Refer to CBSE Class 11 Accountancy Principles Of Accounting MCQs provided below. CBSE Class 11 Accountancy MCQs with answers available in Pdf for free download. The MCQ Questions for Class 11 Accountancy with answers have been prepared as per the latest syllabus, CBSE books and examination pattern suggested in Class 11 by CBSE, NCERT and KVS. Multiple Choice Questions for Chapter 2 Theory Base of Accounting are an important part of exams for Class 11 Accountancy and if practiced properly can help you to get higher marks. Refer to more Chapter-wise MCQs for CBSE Class 11 Accountancy and also download more latest study material for all subjects
MCQ for Class 11 Accountancy Chapter 2 Theory Base of Accounting
Class 11 Accountancy students should refer to the following multiple-choice questions with answers for Chapter 2 Theory Base of Accounting in Class 11. These MCQ questions with answers for Class 11 Accountancy will come in exams and help you to score good marks
Chapter 2 Theory Base of Accounting MCQ Questions Class 11 Accountancy with Answers
Question : Which of the following is the International Accounting Standard for Intangible Assets?
a) IAS 38
b) IAS 18
c) IAS 33
d) IAS 12
Answer : IAS 38
Question : Which of the following is the title of AS-3 (Revised)?
a) Cash Flow Statement
b) Valuation of Inventories
c) Intangible Assets
d) Revenue Recognition
Answer : Cash Flow Statement
Question : Which of the following is NOT a utility of Accounting Standards?
a) None of the options
b) Help auditors
c) Ensure uniformity
d) Ensure uniformity
Answer : None of the options
Question : According to which concept, the proprietor of the business is treated as the creditor to the extent of his capital?
a) Business Entity Concept
b) Accounting period concept
c) Cost Concept
d) Money measurement concept
Answer : Business Entity Concept
Question : Which of the following accounting concept says that asset is to be recorded at their original cost and depreciated in a systematic manner without reference to its market value?
a) Going Concern concept
b) Cost Concept
c) Accrual Assumption
d) Consistency Concept
Answer : Going Concern concept
Question : Valuation of stock at lower of cost or net realizable value is an example of:
a) Conservatism
b) Realization Concept.
c) Matching concept
d) Consistency
Answer : Conservatism
Question : When goods are sold on credit to RameshRameshs account is debited and Sales account is credited. Which accounting concept is involved?
a) Dual Aspect Concept
b) Cost Concept
c) Accounting Period Concept
d) Materiality Concept
Answer : Dual Aspect Concept
Question : International Accounting Standards adopted by International Accounting Standards Board and still in force are
a) 29
b) 41
c) 9
d) 10
Answer : 29
Question : The convention of Conservatism takes into account -
a) All prospective losses but leaves out prospective profits.
b) All prospective profits and leaves out prospective losses.
c) All prospective profits and prospective losses.
d) None of the options
Answer : All prospective losses but leaves out prospective profits.
Question : Abacus Ltd. follows Written down value Method of depreciating machinery year after year due to -
a) Consistency
b) All the above
c) Convenience
d) Comparability
Answer : Consistency
Question : According to which of the following concepts, in determining the net income from business, all costs which are applicable to the revenue of the period should be charged against that revenue?
a) Matching Concept
b) Money Measurement Concept
c) Cost Concept
d) Dual Aspect Concept
Answer : Matching Concept
Question : An investment company has valued its inventory at its current market price, which is higher than its cost. Which accounting principle is violated?
a) Prudence Concept
b) Materiality Concept
c) Cost Concept
d) Full disclosure Concept
Answer : Prudence Concept
Question : A Company lost vital machinery in an accident on 2nd March, 2011 which will have adverse impact on its production capacity. As a result, it is likely to lose business to its competitors. The company needs to disclose this fact in its annual report for the year ended March 31, 2011 because of which principle?
a) Materiality Concept
b) Money Measurement Concept and Full Disclosure Concept
c) Money Measurement Concept
d) Full Disclosure Concept
Answer : Materiality Concept
Question : Capital is a liability for the business. This statement is true because of which principle?
a) Business Entity Concept
b) Accounting Period Concept
c) Materiality Concept
d) Consistency Concept
Answer : Business Entity Concept
Question : Rent for the month of March 2011 is not paid. Under which accounting concept it should be recorded as expense for the year ended March 31, 2011?
