UNIT - 2 FINAL ACCOUNTS

where do we show wages&salary ?

• trading credit side

• trading debit side

return outward is deducted from ?

• sales

• purchase

what is the start date for financial year?

• 1st January

• 1st April

where do we show closing stock in trading account

• trading account debit side

• trading account credit side

The accounting equation

• assets=liabilities - owner's equity

• assets=liabilities + owner's equity

• assets + liabilities = owner's equity

• assets + owner's equity = liabilities

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

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

Net Profit =

• Gross Profit + Income
• Gross Profit + Gains
• Gross Profit + Expenses
• Gross Profit + Interest

Expenses are 

• Rent received
• Wages 
• Interest received
• Stock

Fixed Assets are 

• Bank Overdraft
• Insurance
• Land
• Bills