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MCQs Accountancy Chapter1 TS Grewal Class11

The document contains multiple-choice questions (MCQs) related to the first chapter of TS Grewal's Class 11 Accountancy, focusing on the fundamentals of accounting. Key topics include the functions and objectives of accounting, branches of accounting, users of accounting information, and qualitative characteristics of accounting data. The answers to the questions are also provided, highlighting essential concepts in accounting education.

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4K views5 pages

MCQs Accountancy Chapter1 TS Grewal Class11

The document contains multiple-choice questions (MCQs) related to the first chapter of TS Grewal's Class 11 Accountancy, focusing on the fundamentals of accounting. Key topics include the functions and objectives of accounting, branches of accounting, users of accounting information, and qualitative characteristics of accounting data. The answers to the questions are also provided, highlighting essential concepts in accounting education.

Uploaded by

kaurprabhsimar93
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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MCQs - TS Grewal Class 11 Accountancy: Chapter 1 - Introduction to Accounting

1. Which of the following is NOT a function of accounting?

a) Recording

b) Classifying

c) Budgeting

d) Summarizing

Answer: c)

2. The main objective of accounting is to:

a) Maintain records

b) Provide information to users

c) Calculate tax

d) Allocate resources

Answer: b)

3. Which is NOT a branch of accounting?

a) Financial accounting

b) Management accounting

c) Cost accounting

d) Taxation accounting

Answer: d)

4. Accounting helps in:

a) Decision making

b) Pollution control

c) Product designing

d) Legal drafting

Answer: a)
5. Who are internal users of accounting information?

a) Government

b) Investors

c) Management

d) Creditors

Answer: c)

6. Which accounting branch is used for internal planning and control?

a) Financial accounting

b) Cost accounting

c) Management accounting

d) Auditing

Answer: c)

7. The process of analyzing and interpreting financial data is called:

a) Bookkeeping

b) Summarizing

c) Interpretation

d) Classifying

Answer: c)

8. Bookkeeping is mainly concerned with:

a) Interpreting results

b) Recording of transactions

c) Making financial statements

d) Budgeting

Answer: b)

9. Which one of the following is a limitation of accounting?

a) Records only financial transactions


b) Helps in decision-making

c) Provides information to users

d) Maintains business records

Answer: a)

10. Financial statements are primarily prepared for:

a) Internal users only

b) Tax authorities

c) External users

d) Employees only

Answer: c)

11. Which of the following is not considered a user of accounting information?

a) Management

b) Employees

c) Passerby

d) Investors

Answer: c)

12. Which of the following does not come under financial transactions?

a) Purchase of goods

b) Appointment of a manager

c) Sale of goods

d) Payment of rent

Answer: b)

13. Accounting information should be:

a) Complicated

b) Misleading

c) Reliable
d) Delayed

Answer: c)

14. Which principle states that only monetary transactions are recorded?

a) Cost concept

b) Money measurement concept

c) Dual aspect concept

d) Business entity concept

Answer: b)

15. The branch of accounting that deals with the preparation of financial statements is:

a) Cost accounting

b) Financial accounting

c) Management accounting

d) Forensic accounting

Answer: b)

16. Which of the following is an external user of accounting information?

a) Manager

b) Owner

c) Employee

d) Lender

Answer: d)

17. The art of recording business transactions is known as:

a) Journalizing

b) Auditing

c) Reporting

d) Interpretation

Answer: a)
18. Which of the following is NOT an objective of accounting?

a) Systematic recording

b) Legal evidence

c) Control over employees

d) Determination of results

Answer: c)

19. The process of transferring entries from journal to ledger is called:

a) Summarizing

b) Posting

c) Classifying

d) Analyzing

Answer: b)

20. Which of these is NOT a qualitative characteristic of accounting information?

a) Understandability

b) Comparability

c) Flexibility

d) Reliability

Answer: c)

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