Class 11 Accountancy MCQ Questions of Accounts from Incomplete Records with Answers available here. This may also permit you to recognize and check your pieces of knowledge. Students can also practice the Important Multiple Choice Questions of Class 11 Accountancy. Each question has 4 alternatives accompanied by the proper answer. These MCQ Questions are prepared by the latest examination pattern and syllabus as introduced by CBSE. We have provided Accounts from Incomplete Records Class 11 Accountancy 

MCQ Questions with Answers to assist college students to apprehend the concepts very well. Practice MCQ Questions for Class 11 Accountancy with Answers on an each-day basis and score more in exams. Know your education level with MCQ Questions for Class 11 with Answers. Refer to more MCQ Questions for Accountancy Class 11 with Answers from Incomplete Records as per the present day syllabus issued through CBSE.

1. A system of accounting which is not based on double entry system is called-

(a) Cash system
(b) Mahajani system of accounting
(c) Incomplete accounting system
(d) None of these.

2. Accounts which are maintained under single entry system-

(a) Personal accounts
(b) Impersonal accounts
(c) (a) & (b) both
(d) None of these.

3. Statement of affairs is prepared to-

(a) Know about assets
(b) Know about liabilities
(c) Calculate capital
(d) Know financial position

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.

5. Generally incomplete records are maintained by-

(a) Trader
(b) Society
(c) Company
(d) Government.

6. Bills Receivable endorsed dishonoured are debited to   
(a) Debtors Account.
(b) Bills Receivable Account.
(c) Creditors Account.
(d) Bank Account.

7. Accounts are usually held using a single entry scheme by:

(a) Society
(b) Company
(c) Sole Trader
(d) Government

8. Single Entry System of book keeping is:

(a) Unscientific
(b) Unsystematic
(c) Inaccurate
(d) All of these

9. Single Entry System of book keeping is : 

(A) Inaccurate
(B) Unsystematic
(C) Unscientific
(D) All of these

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

(a) Profit
(b) Profit, if there is no introduction of fresh capital
(c) No Profit no Loss
(d) Loss

11. In case of net worth method of Single Entry System, profit is ascertained by 

(a) comparing the capital in the beginning of the accounting period and the capital at the end of the accounting period.
(b) Preparing a Profit and Loss Account.
(c) Preparing a Balance Sheet.
(d) None of these

12. Sales are calculated by adding

(a) Cash sales and cash received from debtors.
(b) Credit sales and cash received from debtors.
(c) Cash sales and credit sales.
(d) None of the above.

13. When closing capital falls short of opening capital, it means:

(a) Profit
(b) Loss, if there is no no drawing
(c) Loss
(d) None of the above

14. 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

15. Generally, incomplete records are maintained by ______.

(a) Trader

(b) Society

(c) Company

(d) Government

16. 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

17. 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

18. 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

19. 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

20. Opening capital is ascertained by preparing

(i) Total debtor’s account
(ii) Total creditor’s account
(iii) Cash account
(iv) Opening statement of affairs

21. Accounts are usually held using a single entry scheme by:

(i) Society
(ii) Company
(iii) Sole Trader
(iv) Government

22. Credit purchase, during the year is ascertained by preparing :

(i) Total creditor’s account
(ii) Total debtor’s account
(iii) Cash account
(iv) Opening statement of affairs

23. Statement of affairs is prepared to-

(i) Know about assets
(ii) Know about liabilities
(iii) Calculate capital
(iv) Know financial position.

24. Single Entry System of book keeping is:

(i) Unscientific
(ii) Unsystematic
(iii) Inaccurate
(iv) All of these

25. If opening capital is Rs.(i)0,000 & closing capital is Rs. (i) 5,000 then profit or loss:

(i) Loss of Rs.5,000
(ii) Profit of Rs.2,500
(iii) Profit of Rs.5,000
(iv) None of these

Answer:

1. Answer (c) Incomplete accounting system

2. Answer (a) Personal accounts

3. Answer (c) Calculate capital

4. Answer (d) Capital.

5. Answer (a) Trader

6. Answer (a) Debtors Account.

7. Answer (c) Sole Trader

8. Answer (d) All of these

9. Answer (D) All of these

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

11. Answer (a) comparing the capital in the beginning of the accounting period and the capital at the end of the accounting period.

12. Answer (c) Cash sales and credit sales.

13. Answer (b) Loss, if there is no drawing

14. Answer (c) Summary of cash transactions

15. Answer (a) Trader

16. Answer (b) Rs. 25,000

17. Answer (d) Capital

18. Answer (c) Incomplete accounting system

19. Answer (a) Total creditor’s account

20. Answer (iv) Opening statement of affairs

21. Answer (iii) Sole Trader

22. Answer (i) Total creditor’s account

23. Answer (iii) Calculate capital

24. Answer (iv) All of these

25. Answer (iii) Profit of Rs.5,000