Financial Statements 1 MCQs with answers

Dear candidates you will find MCQ questions of 11th Class - Accountancy | Chapter: Financial Statements 1 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.
All subjects and chapters of 11th Class are listed below. You can select any subject and chapter below to learn mcq questions of that chapter and subject.

Q. Trading Account discloses-
  • (A) Gross profit
  • (B) Net profit
  • (C) Net loss
  • (D) Gross profit or Gross loss
💬 Discuss
✅ Correct Answer: (D) Gross profit or Gross loss
Q. Direct Expenses are entered in:
  • (A) Trading Account
  • (B) profit & Loss Account
  • (C) Balance sheet
  • (D) none of these
💬 Discuss
✅ Correct Answer: (A) Trading Account
Q. Profit and loss Account discloses:
  • (A) Gross profit
  • (B) Gross profit or Gross loss
  • (C) Gross profit or Gross loss
  • (D) None of these
💬 Discuss
✅ Correct Answer: (B) Gross profit or Gross loss
Q. Goodwill is a-
  • (A) Fixed Asset
  • (B) Current Asset
  • (C) Fictitious Asset
  • (D) None of these
💬 Discuss
✅ Correct Answer: (A) Fixed Asset
Q. Drawing is deducted from:
  • (A) Sales
  • (B) Purchase
  • (C) Returns outward
  • (D) Capital
💬 Discuss
✅ Correct Answer: (B) Purchase

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Table of contents

  1. Trading Account discloses-
  2. Direct Expenses are entered in:
  3. Profit and loss Account discloses:
  4. Goodwill is a-
  5. Drawing is deducted from:

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