Practice CBSE Class 11 Accountancy Introduction to Accounting MCQs Set A provided below. The MCQ Questions for Class 11 Chapter 1 Introduction to Accounting Accountancy with answers and follow the latest CBSE/ NCERT and KVS patterns. 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 1 Introduction to Accounting
Class 11 Accountancy students should review the 50 questions and answers to strengthen understanding of core concepts in Chapter 1 Introduction to Accounting
Chapter 1 Introduction to Accounting MCQ Questions Class 11 Accountancy with Answers
MCQs
(a) Accounting
(b) Recording
(c) Journalizing
(d) Bookkeeping
Question : In accounts recording is made of :
(a) Only financial transactions
(b) Only non-financial transactions
(c) Financial and non-financial transactions
(d) Personal transactions of the proprietor
Answer : A
(a) Financial Accounting
(b) Cost Accounting
(c) Auditing
(d) None of these
(a) Creditors
(b) Potential investors
(c) Managers
(d) Researchers
(a) Profit
(b) Capital
(c) Fixed assets
(d) None of these.
(a) Based on Accounting Convention
(b) Evidence in Legal Matters
(c) Incomplete Information
(d) Omission of Qualitative Information
(a) Arthur Field House
(b) Gitman
(c) William Pickles
(d) Lucas Pacioli
(a) Goods transactions
(b) Service transactions
(c) Business transactions
(d) Credit transactions
(a) All management functions
(b) Controlling functions
(c) Coordinating management functions
(d) None of these
(a) Buyer of goods granted discount by seller
(b) Deducted when we receive cash
(c) Given by us when we sell goods on credit
(d) None of these
Answer : A
(a) Owner’s Equity
(b) Liabilities
(c) Equities
(d) None of these
(a) Goods for sale.
(b) Stationery for office use.
(c) Goods for the factory.
(d) All of the above.
(b) Stock / Inventory
(c) Bad Debts
(d) Sales Return
(a) Creditors
(b) Accounts Receivable
(c) Loan
(d) Payable expenses
(a) An art
(b) A science
(c) An art and science both
(d) None of these.
(a) Are bought to be used in the business
(b) Are expensive items bought for the business
(c) Are items which will not wear out quickly
(d) Are of long life and are not purchased specifically for resale
Answer : D
(a) Government
(b) Commerce
(c) Trade
(d) Business
(a) Recording economic events in the books of account.
(b) Preparation of financial Statements
(c) Communication of information.
(d) Analysis and interpretation of information.
(a) Comparability
(b) Understandability
(c) Relevance
(d) Reliability
(a) Dual Aspect Concept
(b) Materiality Concept
(c) Going Concern Concept
(d) Matching Concept
(a) Recording economic events in the books of account.
(b) Preparation of financial statements.
(c) Communication of information.
(d) Analysis and interpretation of information.
(a) Debit voucher
(b) Debit note
(c) Credit note
(d) Credit voucher
(a) Current Liabilities
(b) Fixed liabilities
(c) Contingent liabilities
(d) All the above
Answer : A
(a) Same
(b) Different
(c) Opposite
(d) None of these
(a) Similar business acquired the required building in 2000 for Rs. 10,00,000
(b) Building cost details of 2003
(c) Building cost details of 1998
(d) Similar building cost in August, 2005 Rs. 25,00,000
(a) Income and cost for the managers
(b) Financial conditions of the institutions
(c) Company’s tax liability for a particular year
(d) All the above
Answer : D
(a) The Profit and Loss Account
(b) A Nominal Account
(c) The Capital Account
(d) A Suspense Account
Answer : D
(a) Only Financial Transactions
(b) Only Non-Financial Transactions
(c) Financial And Non-Financial Transactions
(d) Personal Transactions Of The Proprietor
(a) Cash transactions
(b) Credit transactions
(c) Cash as well as Credit transactions
(d) None of the above
(a) Similar business acquired the required building in 2000 for Rs. 10,00,000
(b) Building cost details of 2003
(c) Building cost details of 1998
(d) Similar building cost in August, 2005 Rs. 25,00,000
Answer : A
(a) Understandability
(b) Relevance
(c) Comparability
(d) Reliability
Answer : A
Answer : management/employees
Answer : Drawings
Answer : owner's equity/capital
Answer : False
Answer : drawings
Answer : debtor
Complete the following sentences with appropriate words
Question : Information in financial reports’is based on _______ transactions.
Answer : economic
Question : A _______ would most likely use an entities financial report to determine whether or not the business entity is eligible for a loan.
Answer : creditor
Question : ______ users are groups outside the business entity, who uses the information to make decisions about the business entity.
Answer : external
Question : The process of accounting starts with ______ and ends with _______.
Answer : identifying the transactions, communicating information
Question : Identified and measured economic events should be recording in __________ order.
Answer : chronological
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Important Practice Resources for Class 11 Accountancy
MCQs for Chapter 1 Introduction to Accounting Accountancy Class 11
Students can use these MCQs for Chapter 1 Introduction to Accounting to quickly test their knowledge of the chapter. These multiple-choice questions have been designed as per the latest syllabus for Class 11 Accountancy released by CBSE. Our expert teachers suggest that you should practice daily and solving these objective questions of Chapter 1 Introduction to Accounting to understand the important concepts and better marks in your school tests.
Chapter 1 Introduction to Accounting NCERT Based Objective Questions
Our expert teachers have designed these Accountancy MCQs based on the official NCERT book for Class 11. We have identified all questions from the most important topics that are always asked in exams. After solving these, please compare your choices with our provided answers. For better understanding of Chapter 1 Introduction to Accounting, you should also refer to our NCERT solutions for Class 11 Accountancy created by our team.
Online Practice and Revision for Chapter 1 Introduction to Accounting Accountancy
To prepare for your exams you should also take the Class 11 Accountancy MCQ Test for this chapter on our website. This will help you improve your speed and accuracy and its also free for you. Regular revision of these Accountancy topics will make you an expert in all important chapters of your course.
You can get most exhaustive CBSE Class 11 Accountancy Introduction to Accounting MCQs Set A for free on StudiesToday.com. These MCQs for Class 11 Accountancy are updated for the 2025-26 academic session as per CBSE examination standards.
Yes, our CBSE Class 11 Accountancy Introduction to Accounting MCQs Set A include the latest type of questions, such as Assertion-Reasoning and Case-based MCQs. 50% of the CBSE paper is now competency-based.
By solving our CBSE Class 11 Accountancy Introduction to Accounting MCQs Set A, Class 11 students can improve their accuracy and speed which is important as objective questions provide a chance to secure 100% marks in the Accountancy.
Yes, Accountancy MCQs for Class 11 have answer key and brief explanations to help students understand logic behind the correct option as its important for 2026 competency-focused CBSE exams.
Yes, you can also access online interactive tests for CBSE Class 11 Accountancy Introduction to Accounting MCQs Set A on StudiesToday.com as they provide instant answers and score to help you track your progress in Accountancy.