Financial Statements Class 11 MCQ: Check the below NCERT MCQ Questions for Accountancy Financial Statements Class 11 MCQ with Answers Pdf free download. Financial Statements Class 11 MCQ  Questions for Accountancy with Answers were prepared based on the latest exam pattern. We have provided Financial Statements Class 11 Questions with Answers to help students understand the concept very well.

Financial Statements Class 11 MCQ

1. While calculating operating profit, the _______ are not taken into account.
(a) Normal transactions
(b) Abnormal items
(c) Expenses of a purely financial nature
(d) both (b) and (c)

2. Goodwill is a _______.
(a) Fixed Asset
(b) Current Asset
(c) Fictitious Asset
(d) None of the above

3. Choose the correct chronological order of ascertainment of the following profits from the profit and loss account:
(a) Operating Profit, Net Profit, Gross Profit
(b) Operating Profit, Gross Profit, Net Profit
(c) Gross Profit, Operating Profit, Net Profit
(d) Gross Profit, Net Profit, Operating Profit

4. Trading Account discloses _____.
(a) Gross profit
(b) Net profit
(c) Net loss
(d) Gross profit or Gross loss

5. Which of the following is correct?
(a) Operating profit = Operating profit – Non-operating expenses – Non-operating incomes
(b) Operating profit = Net profit + Non-operating expenses + Non-operating incomes
(c) Operating profit = Net profit + Non-operating expenses – Non-operating incomes
(d) Operating profit = Net profit – Non-operating expenses + Non-operating incomes

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By Team Learning Mantras