Final Accounts Test 11

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Final Accounts Test 11

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Weekly Quiz Competition

Question 1
1 / -0

All except _________are shown on debit side of trading and profit and loss a/c .

A
salary A/c

B
carriage inward A/c

C
rent A/c

D
commission received A/c

Solution

The solution to the given issue can be represented as:
Trading and  Profit & Loss Account
Particulars Amount Particulars Amount
To Salary A/c
To Carries Inwards A/c By Commission Received
To Rent A/c

    --------------------- -------------------
Commission received a/c always having a credit balance as its an income.
Question 2
1 / -0

All except _________ are shown on debit side of trading and profit and loss a/c.

A
Net purchases

B
Wages A/c

C
Sales A/c

D
Carriage inward A/c

Solution

The solution to the given issue can be represented as:
Trading Account
Particulars Amount Particulars Amount
To Opening Stock By Sales
To Net Purchases By Closing stock
To Wages
To Carriage Inward
--------------------- -------------------
Sales account always having a credit balance as goods is going out from the books.
Question 3
1 / -0

From the following details calculate the net profit after charging managerial commission if the managerial commission is 11% of net profit before charging such commission.
Net profit before charging managerial commission Rs.65,000

A
Rs.58,558

B
Rs.60,300

C
Rs.57,850

D
Rs.60,360

Solution

Managerial commission = Net profit x Rate of commission
= Rs. 65000 x 11/100
= Rs. 7150
Net profit after managerial commission = Rs. 65000 - 7150
= Rs. 57850
Therefore, C is the correct option.
Question 4
1 / -0

From the following details calculate the net profit after charging managerial commission.
Net profit before charging managerial commission Rs.65,000
Managerial commission 11% after charging such commission.

A
Rs.58,558

B
Rs.60,300

C
Rs.59,101

D
Rs.60,360
Question 5
1 / -0

From the following details, how much should be charged to profit and loss a/c as bad debts during the current year.
provisions for bad debts A/c at the beginning of the year Rs.20,000
Actual bad debts during year Rs.19,000
Debtors balance at the end of the year Rs.80,000
Previsions for bad debts to be made @5% of total debtors.

A
Rs.3,000

B
Rs.4,000

C
Rs.2,600

D
Rs.3,600
Question 6
1 / -0

The adjustment to be made for interest on drawings is ________________.

A
Debit profit and loss account and add interest to drawings

B
Credit profit and loss account and add interest to drawings

C
Debit profit and loss account and deduct interest from drawings

D
Credit profit and loss account and deduct interest from drawings
Question 7
1 / -0

Inventory costings methods place primary reliance on assumption about the flow of ________________.

A
goods

B
costs

C
resale price

D
values
Question 8
1 / -0

From the following details calculate the managerial commission, if the managerial commission is 11% net profit before charging such commission.fore
Net profit before charging managerial commission Rs.65,000

A
Rs. 6,946

B
Rs.7,230

C
Rs.7,150

D
Rs. 6,860
Question 9
1 / -0

Under inflationary conditions, which of the following method of inventory valuation will show lowest cost of goods sold ?

A
LIFO

B
FIFO

C
HIFO

D
None

Solution

FIFO results in the highest ending inventory, the lowest cost of goods sold, and the highest net income. This is because the oldest and lowest costs are allocated to cost of goods sold.
Question 10
1 / -0

Accounting policy for inventories of an enterprise is, 'Inventories are valued at the lower of cost or the net realizable value.' Which accounting principle is followed by the enterprise?

A
Materiality

B
Prudence

C
Substance over form

D
Matching

Solution

The valuation of inventory should be based on prudence concept of accounting. This concept states that if the net realizable value of inventory is lower than its original cost, then it should be valued at its net realizable value. On the contrary, inventory should be shown at cost price. This means inventory should be valued at lower of cost or net realizable value.

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Re-Attempt Weekly Quiz Competition

Final Accounts Test 11

Result

Final Accounts Test 11

Score

-

Rank

-

SHARING IS CARING

Question 1

salary A/c

carriage inward A/c

rent A/c

commission received A/c

Solution

Question 2

Net purchases

Wages A/c

Sales A/c

Carriage inward A/c

Solution

Question 3

Rs.58,558

Rs.60,300

Rs.57,850

Rs.60,360

Solution

Question 4

Rs.58,558

Rs.60,300

Rs.59,101

Rs.60,360

Question 5

Rs.3,000

Rs.4,000

Rs.2,600

Rs.3,600

Question 6

Debit profit and loss account and add interest to drawings

Credit profit and loss account and add interest to drawings

Debit profit and loss account and deduct interest from drawings

Credit profit and loss account and deduct interest from drawings

Question 7

goods

costs

resale price

values

Question 8

Rs. 6,946

Rs.7,230

Rs.7,150

Rs. 6,860

Question 9

LIFO

FIFO

HIFO

None

Solution

Question 10

Materiality

Prudence

Substance over form

Matching

Solution

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