Theory Base of Accounting MCQs with answers

Dear candidates you will find MCQ questions of 11th Class - Accountancy | Chapter: Theory Base of Accounting here. Learn these questions and prepare yourself for coming examinations. You can check the right answer of any question by clicking the option or by clicking view answer button.
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Q. Generally the duration of an Accounting period is of-
  • (A) 6 months
  • (B) 3 months
  • (C) 12 months
  • (D) 1 month.
πŸ’¬ Discuss
βœ… Correct Answer: (C) 12 months
Q. The sum of Liabilities and Capital is-
  • (A) Expense
  • (B) Income
  • (C) Drawings
  • (D) Assets
πŸ’¬ Discuss
βœ… Correct Answer: (D) Assets
Q. In India, the accounting standard board was set up in the year-
  • (A) 1972
  • (B) 1977
  • (C) 1956
  • (D) 1932
πŸ’¬ Discuss
βœ… Correct Answer: (B) 1977
Q. The basic accounting postulates are denoted by –
  • (A) Concepts
  • (B) Book – keeping
  • (C) Accounting standards
  • (D) None of these
πŸ’¬ Discuss
βœ… Correct Answer: (A) Concepts
Q. The amount drawn by businessmen for his personal use is-
  • (A) Capital
  • (B) Drawing
  • (C) Expenditure
  • (D) Loss
πŸ’¬ Discuss
βœ… Correct Answer: (B) Drawing
Q. Meaning of credibility of going concern is:
  • (A) Closing of business
  • (B) Opening of business
  • (C) Continuing of business
  • (D) None of these.
πŸ’¬ Discuss
βœ… Correct Answer: (C) Continuing of business
Q. …………… is a document that verifies the business transaction.
  • (A) Voucher
  • (B) Drawing
  • (C) Expenditure
  • (D) none of these
πŸ’¬ Discuss
βœ… Correct Answer: (A) Voucher

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