CBSE Accountancy Chapter 9 Financial Statements II Multiple Choice Questions

Financial Statements Class 11 Accountancy MCQs: Check here the detailed multiple choice questions of CBSE Class 11th Accountancy Chapter 9 Financial Statements II of different difficulty levels.

Accountancy Class 11 Financial Statements II MCQs: The senior classes in school have three main streams – Humanities, Commerce and Science. They follow the syllabus formulated by the Central Board of Secondary Education (CBSE).

Class 12 is where board exams are conducted, and they’re necessary to pass for all students to graduate school. However, it’s in class 11 that students are introduced to the basics.

Commerce and its subjects are a completely new domain for students as they never learned about it in lower classes. As such, it becomes important to grasp the fundamentals by heart. Accountancy is a key subject in commerce and is quite analytical in nature.

Accountancy requires regular practice in addition to a clear understanding of concepts. One great way to both improve your hold on the subject and practice is to solve the different types of questions asked in exams like MCQs. 

On that note, we bring you financial statements class 11 mcq with answers. It’s the ninth chapter as per the Accountancy revised syllabus and is included in the NCERT book 2 for class 11.

Financial Statements II is one of the most important chapters in Accountancy and is essential to master for all students. You can check out the Financial Statements 2 MCQ questions for CBSE Class 11 Accountancy below.

Related: 

CBSE Financial Statements 2 Class 11 Mind Map for Chapter 9 of Accountancy, Download PDF

CBSE Class 11 Accountancy Syllabus 2024

CBSE Class 11 Syllabus 2023-2024: Download Class 11th  Syllabus PDF

Financial Statements MCQs for CBSE Class 11 Accountancy Chapter 9

Question 1: If the rent of one month is yet to be paid, the adjustment entry will be?

(a) Debit outstanding rent account and Credit rent account

(b) Debit profit and loss account and Credit rent account

(c) Debit rent account and Credit outstanding rent account

(d) Debit rent account and Credit profit and loss account

Question 2: If the insurance premium paid Rs. 1,000 and prepaid insurance Rs. 300. The amount of insurance premium shown in the profit and loss account will be?

(a) ₹ 700

(b) ₹ 1,000

(c) ₹ 300

(d) ₹ 1,300

Question 3: If the opening capital is ₹ 100,000 as of April 1, 2006, and additional capital introduced Rs. 20,000 on January 1, 2007. Interest charge on capital 10% p.a. The amount of interest on capital shown in the profit and loss account as of March 31, 2007, will be?

(a) ₹ 10,500

(b) ₹ 12,000

(c) ₹ 10,000

(d) ₹ 11,500

Question 4: Every adjusting entry affects?

(a) Income statement account only

(b) Balance sheet account only

(c) Both A & B

(d) None

Question 5: Bad debts mentioned in Trial balance will be shown in

(a) Trading Account

(b) Profit & Loss Account

(c) Assets

(d) None of these

Question 6: Prepaid expenses are shown in?

(a) Asset side

(b) Liability side

(c) Assets or Liability side

(d) None of the above

Question 7: Receipt and payment account is a summary of-

(a) Income & Expenditure account

(b) Profit & Loss A/c

(c) Cash book

(d) None of these

Question 8: If the manager is entitled to a 5% commission on sales before deducting his commission, he will receive a commission of how many rupees on a ₹ 8400 profit?

(a) 400

(b) 420

(c) 442

(d) 440

Question 9: Calculate gross profit if rate of gross profit is 20% on cost of goods sold and cost of goods sold is ₹ 120000.

(a) 15000

(b) 10000

(c) 24000

(d) None of the above

Question 10: Such persons who earn remuneration against their services are called –

(a) Seller
(b) Purchaser
(c) Professional
(d) None of these