wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Quiz On Final Accounts

Total questions: 40

Worksheet time: 24mins

Name
Class
Date
1.

Trading account is prepared to find out

a)

Net Profit or Loss

b)

Gross Profit or Loss

c)

Financial Position

d)

Profit or Loss

2.

Opening stock is...

a)

Debited in trading account

b)

Credited in trading account

c)

Debited in Profit & Loss account

d)

Credited in profit & Loss account

3.

Wages is an example of

a)

Direct Expense

b)

Indirect Expense

c)

Capital Expense

d)

Revenue Expense

4.

Profit and Loss account would not include

a)

Salaries

b)

Carriage on sales

c)

Rent received

d)

Drawings

5.

Copyrights, Patents and Trademarks are

a)

Current Assets

b)

Fixed Assets

c)

Intangible Assets

d)

Liabilities

6.

Balance Sheet is prepared

a)

for a period

b)

on a particular date

c)

for life of the business

d)

None of the above

7.

Depreciation account appearing in the trial balance is shown in

a)

Profit & Loss account

b)

Trading account

c)

Deducted from the concerned assets A/c

d)

Shown on Liability side

8.

Outstanding expenses are

a)

Expenses not due but paid

b)

Expenses due but not paid

c)

Expense forgot to show in Profit &Loss account

d)

None of the above

9.

Provision for bad & doubtful debts is created as fixed percentage( %) of

a)

Profit amount

b)

Debtors amount

c)

Sales amount

d)

Capital amount

10.

Ram paid rent 50000 in the year. But actual rent was 48000 in a year. Here

a)

Rs. 2000 is an outstanding expense

b)

Rs.2000 is an accrued income

c)

Rs.2000 is a prepaid expense

d)

Rs.2000 is an unearned income

11.

Which financial statement represents the accounting equation ASSETS = LIABILITIES + OWNER'S EQUITY(Capital)

a)

Income Statement

b)

Cash Flow Statement

c)

Balance Sheet

d)

Fund Flow Statement

12.

If a person fails to pay his debt, such amount is considered as....

a)

Bad debts

b)

Bad debts recovered

c)

Provision for Bad debt

d)

Debtors

13.

What kind of accuracy is tested by Trial balance?

a)

Theoretical

b)

Practical

c)

Arithmetical

d)

None of these

14.

If the two sides of Trial balance does not tally, which Account is opened

a)

Real Account

b)

Nominal Account

c)

Suspense Account

d)

Reification Account

15.

The entries passed for adjustment of outstanding or prepaid incomes and expenses are ———–

a)

Adjustment Entries

b)

Closing Entries

c)

Transfer Entries

d)

None of the above

16.

Bank over draft is shown as a ————

a)

Current Liability

b)

Current Asset

c)

Contingent Liability

d)

Profit & Loss account

17.

What is another term for sales returns of goods?

a)

Purchase Return

b)

Return Outwards

c)

Return Inwards

d)

Carriage Returns

18.

Which of the following will be examples of non current assets?

a)

Vehicle for business use

b)

Vehicles for resale

c)

Inventory

d)

Receivables

19.

What is another term for Purchase Return of goods?

a)

Return Outwards

b)

Return Inwards

c)

Sales Return

d)

Office return

20.

Closing capital =?

a)

Opening capital+ Net profit+Additional capital- drawings

b)

Opening capital +net profit-drawings

c)

opening inventory+purchase-closing inventory

d)

Non of the above

21.

What is the purpose of preparing profit and loss statement?

a)

To calculate gross profit

b)

To compute closing capital

c)

To calculate net profit/ (loss)

d)

To calculate cost of sales

22.

return outward is deducted from ?

a)

sales

b)

purchase

23.

where do we show closing stock in trading account

a)

trading account debit side

b)

trading account credit side

24.

The proprietor is treated as a creditor to the extent of his capital according to:

a)

(a) Cost Concept

b)

(b) Business Entity Concept

c)

(c) Going Concern Concept

d)

(d) Materiality Concept

25.

Final account includes

a)

Trial balance

b)

journal entries

c)

trading account ,profit and loss account and balance sheet

d)

ledger account

26.

Import duty paid will be included in

a)

trading account credit side

b)

trading account debit side

c)

profit and loss account debit side

d)

profit and loss account credit side

27.

depreciation on plant and machinery will be recorded in

a)

trading account debit side

b)

balancesheet asset side

c)

profit and loss account debit side

d)

profit and loss account credit side

28.

balancesheet is an account

a)

true

b)

false

c)

not acceptable

d)

its a statement

29.

sale of finished goods will be recorded in

a)

trading account debit side

b)

profit and loss account debit side

c)

profit and loss account credit side

d)

trading account credit side

30.

closing stock is recorded in trading account and ___________________________

a)

balancesheet liablity side

b)

balancesheet asset side

c)

profit and loss account

d)

trading account debit side

31.

discount allowed will be recorded in

a)

trading account debit side

b)

trading account credit side

c)

profit and loss account debit side

d)

profit and loss account credit side

32.

rent received will be recorded in

a)

profit and loss account debit side

b)

profit and loss account credit side

c)

trading account credit side

d)

trading account debit side

33.

carriage outward is recorded in

a)

trading account debit side

b)

trading account credit side

c)

profit and loss account debit side

d)

profit and loss credit side

34.

value of fixed assets will be recorded in

a)

balancdesheet liablity

b)

balancesheet assets

c)

profit and loss account

d)

trading account

35.

The accounting equation

a)

assets=liabilities - owner's equity

b)

assets=liabilities + owner's equity

c)

assets + liabilities = owner's equity

d)

assets + owner's equity = liabilities

36.
The figure remaining at the end of a trading account is known as the
a)
Gross profit/gross loss
b)
cost of goods
c)
cost of sales
d)
Net profit/net sales
37.
Fixed Assets are 
a)
Bank Overdraft
b)
Insurance
c)
Land
d)
Bills
38.
Capital is 
a)
anything that the business owns
b)
the total amount of wealth invested in the business by its owners
c)
assets and liabilities 
d)
anything of value that the business owes
39.

When Closing stock is given in the Trial Balance, it will appear in

a)

Trading Account

b)

Profit & Loss Account

c)

Balance Sheet

d)

Trading Account and Balance Sheet

40.

Income Tax given in the Trial Balance will appear

a)

In Profit & Loss Account

b)

In Trading Account

c)

Trading Account & Balance Sheet

d)

As Deduction from Capital in Balance Sheet

Similar Resources on Wayground

MCN SL EXAM PRELIM

40 questions

MCN SL EXAM PRELIM

quiz

Worksheet

•

University

UAS GANJIL ADTRANS 023

40 questions

UAS GANJIL ADTRANS 023

quiz

Worksheet

•

9th - 12th Grade

Audit Sampling

35 questions

Audit Sampling

quiz

Worksheet

•

University

Strategic Management SeAMK 2019

41 questions

Strategic Management SeAMK 2019

quiz

Worksheet

•

University - Professi...

CSEC POA Past Paper Questions

35 questions

CSEC POA Past Paper Questions

quiz

Worksheet

•

11th Grade

Pecutan Akhir T5

40 questions

Pecutan Akhir T5

quiz

Worksheet

•

10th - 12th Grade

SOAL LATIHAN AKUNTANSI TRY OUT 12

45 questions

SOAL LATIHAN AKUNTANSI TRY OUT 12

quiz

Worksheet

•

12th Grade

PTS Ganjil Bisnis Online Kelas XI

38 questions

PTS Ganjil Bisnis Online Kelas XI

quiz

Worksheet

•

11th Grade