11th Grade > Accountancy
FINANCIAL STATEMENTS - ADJUSTMENTS MCQs
Total Questions : 30
| Page 3 of 3 pages
Answer: Option B. -> Credited
:
B
Interest on drawings is an income for the business, hence credited in the profit & loss account.
:
B
Interest on drawings is an income for the business, hence credited in the profit & loss account.
Answer: Option B. -> Profit & Loss account
:
B
The correct adjusting entry is:
Profit & Loss a/c Dr
To Provision for tax
:
B
The correct adjusting entry is:
Profit & Loss a/c Dr
To Provision for tax
Answer: Option B. -> Income
:
B
Interest on drawings is an income for the business.
:
B
Interest on drawings is an income for the business.
Answer: Option A. -> Adjustment for the closing stock has already been done and it will be shown as a current asset on the asset side of the balance sheet only.
:
A
If the closing stock is shown in the trial balance, it means the adjustment for the closing stock has already been done and it will be shown as a current asset on the asset side of balance sheet only.
:
A
If the closing stock is shown in the trial balance, it means the adjustment for the closing stock has already been done and it will be shown as a current asset on the asset side of balance sheet only.
Answer: Option C. -> Rs 54,000
:
C
Rent Accrued shall be Rs 18000 * 3 = Rs 54,000.
:
C
Rent Accrued shall be Rs 18000 * 3 = Rs 54,000.
Answer: Option C. -> Provision for doubtful debts account
:
C
The correct adjusting entry is:
Profit & loss A/c Dr
To Provision for doubtful debts A/c
:
C
The correct adjusting entry is:
Profit & loss A/c Dr
To Provision for doubtful debts A/c
Answer: Option B. -> It will decrease net income
:
B
It will decrease the net income.
:
B
It will decrease the net income.
Answer: Option A. -> Debited
:
A
Interest on capital is an expense for the business, hence debited to profit or loss account.
:
A
Interest on capital is an expense for the business, hence debited to profit or loss account.
Answer: Option B. -> Managers commission payable account
:
B
The correct adjusting entry is:
Managers commission A/cDr
To Managers commission payable A/c
:
B
The correct adjusting entry is:
Managers commission A/cDr
To Managers commission payable A/c
Answer: Option D. -> All the above
:
D
All the aboveneeds to beadjusted.
:
D
All the aboveneeds to beadjusted.
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