Refer to CBSE Class 10 Accountancy Elements Of Book Keeping MCQs provided below. CBSE Class 10 Other Subjects MCQs with answers available in Pdf for free download. The MCQ Questions for Class 10 Other Subjects with answers have been prepared as per the latest syllabus, CBSE books and examination pattern suggested in Class 10 by CBSE, NCERT and KVS. Multiple Choice Questions for Accountancy Elements Of Book Keeping are an important part of exams for Class 10 Other Subjects and if practiced properly can help you to get higher marks. Refer to more Chapter-wise MCQs for CBSE Class 10 Other Subjects and also download more latest study material for all subjects
MCQ for Class 10 Other Subjects Accountancy Elements Of Book Keeping
Class 10 Other Subjects students should refer to the following multiple-choice questions with answers for Accountancy Elements Of Book Keeping in Class 10. These MCQ questions with answers for Class 10 Other Subjects will come in exams and help you to score good marks
Accountancy Elements Of Book Keeping MCQ Questions Class 10 Other Subjects with Answers
Question: Endorsing the bill means
a) Transferring the bill to another person by the holder
b) Depositing the bill with the government treasury
c) Giving the bill on charity
d) Receiving the bill from creditors
Answer: Transferring the bill to another person by the holder
Question: Drawer in bill of exchange is a person
a) Who draws a bill
b) Who accepts the bill
c) Who makes the payment
d) Who receives the payment
Answer: Who draws a bill
Question: Single Entry System is a
a) Incomplete System
b) Complete System
c) Hybrid System
d) None of the options
Answer: Incomplete System
Question: Which of the following is correct about Single Entry System
a) Simple Method
b) Difficult Method
c) Expensive Method
d) Both difficult and expensive method
Answer: Simple Method
Question: When closing capital is less than the opening capital, it denotes
a) Loss, if there is no drawing
b) Profit
c) Loss
d) Expenses
Answer: Loss, if there is no drawing
Question: When closing capital is more than the opening capital, it denotes
a) Profit, if there is no introduction of fresh capital
b) Drawings
c) Loss
d) No profit no loss
Answer: Profit, if there is no introduction of fresh capital
Question: Single entry system of book keeping is
a) Unscientific
b) Accurate
c) Systematic
d) Rationale
Answer: Unscientific
Question: Generally accounts under single entry system are maintained by
a) Sole Trader
b) Company
c) Society
d) Partnership Firms
Answer: Sole Trader
Question: Identify the current asset from the following
a) Cash at bank
b) Plant
c) Creditors
d) Capital
Answer: Cash at bank
Question: Land is
a) Fixed asset
b) Current Asset
c) Capital
d) A liability
Answer: Fixed asset
Question: Wages and Salaries appearing in Trial Balance is shown
a) On the debit side of Trading A/c
b) On the debit side of Profit and Loss Account
c) On the Asset Side of the Balance Sheet
d) On the liabilities side of Balance Sheet
Answer: On the debit side of Trading A/c
Question: Excess of credit in Profit and Loss account is called
a) Net profit
b) Net loss
c) Gross profit
d) Gross loss
Answer: Net profit
Question: Balance sheet shows
a) Both assets & Liabilities
b) Assets only
c) Liabilities only
d) Neither assets nor liabilities
Answer: Both assets & Liabilities
Question: Balance Sheet is prepared
a) On a particular date
b) For a particular period
c) For a decade
d) For the whole year
Answer: On a particular date
Question: Trading and Profit & Loss Account is prepared
a) At the end of accounting year
b) On every Diwali
c) At the end of calendar year
d) At the beginning of the accounting year
Answer: At the end of accounting year
Question: Balance sheet shows
a) Financial position
b) Profit or loss
c) Errors of accounts
d) Total debtors
Answer: Financial position
Question: Trading Account shows
a) Gross profit
b) Financial position of the concern
c) Net profit
d) Net profit and financial position
Answer: Gross profit
Question: The purpose of preparing final accounts is to ascertain
a) Profit or loss and financial position
b) Profit or loss
c) Capital
d) The value of assets
Answer: Profit or loss and financial position
Question: Number of parties involved in a bill of exchange are :
a) 2
b) 3
c) 4
d) 5
Answer: 3
Question: On discounting of a bill of exchange with the bank,the amount of discount is borne by:
a) Drawer
b) Drawee
c) Payee
d) Bank
Answer: Drawer
Question: If the amount of a bill of exchange is paid before due date it is called
a) Discounting of the bill
b) Retiring the bill
c) Dishonor of the bill
d) Renewal of the bill
Answer: Retiring the bill
Question: On receiving a request from the drawer to renew the discounted bill, who is debited by the drawer?
a) The bank
b) The drawer
c) The drawee
d) New Bill Receivable
Answer: The drawee
Question: A bill of exchange of Rs. 2000 is endorsed in favour of Krishan a creditor of Rs.2100 in full settlement. By what amount Krishan will be debited?
a) Rs.1900
b) Rs.2,000
c) Rs.2100
d) None of the above
Answer: Rs.2100
Question: An amount of Rs. 4000 spent on the repairs of office building was debited to Building account. What type of error is committed?
a) Error of omission
b) Error of Commission
c) Compensatory error
d) Error of principle
Answer: Error of principle
Question: sales of Rs. 2000 to Neha is recorded in Purchases Book. Which of the following accounts is to be credited.
a) Purchases A/c only
b) Sales A/c only
c) Both Purchases A/c & Sales A/c
d) Neha’s A/c
Answer: Both Purchases A/c & Sales A/c
Question: The Sales Book is over cast by Rs. 100. This is an example of
a) Error of omission
b) Error of commission
c) Error of principle
d) Compensatory Error.
Answer: Error of commission
Question: Rs.1480 received from a debtor Rohit, were credited to Mohit as Rs.1,840.On rectification, Suspense account is to be credited by
a) Rs.1480
b) Rs. 1840
c) Rs. 360
d) Rs. 3320
Answer: Rs. 360
Question: Suspense account is used
a) To rectify double sided error
b) To rectify one sided error
c) To rectify error before the
d) None of the above.
Answer: To rectify one sided error
CBSE Class 10 Accountancy Elements Of Book Keeping MCQs |
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CBSE Class 10 Other Subjects Accountancy Elements Of Book Keeping MCQs
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Accountancy Elements Of Book Keeping MCQs Other Subjects CBSE Class 10
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Accountancy Elements Of Book Keeping CBSE Class 10 MCQs Other Subjects
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CBSE MCQs Other Subjects Class 10 Accountancy Elements Of Book Keeping
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