Free MCQ’s Quiz for Class 11 Accountancy Chapter 3 – Recording of Transactions with Answers is prepared based on the latest CBSE Exam Pattern for the Academic Session. Students can solve NCERT based Class 11th Accountancy – ‘Recording of Transactions’ Multiple Choice Questions with Answers to know their preparation level on the Success Roar Classes website.

Here, we have provided Free MCQ’s Quiz on Class 11 Accountancy Chapter 3 – Recording of Transactions. Recording of Transactions is involved in each step in the accounting process. The first stage is to identify the transactions to be recorded and prepare the source documents, which are then entered in the journal.

To make you perfect in this topic – Recording of Transactions, we are here with a set of MCQs Quiz that will help you in brushing up the understanding of the concepts.

Free MCQ’s on Recording of Transactions

Each set of MCQ’s consists of 10 Questions and you can see the results immediately after submitting the Set.

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#1. The _____ is a mathematical formula that defines the comparative relationship between a person's, institution's, or business concern's assets and liabilities.

Accounting

Accounting

Accounting Equation

Accounting Equation

Bookkeeping

Bookkeeping

None of these

None of these

#2. Liabilities are Rs. 50,000 and assets are Rs. 7,800, respectively. The difference Amount shall stand for

Creditors

Creditors

Debentures

Debentures

Profit

Profit

Capital

Capital

#3. Accounts are classified into how many types, according to American belief

Two

Two

Three

Three

Five

Five

Four

Four

#4. The entry that affects the cash and bank columns of triple column cash book is referred to as

Compound entry

Compound entry

Contra entry

Contra entry

Journal entry

Journal entry

None of these

None of these

#5. The entry is used to carry forward the balances of personal and real accounts from the previous year's balance sheet to the current year's balance sheet is called as

Closing entry

Closing entry

Journal entry

Journal entry

Opening entry

Opening entry

None of these

None of these

#6. Which of the following is correct?

Profit/Loss = Closing Capital + Additional Capital – Drawings – Opening Capital

Profit/Loss = Closing Capital + Additional Capital – Drawings – Opening Capital

Profit/Loss = Closing Capital - Drawings-Additional Capital – Opening Capital

Profit/Loss = Closing Capital - Drawings-Additional Capital – Opening Capital

Profit/Loss = Opening Capital + Drawings made – Additional Capital – Closing Capital

Profit/Loss = Opening Capital + Drawings made – Additional Capital – Closing Capital

Profit/Loss = Closing Capital + Drawings made – Additional Capital – Opening Capital

Profit/Loss = Closing Capital + Drawings made – Additional Capital – Opening Capital

#7. What Does Debit Mean?

An increase in asset

An increase in asset

A decrease in asset

A decrease in asset

An increase in liability

An increase in liability

An increase in capital

An increase in capital

#8. In accounting, a ledger is a book of ____.

All non-cash transactions

All non-cash transactions

Secondary entry

Secondary entry

Original entry

Original entry

All cash transactions

All cash transactions

#9. A debit balance exists in the following account.

Creditor’s A/c

Creditor’s A/c

Capital A/c

Capital A/c

Building A/c

Building A/c

Loan A/c

Loan A/c

#10. The act of recording a commercial transaction in a journal is referred to as

Costing

Costing

Balancing

Balancing

Posting

Posting

Journalising

Journalising

finish