WorksheetsFun quizzz with Accountancy
Total questions: 16
Worksheet time: 10mins
Trading account discloses:
Gross profit
Net profit
Net loss
Gross profit and loss
Direct expenses are entered in:
Trading account
Profit and Loss account
Balance sheet
None
Goodwill is a:
Current asset
Fictitious asset
Fixed asset
None
Closing stock is entered in:
Trading account
Balance sheet
Both
None
By profit and loss account we get:
Net Profit
Capital
Gross profit
Gross loss
Trademark is:
Intangible assets
Fixed assets
Current assets
Liability
Financial statement consists of:
Profit and loss account
Balance sheet
Trial balance
Both 1 & 2
Choose the correct chronological order of ascertainment of the following profits from the profit and loss account:
Operating profit, Net profit and Gross profit
Gross profit, Net profit and Operating profit
Gross profit, Operating profit and Net profit
Operating profit, Gross profit and Net profit
While calculating operating profit which of the following is not taken into account:
Normal transactions
Expenses of purely financial nature
Abnormal items
None
Profit and loss statement is also known as:
Operation statement
Income statement
Both 1 & 2
None
Subtracting all expenses from revenue yields:
Net Profit/ loss
Carrying value
Long term assets
Net Liabilities
Bad debt reserve is a loss:
True
False
Increase in capital at the end of the year represents ………………..
(a)
Gross profit or loss is transferred to …………….. account.
(a)
The statement of Assets & Liabilities is called as (a)
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