WorksheetsFA 2 (Trading/P&L and B/S)
Total questions: 10
Worksheet time: 6mins
Trading account is a
Personal
Real
Nominal
Aim of profit and loss account is to ascertain gross profit or gross loss
True
False
Which one of the following will be posted in debit side of the profit and loss account
Carriage Inward
Return outward
Interest from bank
Travelling expenses
Carriage outward
Which of the following will appear in trading account
Carriage outward
Wages outstanding
Return outwards
Advertisement expenses
Salaries
Insurance prepaid amount must be deducted from insurance in profit and loss account debit side
True
False
Advances will appear in which side of Balance sheet or which side of p and l
Asset side of B/S
Liability side of B/S
Debit side of p and l
credit side of p and l
Trading consist of expenses related to direct to the business
True
False
Prepaid insurance will appear in liability side
true
false
Select which of the following will appear in asset side
Land and building
Sundry creditors
Sundry debtors
Loose tools
Bills Receivable
Which of the following will appear in liability
Sundry creditors
Capital
Land and building
Goodwill
Bank OD
