Chapter financial-statements-ii: Financial Statements - II MCQs | accountancy Class 11 CBSE

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Chapter financial-statements-ii: Financial Statements - II MCQs | accountancy Class 11 CBSE | ByteNotes.in

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Easy

Question 1

Objective

Which of the following is NOT an item that requires adjustment while preparing financial statements?

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Easy

Question 2

Objective

Outstanding expenses are shown in the Balance Sheet as:

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Easy

Question 3

Objective

The journal entry for recording outstanding rent is:

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Easy

Question 4

Objective

Prepaid expenses are shown in the Balance Sheet as:

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Medium

Question 5

Objective

Insurance premium paid on October 1, 2016 for one year is ₹12,000. The amount to be charged to Profit and Loss Account for the year ending March 31, 2017 is:

Choices

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Easy

Question 6

Objective

Accrued income is shown in the Balance Sheet on the:

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Question 7

Objective

Income received in advance is treated as:

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Question 8

Objective

The journal entry for recording income received in advance is:

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Question 9

Objective

Depreciation is charged to:

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Question 10

Objective

In the Balance Sheet, a fixed asset after charging depreciation is shown at:

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Easy

Question 11

Objective

Bad debts are a:

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Question 12

Objective

The journal entry for writing off bad debts is:

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Medium

Question 13

Objective

Which of the following is the correct formula for manager's commission on net profit AFTER charging such commission?

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Easy

Question 14

Objective

Manager's commission outstanding is shown in the Balance Sheet as:

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Medium

Question 15

Objective

If net profit before manager's commission is ₹1,10,000 and commission is 10% on profit before charging such commission, the commission amount is:

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Medium

Question 16

Objective

Interest on capital is treated as:

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Hard

Question 17

Objective

Opening capital is ₹1,00,000. Additional capital of ₹60,000 was introduced on January 1, 2017. Interest on capital is 10% p.a. for the year ended March 31, 2017. Interest on capital is:

Choices

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Medium

Question 18

Objective

Provision for discount on debtors is calculated on:

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Question 19

Objective

Provision for discount on debtors is shown in the Balance Sheet as:

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Question 20

Objective

Closing stock is valued at:

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Chapter financial-statements-ii: Financial Statements - II | MCQs

Which of the following is NOT an item that requires adjustment while preparing financial statements?

Outstanding expenses are shown in the Balance Sheet as:

The journal entry for recording outstanding rent is:

Prepaid expenses are shown in the Balance Sheet as:

Insurance premium paid on October 1, 2016 for one year is ₹12,000. The amount to be charged to Profit and Loss Account for the year ending March 31, 2017 is:

Accrued income is shown in the Balance Sheet on the:

Income received in advance is treated as:

The journal entry for recording income received in advance is:

Depreciation is charged to:

In the Balance Sheet, a fixed asset after charging depreciation is shown at:

Bad debts are a:

The journal entry for writing off bad debts is:

Which of the following is the correct formula for manager's commission on net profit AFTER charging such commission?

Manager's commission outstanding is shown in the Balance Sheet as:

If net profit before manager's commission is ₹1,10,000 and commission is 10% on profit before charging such commission, the commission amount is:

Interest on capital is treated as:

Opening capital is ₹1,00,000. Additional capital of ₹60,000 was introduced on January 1, 2017. Interest on capital is 10% p.a. for the year ended March 31, 2017. Interest on capital is:

Provision for discount on debtors is calculated on:

Provision for discount on debtors is shown in the Balance Sheet as:

Closing stock is valued at:

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