11th Grade > Accountancy
FINANCIAL STATEMENTS - OVERVIEW MCQs
Total Questions : 30
| Page 3 of 3 pages
Answer: Option B. -> Non-operating activity
:
B
Non-operating activities are one-time events that may affect revenues, expenses or cash flow but fall outside of the company’s routinecore business.
:
B
Non-operating activities are one-time events that may affect revenues, expenses or cash flow but fall outside of the company’s routinecore business.
Answer: Option D. -> Cost of goods available for sale
:
D
Opening inventory + Net purchases = Cost of goods available for sale.
:
D
Opening inventory + Net purchases = Cost of goods available for sale.
Answer: Option B. -> It can be realized in cash or sold or consumed in the business within one year
:
B
An asset is considered to be a current asset if It can be realized in cash or sold or consumed in the business within one year.
:
B
An asset is considered to be a current asset if It can be realized in cash or sold or consumed in the business within one year.
Answer: Option C. -> Purchase of goods
:
C
Purchase of goods is an operating activity.
:
C
Purchase of goods is an operating activity.
Answer: Option A. -> Operating activity
:
A
Operating activities are all the things a company does to bring its products and services to market on an ongoing basis.
:
A
Operating activities are all the things a company does to bring its products and services to market on an ongoing basis.
Answer: Option C. -> Adding fuel to a delivery van
:
C
Adding fuel to a delivery van is an example of indirect expenditure.
:
C
Adding fuel to a delivery van is an example of indirect expenditure.
Answer: Option D. -> Identifying -- recording -- communicating
:
D
The correct sequence of the accounting process is "Identifying -- recording -- communicating".
:
D
The correct sequence of the accounting process is "Identifying -- recording -- communicating".
Answer: Option D. -> Sales less gross profit
:
D
Assuming no returns outwards or carriage inwards, the cost of goods sold will be equal to Sales Less Gross Profit.
:
D
Assuming no returns outwards or carriage inwards, the cost of goods sold will be equal to Sales Less Gross Profit.
Answer: Option A. -> Profit and loss account
:
A
All indirect expenses related to business are charged to Profit & Loss account.
:
A
All indirect expenses related to business are charged to Profit & Loss account.
Answer: Option D. -> Depreciation on office equipment
:
D
Depreciation on office equipment is not included in the Trading account.
:
D
Depreciation on office equipment is not included in the Trading account.
Latest Videos
Latest Test Papers
Login With Google
Old way of Login
Login With Email