UNIT - 2 FINAL ACCOUNTS

UNIT - 2 FINAL ACCOUNTS

University

25 Qs

quiz-placeholder

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UNIT - 2 FINAL ACCOUNTS

UNIT - 2 FINAL ACCOUNTS

Assessment

Quiz

Arts

University

Practice Problem

Medium

Created by

BRINDHADEVI CHINNASWAMY

Used 14+ times

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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

where do we show wages&salary ?

trading credit side

trading debit side

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

return outward is deducted from ?

sales

purchase

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

what is the start date for financial year?

1st January

1st April

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

where do we show closing stock in trading account

trading account debit side

trading account credit side

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The accounting equation

assets=liabilities - owner's equity

assets=liabilities + owner's equity

assets + liabilities = owner's equity

assets + owner's equity = liabilities

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The figure remaining at the end of a trading account is known as the

Gross profit/gross loss
cost of goods
cost of sales
Net profit/net sales

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cost of Sales is 

Sales-Profit
Opening Stock+Purchases+Carriage Inwards+Import Duty
Opening Stock-Purchases
Opening Stock+Purchases+Carriage Inwards+Import Duty-Closing Stock

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