Class 11 Book-Keeping and Accountancy – Daily Revision MCQ (English Medium)
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Who introduced the double-entry system of book-keeping in 1494?
Chapter 1: Introduction to Book-Keeping and Accountancy
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Answer: B. Luca De Bargo Pacioli
The textbook says the Italian merchant Luca De Bargo Pacioli introduced the double-entry system in 1494.Outstanding Rent Account belongs to which type of account?
Chapter 2: Meaning and Fundamentals of Double Entry Book-Keeping
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Answer: D. Representative Personal Account
Accounts of outstanding and prepaid items, like Outstanding Rent A/c, are Representative Personal Accounts.Goods worth ₹5,000 are sold on credit to Ramesh. Which account is debited in the journal?
Chapter 3: Journal
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Answer: B. Ramesh's A/c
Ramesh receives the goods, so by the rule 'Debit the receiver' Ramesh's A/c is debited and Sales A/c is credited.In a two-column Cash Book, which transaction is recorded as a contra entry?
Chapter 5: Subsidiary Books
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Answer: A. Cash deposited into the bank
A contra entry arises when Cash A/c and Bank A/c are affected together, e.g. cash deposited into the bank.A cheque deposited into the bank but not yet collected by the bank appears in:
Chapter 6: Bank Reconciliation Statement
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Answer: C. the Cash Book but not in the Pass Book
The business records the deposit in its Cash Book at once, but the bank credits the Pass Book only after collection.A machine costs ₹48,000, its scrap value is ₹3,000 and its estimated life is 9 years. What is the annual depreciation by the Straight Line Method?
Chapter 7: Depreciation
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Answer: D. ₹5,000
Depreciation = (Original cost − Scrap value) ÷ Life = (48,000 − 3,000) ÷ 9 = ₹5,000 per year.Under the Written Down Value Method, depreciation each year is calculated on:
Chapter 7: Depreciation
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Answer: A. the book value of the asset at the beginning of that year
Under WDV, a fixed percentage is charged on the opening (reduced) book value each year, so depreciation keeps falling.Furniture bought for the office is wrongly debited to Purchases Account. What type of error is this?
Chapter 8: Rectification of Errors
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Answer: C. Error of principle
A capital item treated as a revenue item breaks accounting principles; it is an error of principle and does not affect the Trial Balance.The balancing figure of the Trading Account shows:
Chapter 9: Final Accounts of a Proprietary Concern
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Answer: A. Gross Profit or Gross Loss
Trading A/c balances with Gross Profit or Gross Loss; Profit and Loss A/c balances with Net Profit or Net Loss.Under the Single Entry System, closing assets are ₹1,20,000 and closing liabilities are ₹45,000. What is the closing capital?
Chapter 10: Single Entry System
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Answer: B. ₹75,000
Closing Capital = Closing Assets − Closing Liabilities = 1,20,000 − 45,000 = ₹75,000 (from the Closing Statement of Affairs).
Class 11: MCQ in other subjects
All questions are written by PadhaiNotes in our own words from the chapters of the official Maharashtra State Board Balbharati textbook (ebalbharati.in). Each question shows its chapter.