CBSE Class 11 Accountancy Chapter 3 Recording of Transactions 1 MCQs

CBSE Class 11 Accountancy MCQs: Check here the in-depth multiple choice questions of CBSE Class 11th Accountancy Chapter 3 Recording of Transactions 1 of varying difficulty levels.

Accountancy Class 11 Recording of Transactions 1 MCQs: There are three major streams in higher-secondary classes, which follow the syllabus formulated by the Central Board of Secondary Education (CBSE). Students give the board exam in class 12, but a strong base is required in class 11 to succeed in the important exam.

Accountancy is a main subject of the commerce stream and introduces students to the study of processing and recording economic data. Accountancy is not an easy subject, and most students struggle with it. However, it’s essential to master if you want to explore a career in commerce. An effective way of mastering it is through practice. Solving Accountancy multiple choice questions can provide you the practice needed to better understand the concepts.

Recording of Transactions 1 is the third chapter of the class 11 accountancy book – Financial Accounting. It’s a lengthy and important chapter that demands in-depth study and consistent practice. Solving different types of questions like MCQs and long answers while studying exponentially improves your learning ability. You can check out the MCQs for CBSE Class 11 Accountancy Chapter 3 Recording of Transactions 1 below.

Related: CBSE Class 11 Accountancy Syllabus 2024

MCQs for CBSE Class 11 Accountancy Chapter 3 Recording of Transactions 1

Question 1: The process of recording a business transaction in the journal is called:

(a) Costing

(b) Posting

(c) Balancing

(d) Journalising

Question 2: Ajay, the Petty Cashier of Ebony, has an imprest of Rs.5,000 out of which he pays for petty expenses. He submits the details of payments every 15 days which is reimbursed to him. He submitted the details for 15 days that ended on 15th April, 2012 amounting to Rs. 4,900. He has with him unpaid expense vouchers amounting to Rs.2,200. How much amount should be paid to him?

(a) Rs.4,900

(b) Rs.5,000

(c) Rs.2,200

(d) Rs.7,100

Question 3: What are the total number of subsidiary books available to record financial transactions?

(a) 8

(b) 7

(c) 6

(d) 12

Question 4: 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

Question 5: 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

Question 6: The journal entry to record purchase of equipment for ₹ 2,00,000 cash and a

balance of ₹ 8,00,000 due in 30 days include:

(a) Debit equipment for ₹ 2,00,000 and Credit cash ₹ 2,00,000.

(b) Debit equipment for ₹ 10,00,000 and Credit cash ₹ 2,00,000 and creditors ₹ 8,00,000.

(c) Debit equipment ₹ 2,00,000 and Credit debtors ₹ 8,00,000.

(d) Debit equipment ₹ 10,00,000 and Credit cash ₹ 10,00,000.

Question 7: The journal entry to record the sale of services on credit should include:

(a) Debit to debtors and credit to capital.

(b) Debit to cash and Credit to debtors.

(c) Debit to fees income and Credit to debtors.

(d) Debit to debtors and Credit to fees income.

Question 8: Which of the following is correct?

(a) Liabilities = Assets + Capital

(b) Assets = Liabilities – Capital

(c) Capital = Assets – Liabilities

(d) Capital = Assets + Liabilities

Question 9: Find the correct statement:

(a) Credit a decrease in assets

(b) Credit the increase in expenses

(c) Debit the increase in revenue

(d) Credit the increase in capital

Question 10: Name the transaction that is recorded in both sides of Cash book simultaneously.

a) Contra Entry

b) Dual entry

c) Double entry

d) Single entry

Also Read: CBSE Class 11 Syllabus 2023-2024: Download Class 11th  Syllabus PDF