a) Accrual Concept
b) Revenue Recognition Concept
c) Dual Aspect Concept
d) Both Revenue Recognition Concept and Dual Aspect Concept
Answer : Accrual Concept
Question : Under which concept if advance is received against sale of goods, the advance received is recorded as Advance against Sale and not Sales?
a) Accrual Concept, Revenue Recognition Concept
b) Accrual Concept
c) Revenue Recognition Concept
d) Dual Aspect Concept
Answer : Accrual Concept, Revenue Recognition Concept
Question : Guneet purchased 1000 sq. yards land to build a factory and paid Rs. 15 lakhs towards its cost including registration charges. At the end of the financial year, the value of the land came down to RS. 13 lakhs. Guneet recorded the land at Rs. 13 lakhs and booked a loss of Rs. 2 lakhs. Which principle has been violated?
a) Cost Concept
b) Money Measurement Concept
c) Materiality Concept
d) Consistency Concept
Answer : Cost Concept
Question : Which accounting principle requires that life of a business be broken into smaller parts?
a) Accounting Period Concept
b) Business Entity Concept
c) Going Concern Concept
d) Consistency Concept
Answer : Accounting Period Concept
Question : Production of a factory had to stop for a week due to a labour strike. The owner estimated the loss of production and the likely loss of profit arising out of the situation. He directed the accountant to record the loss in the books of accounts. The accountant did not agree. Which principle directed him?
a) Money Measurement Concept
b) Verifiable Objective Concept
c) Business Entity Concept
d) Both Verifiable Objective Concept and Business Entity Concept
Answer : Money Measurement Concept
Question : Rahul, the proprietor of M/s. R. K. & Co. purchased an air conditioner and installed it at his residence. The payment was made by issuing a cheque from the account of M/s. R. K. & Co. The accountant debited the Drawings account. Which principle of accounting did he apply?
a) Business Entity Concept
b) Going Concern Concept
c) Materiality Concept
d) Money Measurement Concept
Answer : Business Entity Concept
CBSE Class 11 Accountancy Introduction to Accounting MCQs |
CBSE Class 11 Accountancy Principles Of Accounting MCQs |
CBSE Class 11 Accountancy Theory Base Of Accounting MCQs |
CBSE Class 11 Accountancy Recording Of Transactions MCQs |
CBSE Class 11 Accountancy Recording of Transactions - II MCQs |
CBSE Class 11 Accountancy Bank Reconciliation Statement MCQs |
CBSE Class 11 Accountancy Rectification Of Errors MCQs |
CBSE Class 11 Accountancy Depreciation Reserves and Provisions MCQs |
CBSE Class 11 Accountancy Bills Of Exchange MCQs |
CBSE Class 11 Accountancy Financial Statements - I MCQs |
CBSE Class 11 Accountancy Financial Statements - II MCQs |
CBSE Class 11 Accountancy Accounts from Incomplete Records MCQs |
CBSE Class 11 Accountancy Applications of Computers in Accounting MCQs |
CBSE Class 11 Accountancy Computerised Accounting System MCQs |
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CBSE Class 11 Accountancy Chapter 2 Theory Base of Accounting MCQs
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MCQs for Accountancy CBSE Class 11 Chapter 2 Theory Base of Accounting
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Chapter 2 Theory Base of Accounting MCQs Accountancy CBSE Class 11
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Chapter 2 Theory Base of Accounting CBSE Class 11 MCQs Accountancy
Regular MCQs practice helps to gain more practice in solving questions to obtain a more comprehensive understanding of Chapter 2 Theory Base of Accounting concepts. MCQs play an important role in developing understanding of Chapter 2 Theory Base of Accounting in CBSE Class 11. Students can download and save or print all the MCQs, printable assignments, practice sheets of the above chapter in Class 11 Accountancy in Pdf format from studiestoday. You can print or read them online on your computer or mobile or any other device. After solving these you should also refer to Class 11 Accountancy MCQ Test for the same chapter
CBSE MCQs Accountancy Class 11 Chapter 2 Theory Base of Accounting
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Multiple Choice Questions (MCQs) for Chapter 2 Theory Base of Accounting Class 11 Accountancy are objective-based questions which provide multiple answer options, and students are required to choose the correct answer from the given choices.