MacOS Sierra 10.12: Compatible Apps. Microsoft Office 2011 (All Applications) (confirmed 07-Oct-2017). Quicken Essentials for Mac 1.7.4 (icon has slash through. Microsoft has announced in a support document that Office for Mac 2011 will not be supported under macOS 10.13 High Sierra.
What I can tell you is that Microsoft Office for Mac 2011 does indeed work in macOS Sierra. I've also just done a check on its Roaring Apps and up to version 14.6.8 was confirmed as working in macOS Sierra. While this is not the version you quote (14.7.1), Microsoft typically provides updates to improve compatibility with the OS, so your more recent version will work fine. As to whether you will have any issues because you're upgrading directly from Yosemite to Sierra, no-one can give you a 100% guarantee as every system has its own quirks (depending on configuration, installed software, connected hardware, etc). However, your current installation of MS Office should still work fine after the upgrade.