Class 11 Accountancy Chapter 10 Financial Statements 2 MCQ Question With Answers

Financial Statements 2 Class 11 MCQ is one of the best strategies to prepare for the CBSE Class 11 Board exam. If you want to complete a grasp concept or work on one’s score, there is no method except constant practice. Students can improve their speed and accuracy by doing more MCQs on Financial Statements 2 Class 11, which will help them all through their board tests.

Financial Statements 2 Class 11 MCQ Questions with Answers

Class 11 Accountancy MCQ with answers are given here to Chapter 10 Financial Statements 2 . These MCQs are based on the latest CBSE board syllabus and relate to the latest Class 11 Accountancy syllabus. By Solving these Class 11 MCQs, you will be able to analyze all of the concepts quickly in the chapter and get ready for the Class 11 Annual exam.

Learn Class 11 Financial Statements 2 MCQs with answers pdf free download according to the latest CBSE and NCERT syllabus. Students should prepare for the examination by solving CBSE Class 11 Accountancy Financial Statements 2 MCQ with answers given below

Question 1. Wages and Salaries account is shown in
a. Profit & loss Account
b. Assets
c. Trading Account
d. None of these

Question 2. Any expenditure incurred in installation of Machinery
a. Deferred Revenue Expenditure
b. Promotional Exp.
c. Revenue Exp.
d. Capital Exp.

Question 3. ……………………. Is the arrangement of various assets and liabilities in a proper order
a. Balancing
b. Grouping
c. Marshalling
d. All of these

Question 4. Patents fall under which category
a. Current Assets
b. Fictitious Assets
c. Intangible Assets
d. None of these

Question 5. The Trial balance of a firm shows Debtor Rs. 40000, Bad debts Rs. 200 and Provision for doubtful debts at Rs. 1400. A 5% provision for doubtful debts is to be created on debtors. The amount of Debtors to be shown in Assets
a. Rs. 38000
b. Rs. 36400
c. 41200
d. None of these

Question 6. Types of account to be shown in balance sheet
a. Real & Personal
b. Nominal & Real
c. Nominal & Personal
d. None of these

Question 7. What is the treatment of Discount on purchase?
a. Debited to Trading Account
b. Credited to Profit & Loss Account
c. Debited to Profit & Loss Account
d. None of these

Question 8. Which type of expenses is written in Profit & Loss Account?
a. Direct
b. Indirect
c. Direct & Indirect
d. None of these

Question 9. If Commission received in advance Rs. 3000 given in Trial balance. It will be shown in
a. Liabilities
b. Assets
c. Profit & Loss Account (Credit)
d. Trading Account (debit)

Question 10. The manager is entitled to a commission of 10% on Net Profit after charging such commission. If Net profit is Rs. 110000, then manager’s commission will be :
a. Rs. 11000
b. Rs. 20000
c. 10000
d. None of these

Question 11. Bad debts mentioned in Trial balance will be shown in
a. Trading Account
b. Assets
c. Profit & Loss Account
d. None of these

Question 12. Which type of expenses are written in Tradinng Account?
a. Direct
b. Indirect
c. Direct & Indirect
d. None of these

Question 13. Calculation of Operating profit
a. Gross profit –(Office & Administration exp. + Selling & Distribution Exp.)
b. Gross profit – (Office & Administration exp. – Selling & Distribution EXp.)
c. Gross profit – (Factory exp. + Office & Administration exp. + Selling & Distribution Exp)
d. Gross profit –(Office & Administration exp.+ Selling & Distribution Exp+ Direct Exp.) 

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Question 14. Trial Balance shows the Value of Machinery is Rs. 20000 purchased on 1st January, 2018. Rate of Depreciation is 10%. What is the amount of machinery to be shown in balance sheet as on 31st March, 2019?
a. Rs. 19500
b. Rs. 18000
c. 22000
d. None of these

Question 15. Goods given as samples is debited to
a. General Expenses
b. Sales promotion exp.
c. Staff welfare expenses
d. None of these

Question 16. If the wages paid Rs. 4000 and outstanding wages Rs. 500. The amount of wages shown in Trading account will be:
a. Rs. 4500
b. Rs. 3500
c. 500
d. None of these

Question 17. If Gross profit is Rs. 10000 and the net profit is 25% of Gross profit. The Indirect expenses will be
a. 2500
b. 3500
c. Rs. 7500
d. Rs. 9000

Question 18. Calculate Gross profit if rate of gross profit is 20% on cost of goods sold and cost of goods sold is Rs. 120000.
a. 24000
b. 15000
c. Rs. 10000
d. None of these

Question 19. The Trial balance of a firm shows Debtor Rs. 30000, Bad debts Rs. 200 and Provision for doubtful debts at Rs. 1400. A 10% provision for doubtful debts is to be created on debtors. The profit and loss account for the current year is to be debited by
a. Rs. 3200
b. Rs. 3000
c. 4600
d. 1800

Question 19. Carriage of Rs. 8,000 paid on purchase of Second had Machinery is treated as
a. Revenue Expenditure
b. Capital Expenditure
c. Deferred Revenue Expenditure
d. None of these

Question 20. If outstanding salary is appearing in the trial balance, it means…..
a. Salary of entire period is debited as expenses
b. Salary for some period is to be added to the salary account
c. No liability incurred for payment of salary
d. None of above

Question 21. Rent paid during the year amounted to Rs. 300000, which includes Rs. 20000 relating to the previous year and Rs. 20000 relating to the next year. Rs. 30000 relating to the current year is still outstanding. How much rent will be debited to the profit & Loss account of the current year?
a. Rs. 200000
b. Rs. 2,90,000
c. Rs. 2,15,000
d. Rs. 2,80,000

Question 22. Trial Balance shows the Value of Machinery is Rs. 40000 purchased on 1st April 2018. Rate of Depreciation is 10% p.a. What is the amount of Depreciation to be shown in Profit & Loss Account for the year ending 31st March, 2019?
a. Rs. 4000
b. Rs. 36000
c .3600
d. None of these

Question 23. Loss of goods by fire should be credited to
a. Sales Account
b. Loss Account
c. Profit & Loss Account
d. Purchases Account

Question 24. Calculate Gross profit if rate of gross profit is 20% on cost of goods sold and Sales is Rs. 120000
a. 20000
b. 24000
c. Rs. 30000
d. Rs. None of these

Question 25. Heavy amount spent by Airtel on Advertisement for brand positioning in the market will fall under which category
a. Revenue Expenditure
b. Capital Expenditure
c. Deferred Revenue Expenditure
d. None of these

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