Free MCQ’s Quiz for Class 11 Accountancy Chapter 9 – Financial Statements with Answers is prepared based on the latest CBSE Exam Pattern for the Academic Session. Students can solve NCERT based Class 11th Accountancy – ‘ Financial Statements’ 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 9 – Financial Statements. Financial Statements involve the preparation of financial statements, and the kinds of information needs of the different stakeholders; the difference and the preparation of financial statements between capital and revenue items and their importance and nature.

To make you perfect in this topic – Financial Statements, 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 Financial Statements

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

Free MCQ’s on Financial Statements

Results

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#1. Drawing is deducted from

Sales

Sales

Purchase

Purchase

Returns outward

Returns outward

Capital

Capital

#2. Which of the following accounts is used to determine net profit?

Trading account

Trading account

Profit and loss account

Profit and loss account

Trial balance

Trial balance

Balance sheet

Balance sheet

#3. The Expenses shown in the profit & loss Account are called as -

Indirect expenses

Indirect expenses

Direct expenses

Direct expenses

Miscellaneous expenses

Miscellaneous expenses

Balance Sheet

Balance Sheet

#4. When the cost of goods sold is deducted from net sales, we get ___.

Net profit

Net profit

Gross profit

Gross profit

Trial balance

Trial balance

Profit and loss account

Profit and loss account

#5. Goodwill is a ____ asset.

Personal

Personal

Fixed

Fixed

Tangible

Tangible

Intangible

Intangible

#6. Among the following, which one is example of preliminary expenses?

Recurring

Recurring

Non-Recurring

Non-Recurring

Deferred Revenue Expenditure

Deferred Revenue Expenditure

None of the above

None of the above

#7. At the end of the year, ____ is prepared.

Balance sheet

Balance sheet

Profit and loss

Profit and loss

Trial Balance

Trial Balance

Final accounts

Final accounts

#8. Outstanding income is an

Income

Income

Assets

Assets

Expense

Expense

liability

liability

#9. Return inward in the trial balance is deducted from

Gross profit

Gross profit

Return Outward

Return Outward

Sales

Sales

Purchase

Purchase

#10. Discounts received are

Buyer of goods granted discount by seller

Buyer of goods granted discount by seller

Deducted when we receive cash

Deducted when we receive cash

Given by us when we sell goods on credit

Given by us when we sell goods on credit

None of these

None of these

finish