Final Accounts Test 16

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Final Accounts Test 16

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Weekly Quiz Competition

Question 1
1 / -0

Gross profit or gross loss is the difference between ___________.

A
sales and cost of goods sold

B
the total receipts and total payments

C
the total income and total expenses

D
the assets and liabilities

Solution

Formula for calculating Gross profit
Gross profit= Net sales - Cost of goods sold
Therefore, A is the correct option.
Question 2
1 / -0

Provision for discount on debtors shall be made on ____________________.

A
Book debts before incurring bad debt and before providing for bad debt

B
Book debts after incurring bad debt and after providing for bad debt

C
Book debts before incurring bad debt and after providing for bad debt

D
Book debts after incurring bad debt and before providing for bad debt
Question 3
1 / -0

Gross profit or gross loss revealed by trading account is transferred to.

A
Balance Sheet

B
Profit & Loss Account

C
Manufacturing Account

D
Profit & Loss Appropriation Account

Solution

Gross profit or Gross loss is transferred to Profit and loss account in order to get net profit or net loss. All the indirect expenses are deducted or added from/to gross profit or gross loss in order to get net profit or net loss.
Therefore, B is the correct option.
Question 4
1 / -0

Accumulated losses are ________________.

A
Provision for depreciation

B
P & L a/c (Credit balance)

C
P & L a/c (Debit balance)

D
Investment fluctuation fund

Solution

Accumulated Losses means the losses that have been carried forward from previous years and the amount shown in the audited balance sheet of the Company. Examples : Profit and Loss Appropriation a/c (debit balance), Preliminary Expenses, Discount on issue of Shares/Debentures to the extent not written off, Miscellaneous Expenses, etc.
Therefore, C is the correct option.
Question 5
1 / -0

The success of perpetual inventory system depends upon ______________.

A
Placing order for materials at regular intervals

B
Exercising control over the issue of materials

C
Recording the receipt and issue of materials immediately after each transaction

D
Recording the receipt of materials by storekeeper in the 'Bin Cards'
Question 6
1 / -0

The manager of a firm is entitled to a commission of $$10$$% on the net profit after his commission. If the profit of the firm before charging commission is $$ Rs. 3,30,000$$, the amount of manager's commission will be_________.

A
$$Rs. 33,000$$

B
$$Rs. 30,000$$

C
$$Rs. 27,000$$

D
$$Rs. 36,000$$

Solution
Question 7
1 / -0

Which of the following statements is correct?

A
S. Chand and Co. Ltd. P and L A/c for the year ended $$31^{st} March, 2001$$

B
S. Chand and Co. Ltd. P and L A/c for the year ended $$31^{st} March,$$

C
S. Chand and Co. Ltd. P and L A/c as on $$31^{st} March, 2001$$

D
S. Chand and Co. Ltd. P and L A/c for the current year $$(2000-2001)$$
Question 8
1 / -0

Which of the following equation is correct?

A
Gross Profit $$=$$ Net Sales $$-$$ Cost of the Goods Sold

B
Gross Profit $$=$$ Sales $$+$$ Closing Stock $$-$$ Opening Stock $$-$$ Purchases $$-$$ Wages

C
Cost of goods Sold $$+$$ Gross Profit $$=$$ Sales

D
All of the above

Solution
Question 9
1 / -0

Goods withdrawn by the proprietor for his personal use are_________.

A
shown as a deduction from the purchases

B
shown as a deduction from the sales

C
treated as sales at cost price

D
added to the purchases

Solution

When goods are withdrawn by a proprietor for his personal use, the following entry is made:
=> Drawings A/c Dr.
To Purchases A/c
This entry increases the drawings of the proprietor and decreases the purchases of the business. Hence, option A is correct.
Question 10
1 / -0

If the rate of gross profit is $$20$$% on cost of goods sold and the sales are $$Rs. 1,50,000$$ then the total gross profit would be_________.

A
$$Rs. 25,000$$

B
$$Rs. 30,000$$

C
$$Rs. 37,500$$

D
None of these

Solution

20% of the cost of goods sold = 16.67% of sales
Gross profit = Sales x 16.67%
= Rs. 150000 x 16.67 / 100
= Rs. 25000
Therefore, A is the correct option.

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Re-Attempt Weekly Quiz Competition

Final Accounts Test 16

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Final Accounts Test 16

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SHARING IS CARING

Question 1

sales and cost of goods sold

the total receipts and total payments

the total income and total expenses

the assets and liabilities

Solution

Question 2

Book debts before incurring bad debt and before providing for bad debt

Book debts after incurring bad debt and after providing for bad debt

Book debts before incurring bad debt and after providing for bad debt

Book debts after incurring bad debt and before providing for bad debt

Question 3

Balance Sheet

Profit & Loss Account

Manufacturing Account

Profit & Loss Appropriation Account

Solution

Question 4

Provision for depreciation

P & L a/c (Credit balance)

P & L a/c (Debit balance)

Investment fluctuation fund

Solution

Question 5

Placing order for materials at regular intervals

Exercising control over the issue of materials

Recording the receipt and issue of materials immediately after each transaction

Recording the receipt of materials by storekeeper in the 'Bin Cards'

Question 6

$$Rs. 33,000$$

$$Rs. 30,000$$

$$Rs. 27,000$$

$$Rs. 36,000$$

Solution

Question 7

S. Chand and Co. Ltd. P and L A/c for the year ended $$31^{st} March, 2001$$

S. Chand and Co. Ltd. P and L A/c for the year ended $$31^{st} March,$$

S. Chand and Co. Ltd. P and L A/c as on $$31^{st} March, 2001$$

S. Chand and Co. Ltd. P and L A/c for the current year $$(2000-2001)$$

Question 8

Gross Profit $$=$$ Net Sales $$-$$ Cost of the Goods Sold

Gross Profit $$=$$ Sales $$+$$ Closing Stock $$-$$ Opening Stock $$-$$ Purchases $$-$$ Wages

Cost of goods Sold $$+$$ Gross Profit $$=$$ Sales

All of the above

Solution

Question 9

shown as a deduction from the purchases

shown as a deduction from the sales

treated as sales at cost price

added to the purchases

Solution

Question 10

$$Rs. 25,000$$

$$Rs. 30,000$$

$$Rs. 37,500$$

None of these

Solution

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