MCQ Chapter 1 Accountancy Class 11 Maharashtra Board Introduction to Book- Keeping and Accountancy 1. What does book-keeping primarily involve?Analyzing business performanceRecording financial transactions systematicallyManaging employee recordsTracking non-monetary eventsQuestion 1 of 202. Who is credited with introducing the Double-Entry Book-keeping system?KautilyaChandragupta MauryaLuca De Bargo PacioliR.N.CarterQuestion 2 of 203. Which of the following is a key feature of book-keeping?Recording transactions for a specific periodPreparing financial statementsAnalyzing market trendsManaging customer relationsQuestion 3 of 204. Why is book-keeping important for tax liabilities?It tracks employee performanceIt helps calculate taxes like GST and Income TaxIt monitors inventory levelsIt manages customer complaintsQuestion 4 of 205. Which accounting basis recognizes expenses when they are incurred, not paid?Cash basisMixed basisAccrual basisHybrid basisQuestion 5 of 206. Which qualitative characteristic ensures accounting information is decision-relevant?ReliabilityComparabilityUnderstandabilityRelevanceQuestion 6 of 207. What defines a monetary transaction?A barter exchangeA transaction involving money or money’s worthA non-financial eventAn employee strikeQuestion 7 of 208. What is the term for a brief explanation below a journal entry?GoodsNarrationCapitalEntryQuestion 8 of 209. In accounting, what are goods?Fixed assets like machineryServices provided by the businessCommodities traded for profitLiabilities of the businessQuestion 9 of 2010. What is capital in a business?Profit earned during the yearAmount invested by the ownerLiabilities owed to creditorsAssets sold for cashQuestion 10 of 2011. Who is a debtor in accounting?A person who lends moneyA person who owes money to the businessA person who supplies goodsA person who manages accountsQuestion 11 of 2012. Which expenditure is for acquiring fixed assets?Revenue expenditureCapital expenditureDeferred revenue expenditureOperating expenditureQuestion 12 of 2013. What is a trade discount?A concession for prompt paymentA reduction on the catalogue price of goodsA discount recorded in the booksA discount given after cash discountQuestion 13 of 2014. Who is a solvent person?A person with liabilities exceeding assetsA person with no liabilitiesA person with assets equal to or more than liabilitiesA person with no assetsQuestion 14 of 2015. What is the standard accounting year in India for tax purposes?July 1 to June 30January 1 to December 31April 1 to March 31October 1 to September 30Question 15 of 2016. What is a trading concern?A non-profit organizationA business aimed at earning profit through salesA charitable institutionA service-based organizationQuestion 16 of 2017. What does goodwill represent in accounting?Tangible assetsThe monetary value of a business’s reputationCurrent liabilitiesOperating expensesQuestion 17 of 2018. What occurs when the cost price of goods exceeds the selling price?ProfitBreak-evenLossRevenueQuestion 18 of 2019. Which is an example of a current asset?MachineryGoodwillDebtorsLandQuestion 19 of 2020. What is a contingent liability?A liability recorded in the balance sheetA liability that may arise based on a future eventA liability paid within a yearA liability reducing assetsQuestion 20 of 20 Loading...
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