Accountancy MCQs Class 11 | AHSEC MCQs

[Accountancy Class 11 MCQs, Multiple Choice Questions and Answers, AHSEC, Class 11, Past Exams MCQs]

AHSEC Class 11

Accountancy MCQs (Multiple Choice Questions and Answers)

Frequently asked MCQs in Exams

1)        Accounting is the source of income / evidence / financial information.            [H.S.’ 08]

2)        Accounting records qualitative character of business.       False                     [H.S.’ 10]

3)        According to conservatism / Materiality principle “all anticipated losses should be recorded in the books of accounts but not gains”.               [H.S.’ 10]

4)        Book-keeping is a systematic record of all Business transactions.         [H.S.’ 08]

5)        The rule for personal account is Debit the receiver and Credit the giver.          [H.S.’ 08]

6)        A ledger is a Secondary book.    [H.S.’ 08]

7)        Fixed assets sold for cash is recorded in Cash book.  [H.S.’ 08]

8)        Debit balance in pass book shows bank overdraft.  [H.S.’ 08]

9)        Trial Balance is an account / a statement / information.            [H.S.’ 08]

10)     Depreciation is not charges on building / land / machinery.    [H.S.’ 08]

11)     A bill of exchange is a conditional document.                                False

12)     Accommodation bill are not negotiable instruments. False

13)     Bills receivable account is a Real account.

14)     There are three parties to a bill of exchange.

15)     A promissory note is drawn by Purchase.

16)     Bills receivable books are a part of the:  (a) Journal (b) Ledger (c) Profit & Loss account.

17)     A promissory note is made by: (a) Seller (b) Purchaser (c) Endorsee

18)     Balance Sheet includes all accounts / real and personal accounts / personal accounts only. [H.S.’ 08]

19)     Contingent liabilities in shown / not shown in the balance sheet.                         [H.S.’ 10]

20)     Outstanding rent in a revenue / liability.        [H.S.’ 10]

21)     Accounting records only the transactions of Qualitative nature.          [H.S.’ 15]

22)     Assets = Liabilities + Capital.                                 [H.S.’ 15]

23)     Excess of Opening capital over closing capital represents loss.                              [H.S.’ 15]

24)     Closing stock is usually not shown in the Trial Balance.              True       [H.S.’ 15]

25)     A Bank Reconciliation Statement is prepared by customer of a bank. True     [H.S.’ 15]

26)     The full form of CPU is Current Processing Unit.      Central Processing Unit.          [H.S.’ 15,16]

27)     The SQL is used to access data in a database.                              True       [H.S.’ 15]

28)     Every business transaction has Two (Dual) aspects.                    2016

29)     Trial Balance is a Proof only of the Arithmetical accuracy of the accounts.         2016

30)     Single Entry System is an Incomplete and Unscientific system.              2016

31)     Accounting is both a science and an art.                         True

32)     Accountants regard a business separate from its proprietors.                             True

33)     Credit note is prepared by Creditor (Seller).                              

34)     Debit note is prepared by Debtor(Purchaser).            True

35)     Computerized Accounting System is a system of maintaining records of financial / non-financial transactions in electronic form.

36)     “Recognize all losses, anticipate no GAIN.”

37)     Accounting is the LANGUAGE of business.

38)     Journal is a book of PRIME OR ORIGINAL entry.

39)     Under incomplete record system, profit is indicated if the opening capital is LESS than the closing capital.

40)     A Bank Reconciliation Statement is prepared by bank.   FALSE, CUSTOMER

41)     Trial Balance is a proof only of the arithmetical accuracy of the accounts.       TRUE

42)     Accounting software is an integral part of the Computerized Accounting System/Manual Accounting System.

43)     The full form of CPU is Central Processing Unit/Computer Programming Unit.

44)     A Bank Reconciliation Statement is prepared by Customer.                            True

45)     Trial Balance is a proof only of the arithmetical accuracy of the accounts.       TRUE

46)     “Recognize all losses, anticipate no GAIN.”

47)     Accounting is the LANGUAGE of business.

48)     Journal is a book of PRIME OR ORIGINAL entry.

49)     Accounting software is an integral part of the Computerized Accounting System/Manual Accounting System.

50)     Under incomplete record system, profit is indicated if the opening capital is LESS than the closing capital.

51)     Assets – Capital = Liabilities.  2019

52)     Recognize all losses, anticipate no gain.           2019

53)     Credit purchases of goods are recorded in purchase day book.             2019

54)     Assets account always show credit balance.             False, Debit balance

55)     Accounting software is an integral part of the Computerized Accounting system.   True

56)     Salary outstanding account show debit balance.                     False, Credit