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Final Accounts/Financial Statements

Authored by Sir. Tanveer

Business

11th Grade - University

Used 59+ times

Final Accounts/Financial Statements
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14 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Drawings are deducted from: (Year 2015/16)

Sales

Income

Capital

Expenses

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A prepaid expense is: (Year 2015)

An asset

A liability

An expense

An income

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Adjusting entries are made: (Year 2015/17)

During the accounting period

At the end of accounting year

In the beginning of the year

At any time

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All revenue expenditures are taken to: (Year 2015)

A Trading Account

Trading and Profit or Loss Account

Profit or Loss Account

Balance Sheet

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All those expenses which are due but not yet paid are called: (Year 2016)

Advance expenses

Outstanding expenses

Accrued revenue

Prepaid revenue

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Withdrawal of goods by the owner for his personal use must be credited to: (Year 2016)

Supplier's A/C

Goods A/C

Purchaser's A/C

Drawings A/C

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Provisions for bad debts should appear in the balance sheet as: (Year 2016)

A fictitious asset

A deduction from the debtors

An addition to the goodwill

Part of the share capital

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