Free Online MCQs Questions of CBSE Class 11 Accountancy Chapter 2 – Basic Terms of Accounting 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 Basic Terms of Accounting Multiple Choice Questions with Answers to know their preparation level on Success Roar Classes Website itself.
Accounting has a very crucial role in our business and even in our day to day life. Therefore for understanding accounting, we must be familiar with its basic terms also. Here you will find MCQs on basic terms of accounting which will help you to do more practice of your subject.
Free Online MCQs Questions of Class -11 Accountancy
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#1. The main qualities that make accounting information relevant to decision-making are:
#2. Duration of an accounting period is?
#3. The idea that a firm will not be sold or liquidated in the near future is referred to as:
#4. The sum total of the capital and liabilities is known as ____.
#5. Which document serves as proof that a payment has been made or that a specific transaction has occurred?
#6. The _____ concept indicates that a business will continue to operate indefinitely (for a reasonable amount of time) and will not be liquidated anytime soon.
#7. The cost concept states that every transaction has a dual or two-fold effect on various accounts and should therefore be recorded at two places.
#8. The amount withdrawn for personal use by businessmen is-
#9. Which concept assumes that a company is a separate and distinct entity from its owners. As a result, the firm and its owners must be recognised as two independent organizations for accounting purposes.
#10. The term "____" refers to the concept of revenue recognition at the moment of sale.
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