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# Free Online MCQs for Class – 11 Accountancy Chapter-7 Double Entry System

Free Online MCQs Questions of CBSE Class – 11 Accountancy Chapter-7 Double Entry System with Answers. Free Online MCQs Questions for Class 11 Accountancy with Answers was Prepared Based on Latest Exam Pattern. Students can solve NCERT Class 11 Accountancy Chapter-7 Double Entry System Multiple Choice Questions with Answers to know their preparation level on Success Roar Classes Website itself.

## Chapter-7 Double Entry System with Answers

1. Double Entry System is a –
1. Reporting system
2. Financial Statement preparation system
3. Recording system
4. Debit and Credit determining system
2. The features of Double Entry System are- a) It has two parties; Receiver and Giver, b)Total amount of Debit will be equal to total amount of Credit C)Receiver is Debit and Giver is Credit. Which one is correct?
1. i & ii
2. ii & iii
3. i & iii
4. i, ii & iii
3. In purchase book, records-
1. Credit purchase
2. Credit sales
3. Cash purchase
4. Purchase return
4. Where records the discounted entries in the-
1. Cash book
2. Sales return book
3. Bills receivable book
4. Journal proper
5. Why is opening entry needed
1. To follow the accounting cycle
2. To start the next accounting year
3. To justify the arithmetical
4. To know the financial position of accuracy current year
6. Generally, what type of accounts is not kept in Single entry system?   i)  Asset     ii) Income    iii) Expense. Which one is correct of the following?
1. i
2. i & ii
3. ii & iii
4. i & iii
7. Which one is correct?
1. Opening capital = opening total assets – closing total assets
2. Closing capital = opening total liabilities + closing total liabilities
3. Opening capital = opening total assets – opening total liabilities
4. Closing capital = opening total assets + closing total assets
8. Which one is used a rough working for financial statement?
1. Trial balance
3. Closing entries
4. Works sheet
9. Which sequence is correct?
1. Trial balance, adjusting entries, works sheet, financial statement
2. Adjusting entries, trial balance, financial statement, works sheet
3. Works sheet, trial balance, adjusting entries, financial statement
4. Trial balance, works sheet, adjusting entries, financial statement
10. If opening capital is 70,000 and closing capital is 90,000, what is the  amount of profit or loss?
1. Profit 20,000
2. Loss 20,000
3. Loss 70,000
4. Profit 90,000

MCQs Questions of Class – 11 Accountancy Chapter-7 Double Entry System