11th Grade > Accountancy
FINANCIAL STATEMENTS - ADJUSTMENTS MCQs
Total Questions : 30
| Page 1 of 3 pages
Answer: Option B. -> Insurance premium paid for the period of 12 months commencing from 1st May 2017
:
B
The insurance premium paid is from May'17 to May'18. So the premium pertaining to May'18will be considered as a prepaid expense in FY 2017-18
:
B
The insurance premium paid is from May'17 to May'18. So the premium pertaining to May'18will be considered as a prepaid expense in FY 2017-18
Answer: Option A. -> Bad debts recovered A/c Debit
:
A
The correct entry shall be:
Bad debts Recovered A/c Dr
To Profit orloss A/c
:
A
The correct entry shall be:
Bad debts Recovered A/c Dr
To Profit orloss A/c
Answer: Option A. -> Profits
:
A
Revenue reserve is a reserve created out of Profits.
:
A
Revenue reserve is a reserve created out of Profits.
Answer: Option C. -> Rs. 564
:
C
Debtors
30,000
Less: Bad Debts
(300)
29,700
Less: Provision for bad debts
(1,485)
(29,700*5%)
28,215
Provision for discount on debtors
564
(28,215*2%)
:
C
Debtors
30,000
Less: Bad Debts
(300)
29,700
Less: Provision for bad debts
(1,485)
(29,700*5%)
28,215
Provision for discount on debtors
564
(28,215*2%)
Answer: Option B. -> Trading account & Balance Sheet
:
B
Trading account & Balance sheet are affected by closing stock given in adjustments.
:
B
Trading account & Balance sheet are affected by closing stock given in adjustments.
Answer: Option B. -> Accounts receivable is credited
:
B
Accounts receivable is credited in this case.
:
B
Accounts receivable is credited in this case.
Answer: Option B. -> Expenses paid within the accounting period, but benefits are reaped later
:
B
Prepaid expenses are expenses paid within the accounting period,but benefits are reaped later.
:
B
Prepaid expenses are expenses paid within the accounting period,but benefits are reaped later.
Answer: Option B. -> False
:
B
The amount which the owner withdraw from business for personal use is known as drawings.
:
B
The amount which the owner withdraw from business for personal use is known as drawings.
Answer: Option A. -> Revenues that have been earned, but not collected
:
A
Revenues that have been earned, but not collected are called accrued revenues.
:
A
Revenues that have been earned, but not collected are called accrued revenues.
Answer: Option D. -> Bank account
:
D
The correct adjusting entry is:
Drawings a/c Dr
To Bank a/c
:
D
The correct adjusting entry is:
Drawings a/c Dr
To Bank a/c
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