Free CBSE Accountancy Multiple Choice Questions for Class 11 along with answers Chapter 11: Accounts from Incomplete Records. Accountancy MCQs for Class 11 chapter-wise with answers are prepared based on the current exam pattern. Students can tackle MCQs with answers to realise their spadework level.

1. Statement of affairs is a _______.

(a) Statement of income and expenditure

(b) Statement of assets and liabilities

(c) Summary of cash transactions

(d) Summary of credit transactions

Answer: (c) Summary of cash transactions

2. Generally, incomplete records are maintained by ______.

(a) Trader

(b) Society

(c) Company

(d) Government

Answer: (a) Trader

3. If the opening capital is Rs. 60,000, drawings Rs. 5,000, capital introduced during the period Rs. 10,000, closing capital Rs. 90,000. The value of profit earned during the period will be ______.

(a) Rs. 20,000

(b) Rs. 25,000

(c) Rs. 30,000

(d) Rs. 40,000

Answer: (b) Rs. 25,000

4. Liabilities and assets amount to Rs. 50,000 and Rs. 78,000 respectively. The difference amount will represent ______.

(a) Creditors

(b) Debentures

(c) Profit

(d) Capital

Answer: (d) Capital

5. A system of accounting that is not based on a double-entry system is called ______.

(a) Cash system

(b) Mahajani system of accounting

(c) Incomplete accounting system

(d) None of these

Answer: (c) Incomplete accounting system

6. Credit purchase during the year is ascertained by preparing _______.

(a) Total creditor’s account

(b) Total debtor’s account

(c) Cash account

(d) Opening statement of affairs

Answer: (a) Total creditor’s account

7. Accounts that are maintained under a single entry system is ______.

(a) Personal accounts

(b) Impersonal accounts

(c) both (a) and (b)

(d) None of these

Answer: (a) Personal accounts

8. The single entry system can be adopted by ______.

(a) Small firms

(b) Joint Stock Companies

(c) Co-operative Societies

(d) None of these

Answer: (a) Small firms

9. Opening capital is ascertained by preparing __________.

(a) Total debtor’s account

(b) Total creditor’s account

(c) Cash account

(d) Opening statement of affairs

Answer: (d) Opening statement of affairs

10. When closing capital exceeds opening capital, this means ______.

(a) Profit

(b) Profit, if there is no introduction of fresh capital

(c) No Profit or no Loss

(d) Loss

Answer: (c) No Profit or no Loss

11. If opening capital is Rs.0 and closing capital is Rs.5,000, then profit or loss is _______.

(a) Loss of Rs.5,000

(b) Profit of Rs.2,500

(c) Profit of Rs.5,000

(d) None of these

Answer: (c) Profit of Rs.5,000

12. Incomplete record mechanism of bookkeeping is ______.

(a) Scientific

(b) Unscientific

(c) Unsystematic

(d) Both (b) and (c)

Answer: (b) Unscientific

13. Statement of affairs is prepared to ______.

(a) Know about assets

(b) Know about liabilities

(c) Calculate capital

(d) Know financial position

Answer: (c) Calculate capital

14. Accounts are usually held using a single entry scheme by ______.

(a) Society

(b) Company

(c) Sole trader

(d) Government

Answer: (c) Sole trader

15. Incomplete records are generally maintained by ______.

(a) A company

(b) Government

(c) Small-sized sole trader business

(d) Multinational enterprises

Answer: (c) Small-sized sole trader business

We trust that the offered Accountancy MCQs for Class 11 with responses Chapter 11: Accounts from Incomplete Records will help you. Assuming you have any questions with respect to CBSE Class 11 Accountancy, Accounts from Incomplete Records MCQs, drop a remark underneath, and we will hit you up at the most punctual.

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