Financial Statements 2 MCQs with answers

Dear candidates you will find MCQ questions of 11th Class - Accountancy | Chapter: Financial Statements 2 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. Outstanding Expenses are related to-
  • (A) Current year
  • (B) Next year
  • (C) Last year
  • (D) None of these
💬 Discuss
✅ Correct Answer: (A) Current year
Q. Prepaid expenses are shown in-
  • (A) Liability side
  • (B) Asset side
  • (C) Assets or Liability side
  • (D) None of these
💬 Discuss
✅ Correct Answer: (B) Asset side
Q. Charity of goods is-
  • (A) Expenses
  • (B) Loss
  • (C) Profit
  • (D) None of these
💬 Discuss
✅ Correct Answer: (B) Loss
Q. If a person fails to pay his debt, such amount is considered as-
  • (A) Bad debts
  • (B) Bad debts recovered
  • (C) Provision for Bad debt
  • (D) None of these.
💬 Discuss
✅ Correct Answer: (A) Bad debts
Q. The object of non-trading concerns
  • (A) Social service
  • (B) Profit earning
  • (C) Both of these
  • (D) None of these.
💬 Discuss
✅ Correct Answer: (A) Social service
Q. Such persons who earn remuneration against their services are called –
  • (A) Seller
  • (B) Purchaser
  • (C) Professional
  • (D) None of these
💬 Discuss
✅ Correct Answer: (C) Professional
Q. Which of the following is not an item of income of Non-trading concern
  • (A) Entrance fees
  • (B) Interest
  • (C) Govt. Aid
  • (D) Salary
💬 Discuss
✅ Correct Answer: (D) Salary
Q. Receipt and payment account is a summary of-
  • (A) Income & Expenditure account
  • (B) Profit & Loss A/c
  • (C) Cash – book
  • (D) None of these
💬 Discuss
✅ Correct Answer: (C) Cash – book
Q. Which of the following is recorded in income & expenditure account –
  • (A) Revenue items
  • (B) Capital items
  • (C) Revenue and capital items
  • (D) None of these
💬 Discuss
✅ Correct Answer: (A) Revenue items

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Table of contents

  1. Outstanding Expenses are related to-
  2. Prepaid expenses are shown in-
  3. Charity of goods is-
  4. If a person fails to pay his debt, such amount is considered as-
  5. The object of non-trading concerns
  6. Such persons who earn remuneration against their services are called –
  7. Which of the following is not an item of income of Non-trading concern
  8. Receipt and payment account is a summary of-
  9. Which of the following is recorded in income & expenditure account –

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