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Account M.C.Q (1 Marks)

Financial Statements – With Adjustments · CBSE STD 11 Commerce (CBSE - English Medium). 17 questions.

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M.C.Q (1 Marks)

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17 questions · timed · auto-graded

MCQ 11 Mark
Business paid to Mr. A $₹ 50,000$ as salary on $25^{th}$ March, $2011$. Mr. A went to bank to deposit cheque in his account on $3^{rd}$ April, $2011$. What is the entry to be passed in the Balance Sheet on the date of final accounts?
  • ✓
    No entry.
  • B
    Bank A/c Dr. To O/s Salary A/c.
  • C
    Salary A/c Dr. To O/s Salary A/c.
  • D
    Salary A/c Dr. To A.
Answer
Correct option: A.
No entry.
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Question 21 Mark
Insurance paid $₹ 4,000$ (including premium of $₹ 3,000$ per annum paid upto $30^{th}$ June, $2017)$. What will be the adjusting closing entry necessary as on $31^{st}$ March, $2017:$
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MCQ 31 Mark
Types of Account shown in Balance Sheet are $......$
  • A
    Nominal and Personal.
  • B
    Real and Nominal.
  • ✓
    Real and Personal.
  • D
    Real, Nominal and Personal.
Answer
Correct option: C.
Real and Personal.
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MCQ 41 Mark
A machine was purchased in Bihar. During transit the machine was damaged and the cost of repairs incurred is $₹ 20,000$. This expense is treated as:
  • ✓
    Capital expense.
  • B
    Revenue expense.
  • C
    Deferred Revenue expense.
  • D
    None of these.
Answer
Correct option: A.
Capital expense.
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MCQ 61 Mark
Which of the following statements is correct:
  • A
    King's International$–P\ \&\ L$ A/c as on $31^{st}$ March, $2017$
  • B
    King's International$–P\ \&\ L$ A/c for the year ended $31^{st}$ March
  • ✓
    King's International$–P\ \&\ L$ A/c for the year ended $31^{st}$ March, $2017$
  • D
    King's International$–P\ \&\ L$ A/c for the current year $(2016-2017)$
Answer
Correct option: C.
King's International$–P\ \&\ L$ A/c for the year ended $31^{st}$ March, $2017$
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MCQ 71 Mark
General Manager gets $10\%$ commission on net profit after charging such commission. Gross Profit $₹ 70,000$ and general expenses other than manager's commission are $₹ 12,000$. Commission amount will be:
  • ✓
    $₹ 5,273$
  • B
    $₹ 6,073$
  • C
    $₹ 5,373$
  • D
    $₹ 5,173$
Answer
Correct option: A.
$₹ 5,273$
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MCQ 81 Mark
Heavy amount spent for the advertisement of new company product is:
  • A
    Revenue Expenditure.
  • ✓
    Deferred Revenue Expenditure.
  • C
    Capital Expenditure.
  • D
    Either $(a)$ or $(c).$
Answer
Correct option: B.
Deferred Revenue Expenditure.
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MCQ 91 Mark
Rent paid on $1^{st}$ October, $2015$ for one year upto $3^{th}$ September, $2016$ was $₹ 2,400$. Rent paid on $1^{st}$ October, $2016$ for the year upto $30^{th}$ September, $2017$ was $₹ 3,200$. Rent shown in the Profit and Loss Account for the year ended on 31st December, $2016$, would be:
  • A
    $₹ 6,000$
  • B
    $₹ 3,200$
  • C
    $₹ 3,000$
  • ✓
    $₹ 2,600$
Answer
Correct option: D.
$₹ 2,600$
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MCQ 101 Mark
Income tax in case of sole trader is treated as:
  • ✓
    Personal expenses.
  • B
    Debtors expenses.
  • C
    Business expenses.
  • D
    None of the above.
Answer
Correct option: A.
Personal expenses.
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MCQ 111 Mark
If closing stock appears in Trial Balance then it will be appearing in:
  • A
    Trading Account.
  • ✓
    Balance Sheet.
  • C
    Profit $\&$ Loss Account.
  • D
    Trading A/c $\&$ Balance Sheet.
Answer
Correct option: B.
Balance Sheet.
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MCQ 121 Mark
Net profit of a firm before charging manager's commission is $₹ 21,000$. If the manager is entitled to $5\%$ commission after charging such commission, how much manager will get as commission?
  • A
    $₹ 1,050$
  • ✓
    $₹ 1,000$
  • C
    $₹ 2,100$
  • D
    $₹ 2,000$
Answer
Correct option: B.
$₹ 1,000$
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MCQ 131 Mark
A new firm commenced business on $1^{st}$ January, $2017$ and purchased goods costing $₹ 90,000$ during the year. A sum of $₹ 6,000$ was spent on freight inward. At the end of the year the cost of goods still unsold was $₹ 15,000 ($Realisable Value $₹ 12,000)$. Sales during the year was $₹ 1,20,000$. What is the gross profit earned by the firm?
  • A
    $₹ 42,000$
  • B
    $₹ 30,000$
  • ✓
    $₹ 36,000$
  • D
    $₹ 39,000$
Answer
Correct option: C.
$₹ 36,000$
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MCQ 141 Mark
Closing stock is shown in Financial Statements at:
  • A
    Cost price.
  • B
    Reliasable Value.
  • C
    Cost price or Reliasable Value whichever is greater.
  • ✓
    Cost price or Reliasable Value whichever is less.
Answer
Correct option: D.
Cost price or Reliasable Value whichever is less.
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MCQ 151 Mark
Income tax paid by a sole trader is reflected in his financial statements:
  • A
    On the debit side of the Trading Account
  • B
    On the debit side of the Profit and Loss Account
  • C
    As an asset in the Balance Sheet
  • ✓
    As way of deduction from capital in the Balance Sheet.
Answer
Correct option: D.
As way of deduction from capital in the Balance Sheet.
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MCQ 161 Mark
Net Profit before the following adjustments
 $₹ 1,80,000$
Outstanding salary
 $₹ 10,000$
Prepaid Insurance
 $₹ 13,000$
Calculate profit after adjustments:
  • ✓
    $₹ 1,83,000$
  • B
    $₹ 1,77,000$
  • C
    $₹ 2,03,000$
  • D
    $₹ 1,87,000$
Answer
Correct option: A.
$₹ 1,83,000$
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MCQ 171 Mark
Following information is given in Trial Balance:
Bad Debt
 $₹ 3,000$
Provision for Bad Debts
 $₹ 3,500$
Debtors
 $₹ 40,000$
Additional information:
It is desired to make a provision for doubtful debts $@$ of $10\%$ on debtors. The amount debited to $P \ L$ A/c is:
  • A
    $₹ 4,000$
  • B
    $₹ 5,000$
  • C
    $₹ 6,500$
  • ✓
    $₹ 3,500$
Answer
Correct option: D.
$₹ 3,500$
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M.C.Q (1 Marks) - Account STD 11 Commerce Questions - Vidyadip