Trading and profit and loss account
Authored by Prabh Simar
Other
11th Grade
Used 1+ times
AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
11 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Chloe, Lily, and Emma are running a small business. They are preparing their trading and profit and loss account. When should they prepare this account?
For a particular period, such as a quarter or a year
On a particular date, such as the end of the month
For the whole year, regardless of their business cycle
None of these
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Addison started a small business and at the end of the year, she calculated her accounts. She found that her debit exceeded her credit in her profit and loss account. This situation is called
Net profit
Net loss
Gross profit
Gross loss
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Priya, Avery, and Mira are running a small business. From the following, choose what would be considered as their current assets.
Cash
Stock
Debtors
All of these
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Addison, Eesha, and Emily are running a small business. They are trying to understand their financial statements. Where would they find 'Salaries and wages' in their trial balance?
On the debit side of their trading account
On the debit side of their Profit and Loss account
On the asset side of their balance sheet
On the liabilities side of their balance sheet
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Amen has started a small business and he is preparing his trading account. What is the main reason for him to do this?
To determine his gross profit
To calculate his net profit
To find out his balance of capital
To understand his financial position
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Lucas, Isabella, and Zoey are running a small business. They are trying to understand their financial statements. Where would they find the depreciation for the current year in their trial balance?
On the debit side of their profit and loss account and it is deducted from the particular asset in the balance sheet
On the asset side of their balance sheet as a deduction from the concerned asset
On the debit side of their profit and loss account
On the debit side of their trading account
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Harper, Ella, and Henry are running a small business. They are trying to figure out where to transfer their indirect expenses. Where should they transfer these expenses to?
Their Trading account
Their Profit and loss account
Their Balance sheet
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports
Continue with Google
Continue with Email
Continue with Classlink
Continue with Clever
or continue with
Microsoft
%20(1).png)
Apple
Others
Already have an account?
