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WorksheetsUNIT - 2 FINAL ACCOUNTS
Total questions: 25
Worksheet time: 15mins
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
If the business maintains a cash book , it need not maintain a __________________________
Journal
Sales book
Purchase book
Cash and bank account (separately)
Which is not a contra entry in cash book
Cash deposited into bank
Cash withdrawal from bank
Cash withdrawal from bank for personal use
None of these
Final account includes
Trial balance
journal entries
trading account ,profit and loss account and balance sheet
ledger account
depreciation on plant and machinery will be recorded in
trading account debit side
balancesheet asset side
profit and loss account debit side
profit and loss account credit side
bad debts will be recorded in
trading account credit side
profit and loss account debit side
balancesheet liablity side
profit and loss account credit side
sale of finished goods will be recorded in
trading account debit side
profit and loss account debit side
profit and loss account credit side
trading account credit side
capital +___________________- drawings =net capital recorded in liablities
gross profit
net profit
dividend
purchases
rent received will be recorded in
profit and loss account debit side
profit and loss account credit side
trading account credit side
trading account debit side
Examples of Liabilities include which of the following:
Loans, credit cards, and real property
Loans, mortgage, and credit cards
Loans, Art collection, and savings account
Mortgage, credit card, and real property
How do we calculate Total Assets?
Fixed Assets - Current Liabilities
Current Assets / Current Liabilities
Fixed Assets + Current Assets
Fixed Assets - Current Assets
Net Assets = Total Assets -
(a)
Which item would represent a liability in a business?
