Recording of Transactions Class 11 MCQ | Accountancy Quiz for Class 11 and Other Competitive Exams

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

Recording of Transactions Class 11 MCQ

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1. The entry which is passed for bringing forward the balances of personal and real accounts as shown in the last year’s balance sheet is called _____.
(a) Closing entry
(b) Journal entry
(c) Opening entry
(d) None of these

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2. Which of the following is a cash transaction?
(a) Sold good
(b) Sold goods to Mr. R
(c) Sold goods to Mr. S on credit
(d) Sold goods to Mr. T on account

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3. The mathematical expression defining the comparative relationship between assets and liabilities of any person, institution, or business concern is called _____.
(a) Accounting
(b) Accounting equation
(c) Bookkeeping
(d) None of these

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4. Ledger is a book of _______ in accounting.
(a) All non-cash transactions
(b) Secondary entry
(c) Original entry
(d) All cash transactions

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5. Which of the following is correct?
(a) Profit / Loss = Closing Capital + Additional Capital – Drawings – Opening Capital
(b) Profit / Loss = Closing Capital – Drawings – Additional Capital – Opening Capital
(c) Profit / Loss = Opening Capital + Drawings Made – Additional Capital – Closing Capital
(d) Profit / Loss = Closing Capital + Drawings Made – Additional Capital – Closing Capital

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