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. The object of non-trading concerns ______.
(a) Social service
(b) Profit earning
(c) Both of these
(d) None of the above

2. Which of the following is recorded in income and expenditure accounts?
(a) Revenue items
(b) Capital items
(c) Revenue and capital items
(d) None of the above

3. If the rent of one month is still to be paid, the adjustment entry will be _______.
(a) Debit outstanding rent account and Credit rent account
(b) Debit profit and loss account and Credit rent account
(c) Debit rent account and Credit profit and loss account
(d) Debit rent account and Credit outstanding rent account

4. If a person fails to pay his debt, such an amount is considered as ______.
(a) Bad debts
(b) Bad debts recovered
(c) Provision for bad debt
(d) None of the above

5. If the insurance premium paid Rs. 1,000 and prepaid insurance Rs. 300. The amount of insurance premium shown in the profit and loss account will be ______.
(a) Rs. 1,300
(b) Rs. 1,000
(c) Rs. 300
(d) Rs. 700

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By Team Learning Mantras