C. Opening stock − Closing stock

Class 11 Accountancy: Financial Statements I — Chapter Test 1

Class 11 • Accountancy • Financial Statements I • Chapter Test

MediumFREE

Questions

20 min

Duration

Marks (1 each)

Negative marking

Original practice questions with full solutions by ExamPortal.

Instructions

• Read each question carefully and pick the correct answer.
• You can mark questions for review and come back to them.
• Answers are saved automatically.
• The test is submitted automatically when time runs out.

Access

This test is completely free.

Finish it to earn +5 points.

Take as Guest (Instant Start)Login to Track Rank

SYLLABUS & QUESTION BLUEPRINT

Sample Practice Questions

Preview 5 sample questions from this 15-question test. Test your knowledge below or take the full exam in timed CBT mode.

Start Guest Test

Question 1 of 15

The Trading Account shows:

net profit

gross profit or gross loss

cash flows

assets

View Correct Answer & Step-by-Step Solution

Correct Option:(B)gross profit or gross loss

Detailed explanation is available inside the official test attempt review.

Question 2 of 15

Gross profit =

Net sales − cost of goods sold

Sales − all expenses

Assets − liabilities

Capital − drawings

View Correct Answer & Step-by-Step Solution

Correct Option:(A)Net sales − cost of goods sold

Detailed explanation is available inside the official test attempt review.

Question 3 of 15

Cost of goods sold =

Opening stock + Purchases + Direct expenses − Closing stock

Sales − Purchases

Opening stock − Closing stock

Purchases only

View Correct Answer & Step-by-Step Solution

Correct Option:(A)Opening stock + Purchases + Direct expenses − Closing stock

Detailed explanation is available inside the official test attempt review.

Question 4 of 15

Carriage inwards is shown in the:

Profit and Loss Account

Trading Account

Balance Sheet

Cash Book

View Correct Answer & Step-by-Step Solution

Correct Option:(B)Trading Account

Detailed explanation is available inside the official test attempt review.

Question 5 of 15

Carriage outwards is shown in the:

Trading Account

Profit and Loss Account

Balance Sheet

Capital

View Correct Answer & Step-by-Step Solution

Correct Option:(B)Profit and Loss Account

Detailed explanation is available inside the official test attempt review.

Want to practice all 15 questions under exam conditions?

Experience real CBT interface, live countdown timer, question palette, and get your instant All-India rank & percentile.

Take as Guest (Instant Start)Login to Track Rank

Try next

Class 11 • AccountancyFREE

Class 11 Accountancy: Introduction to Accounting — Chapter Test 1

Chapter Test • Introduction to Accounting

Medium15 Qs20 minStart

Class 11 • AccountancyFREE

Class 11 Accountancy: Theory Base of Accounting — Chapter Test 1

Chapter Test • Theory Base of Accounting

Medium15 Qs20 minStart

Class 11 • AccountancyFREE

Class 11 Accountancy: Recording of Transactions I — Chapter Test 1

Chapter Test • Recording of Transactions I

Medium15 Qs20 minStart

Class 11 • AccountancyFREE

Class 11 Accountancy: Recording of Transactions II — Chapter Test 1

Chapter Test • Recording of Transactions II

Medium15 Qs20 minStart

Class 11 • AccountancyFREE

Class 11 Accountancy: Bank Reconciliation Statement — Chapter Test 1

Chapter Test • Bank Reconciliation Statement

Medium15 Qs20 minStart

Class 11 • AccountancyFREE

Class 11 Accountancy: Trial Balance and Rectification of Errors — Chapter Test 1

Chapter Test • Trial Balance and Rectification of Errors

Medium15 Qs20 minStart

Frequently asked questions

How many questions are there in Class 11 Accountancy: Financial Statements I — Chapter Test 1?

There are 15 questions to answer in 20 min. Each correct answer gives 1 mark, for a total of 15 marks.

Is there negative marking?

No. Wrong answers do not lose marks, so attempt every question.

Is this mock test free?

Yes, it is completely free. Just log in with your email to start.

What does this test cover?

It covers the chapter "Financial Statements I" of Class 11 Accountancy. All questions are original, with a full solution for each.

Will I see my result and the solutions?

Yes. Right after you submit you get your score, accuracy, rank and percentile, and you can review every question with the correct answer and a step-by-step explanation.

Can I take this test again?

Yes, you can retake it as many times as you like and compare your scores.