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MCQ Questions for Class 11 Accountancy with Answers: Financial Accounting
Q1. At the time of retirement of a bill, the acceptor debits:
(i) Bills payable’account
(ii) Discount account
(iii) Neither of two
(iv) None of above
(i) Bills payable’account
Q2. Three days are added for ascertaining the date of maturity. These are known as days of-
(i) Grace
(ii) Maturity
(iii) Payment
(iv) None of the options
(i) Grace
Q3. Noting charges are ultimately borne by –
(i) Drawee
(ii) Drawer
(iii) Payee
(iv) Maker
(i) Drawee
Q4. Which balance is shown by a B/R Book
(i) Credit
(ii) None
(iii) Both
(iv) Debit
(iv) Debit
Q5. The due date of bill dated 1st February, 2003 for a period of 2 months shall be:
(i) 4th April, 2003
(ii) 5th April, 2003
(iii) 4th May, 2003
(iv) 2nd February, 1993
(i) 4th April, 2003
Q6. The Bills Receivable Book is a part of
(i) The Journal
(ii) The Ledger
(iii) The Profit
(iv) None of the options
(i) The Journal
Q7. Refusal by the acceptor to pay the bill on the maturity date is called –
(i) Dishonor of bill
(ii) Retirement of bill
(iii) Rebate on bill
(iv) Discounting of bill
(i) Dishonor of bill
Q8. The party who is entitled to receive the cash of a bill receivable is called
(i) Drawer
(ii) Drawee
(iii) Capitalist
(iv) Bank
(i) Drawer
Q9. Accommodation bills are also termed as ………bills.
(i) Drawee bills
(ii) Kite bills
(iii) Payee bills
(iv) Drawer bills
(ii) Kite bills
Q10. A bill accepted and given to a creditor is called
(i) Bill Payable
(ii) Bill Receivable
(iii) Trade bill
(iv) Repair bill
(i) Bill Payable
Q11. Three days are added for ascertaining the date of maturity. These are known as days of-
(i) Grace
(ii) Maturity
(iii) Payment
(iv) None of the options
(i) Grace
Q12. If the due date is public holiday what will be the due date of the bill
(i) Preceding day
(ii) Following day
(iii) The same day
(iv) After two days
(i) Preceding day
Q13. B/R stands for
(i) Bank Receivable Books
(ii) Bank Receipt
(iii) Bank Rebate
(iv) All of them
(i) Bank Receivable Books
Q14. Fee paid in cash to Notary Public is charged by
(i) Holder of bill of exchange
(ii) Drawee
(iii) Drawer
(iv) None
(i) Holder of bill of exchange
Q15. A four months bill drawn on 1st January, 2008 will mature for payment on –
(i) 4th May, 2008
(ii) 5th May, 2008
(iii) 3rd May, 2008
(iv) 6th May, 2008
(i) 4th May, 2008
Q16. Kamal draws a bill on Sahil for Rs.3000. Kamal endorsed it to Rohan. Rohan endorsed it to Rakesh. The payee of the bill will be
(i) Kamal
(ii) Rakesh
(iii) Sahil
(iv) Rohan
(ii) Rakesh
Q17. What account will be credited when discounted bill is dishonoured?
(i) Drawee’s Account
(ii) Drawer’s Account
(iii) Bank Account
(iv) Endorsee’s Account
(iii) Bank Account
Q18. The Rebate on a bill shows that the bill –
(i) Has been paid before the date of maturity
(ii) Has been paid after the date of maturity
(iii) Has been dishonored
(iv) None of the options
(i) Has been paid before the date of maturity
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MCQ Questions for Class 11 Accountancy: Financial Accounting
- Lesson 1. Introduction to Accounting Class 11 MCQ
- Lesson 2. Theory Base of Accounting Class 11 MCQ
- Lesson 3. Recording of Transactions 1 Class 11 MCQ
- Lesson 4. Recording of Transactions 2 Class 11 MCQ
- Lesson 5. Bank Reconciliation Statement Class 11 MCQ
- Lesson 6. Trial Balance and Rectification of Errors Class 11 MCQ
- Lesson 7. Depreciation, Provisions and Reserves Class 11 MCQ
- Lesson 8. Bills of Exchange Class 11 MCQ
- Lesson 9. Financial Statements 1 Class 11 MCQ
- Lesson 10. Financial Statements 2 Class 11 MCQ
- Lesson 11. Accounts from Incomplete Records Class 11 MCQ
- Lesson 12. Applications of Computers in Accounting Class 11 MCQ
- Lesson 13. Computerised Accounting System Class 11 MCQ