11th Grade > Accountancy
FINANCIAL STATEMENTS - OVERVIEW MCQs
Total Questions : 30
| Page 1 of 3 pages
Answer: Option C. -> Profit on sale of fixed asset
:
C
Profit on sale of fixed asset is to be recorded in a profit and loss account.
:
C
Profit on sale of fixed asset is to be recorded in a profit and loss account.
Answer: Option A. -> Balance sheet
:
A
Balance sheet reveals the entity’s financial position.
:
A
Balance sheet reveals the entity’s financial position.
Answer: Option D. -> non-operating expense
:
D
Depreciation on fixed assets is a non-operating expense.
:
D
Depreciation on fixed assets is a non-operating expense.
Answer: Option B. -> Gross Profit
:
B
Excess of sales over cost of goods sold in an accounting period is termed as Gross Profit.
:
B
Excess of sales over cost of goods sold in an accounting period is termed as Gross Profit.
Answer: Option A. -> Credited to the trading account
:
A
If closing stock does appears in the trial balance, it should be credited to the trading account.
:
A
If closing stock does appears in the trial balance, it should be credited to the trading account.
Answer: Option A. -> Trading account
:
A
The costs of putting goods into a saleable condition should be charged to Trading account.
:
A
The costs of putting goods into a saleable condition should be charged to Trading account.
Answer: Option D. -> Trial Balance
:
D
Trading & Profit & loss account and balance sheet is prepared from Trial Balance.
:
D
Trading & Profit & loss account and balance sheet is prepared from Trial Balance.
Answer: Option A. -> Carriage Inwards
:
A
Carriage inwards appear in the tradingaccount but not in balance sheet.
:
A
Carriage inwards appear in the tradingaccount but not in balance sheet.
Answer: Option B. -> It is an expense connected with buying goods
:
B
Carriage inwards is charged to the trading account because it is an expense connected with buying goods.
:
B
Carriage inwards is charged to the trading account because it is an expense connected with buying goods.
Answer: Option B. -> Profit of Rs. 30,000
:
B
Gross Profit
=Sales + Closing stock - Opening stock - Purchases - Wages
= Rs. 90,000 + Rs. 40,000 - Rs. 40,000 - Rs. 40,000 - Rs. 20,000
= Rs. 30,000
:
B
Gross Profit
=Sales + Closing stock - Opening stock - Purchases - Wages
= Rs. 90,000 + Rs. 40,000 - Rs. 40,000 - Rs. 40,000 - Rs. 20,000
= Rs. 30,000