Answer: Endowment fund


8. What is the nature of interest on investments?

Answer

Answer: Revenue


9. The major source of non – trading concern is.

Answer

Answer: Subscription


We hope the given NCERT MCQ Questions for Class 11 Accountancy Chapter 10 Financial Statements 2 with Answers Pdf free download will help you. If you have any queries regarding CBSE Class 11 Accountancy Financial Statements 2 MCQs Multiple Choice Questions with Answers, drop a comment below and we will get back to you soon.

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