CBES Board Class 11 MCQ Quiz Hub

MCQ for Class 11 Accountancy Set-1

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1. The art of recording all business transactions in a systematic manner in a set of books is called-




2. The process of recording, classifying and summarizing all business transactions in order to know the financial result is called –




3. Cash, goods or assets invested by the proprietor in the business for earning profit is called-




4. The person, firm or institution who does not pay the price in cash for the goods purchased or the services received is called-




5. Book – keeping is-




6. Generally the duration of an Accounting period is of-




7. The sum of Liabilities and Capital is-




8. In India, the accounting standard board was set up in the year-




9. The basic accounting postulates are denoted by –




10. The amount drawn by businessmen for his personal use is-




11. Meaning of credibility of going concern is:




12. The Mathematical Expression defining the comparative relationship between Assets and Liabilities of any person, institution or Business concern is called-




13. Liabilities and Assets amount to Rs. 50,000 and Rs. 7,800 respectively. The difference Amount shall represent-




14. The basis of recording transactions is-




15. As per American Belief, Accounts are of how many types-




16. Which of the following is entered in cash – book-




17. Cash – book always show-




18. The cash – book meant for recording petty expenses is called –




19. The entry which affects cash and bank column of a triple column cash – book is known as –




20. What statement is used while closing a Drawing Account-




21. 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 –




22. The balance of good’s Account is transferred to-




23. Which Account is opened first in ledger book-




24. How many columns are there in a Ledger (in one side)-




25. What kind of accuracy is tested by Trial balance-




26. How many methods are there for preparing Trial Balance –




27. Which of the following is prepared on the basis of Trial Balance –




28. Of the two sides of Trial balance does not tally, which Account is opened –




29. The error which can be disclosed by Trial balance-




30. Errors are rectified in this book-




31. Errors Committed by omitting entries in the Journal book is called –




32. If the trial balance does not tally after many efforts then following Account is opened –




33. Errors committed due to lack of basis principle of Accounting are called –




34. Which of the following methods of depreciation is not recognized by Income Tax Law?




35. Asset Disposal A/c is prepared when :




36. Which of the following is the example of Capital Reserve?




37. Which of the following is the example of Revenue Reserve?




38. Dividend Equalisation Reserve is :




39. General Reserves are shown in :




40. According to Companies Act, 1956 Secret Reserves can be created by:




41. The loss on sale of an asset is debited to:




42. Depreciation is Charged on :




43. At the end of the year, Depreciation Account is transferred to :




44. Provision is created by debiting :




45. The cause of Depreciation is :




46. Depreciation is a process of :




47. Under Reducing Balance Method, depreciation to be charged :




48. The depreciation charged on an asset will be credited to :




49. Every fixed asset loses its value due to use or other reasons. This decline in the value of asset is known as




50. Following are the causes of Depreciation except