Final Accounts Test 17

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Final Accounts Test 17

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Weekly Quiz Competition

Question 1
1 / -0

Carriage outwards appears in __________, whereas carriage inwards appears in.

A
Trading A/c, Profit & Loss A/c

B
Profit & Loss A/c, Trading A/c

C
Trading A/c, Balance Sheet

D
Balance Sheet, Profit & Loss A/c
Question 2
1 / -0

From the following figures ascertain the gross profit.
Particulars Rs.
Opening Stock $$2,50,000$$
Goods Purchase $$13,00,000$$
Freight $$50,000$$
Closing Stock $$1,50,000$$
Sales $$19,00,000$$
Salary $$90,000$$

A
Rs. $$3,60,000$$

B
Rs. $$4,50,000$$

C
Rs. $$5,00,000$$

D
Rs. $$5,90,000$$
Question 3
1 / -0

The balance in books of X, a sole proprietor were: Opening Stock Rs. $$17,000$$, Purchase Rs. $$52,000$$, Wages Rs. $$46,500$$, Freight Rs. $$15,000$$. Sales Rs. $$145,000$$ and Closing Stock Rs. $$25,000$$ whose Net Realizable value was Rs. $$28,000$$. Gross Profit$$=$$?

A
Rs. $$39,500$$

B
Rs. $$42,500$$

C
Rs. $$54,500$$

D
Rs. $$57,000$$
Question 4
1 / -0

Choose the true statement.

A
Income and gain A/c shows increase on credit side

B
Expenses and losses A/c shows reduction in balance on debit side

C
Assets A/c can have credit balance also

D
Debtors are the owing of the business
Question 5
1 / -0

Which of the following is not classified as inventory in the financial statements?

A
Finished goods

B
Work-in-progress

C
Stored and spares

D
Advance payments made to suppliers for raw materials

Solution

Raw materials, work in progress, and finished goods are the three main categories of inventory that are accounted for in a company's financial statements. Advance payments to suppliers are a part of other current assets. Hence, option (d) is correct.
Question 6
1 / -0

Which of the following principle/s must be kept in mind while preparing Trading and Profit & Loss Account?

A
Profit or loss is determined by matching revenues and expenses according to the matching principle

B
Only revenue expenses together with losses should be taken into account

C
Only revenue receipts i.e., sale proceeds and other incomes should be entered

D
All of the above
Question 7
1 / -0

Balance of manufacturing account i.e., cost of production is transferred to.

A
Profit & Loss Account

B
Manufacturing Account

C
Trading Account

D
Purchase Account
Question 8
1 / -0

Generally ___________ appears in trading account and _________ appears in Profit & Loss Account.

A
Direct cost, Indirect cost

B
Indirect cost, direct cost

C
Indirect cost, fixed cost

D
Fixed cost, Direct cost
Question 9
1 / -0

While preparing final account, to record commissions payable to manager- which of the following adjustment entry will be passed?
Profit & Loss A/c
To Commission Payable A/c
Dr.
Commission Payable A/c
To Profit & Loss A/c
Dr.
Manager A/c
To Commission Payable A/c
Dr.
Profit & Loss A/c
To Manager A/c
Dr.

A
A

B
B

C
C

D
D
Question 10
1 / -0

Which of these Accounts does not appear in Trading A/c?

A
Sales A/c

B
Purchase A/c

C
Wages A/c

D
Depreciation A/c

Solution

All expenses relating to purchase of goods are also debited in trading account. These includes carriage inward, freight, import duty, octroi, cartage, clearing charges, and duck charge. Depreciation does not relate to the purchase of goods, it is indirect expense hence shown on the debit side of profit and loss account.
Therefore, D is the correct option.

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Re-Attempt Weekly Quiz Competition

Particulars	Rs.
Opening Stock	$$2,50,000$$
Goods Purchase	$$13,00,000$$
Freight	$$50,000$$
Closing Stock	$$1,50,000$$
Sales	$$19,00,000$$
Salary	$$90,000$$

Profit & Loss A/c To Commission Payable A/c	Dr.
Commission Payable A/c To Profit & Loss A/c	Dr.
Manager A/c To Commission Payable A/c	Dr.
Profit & Loss A/c To Manager A/c	Dr.

Final Accounts Test 17

Result

Final Accounts Test 17

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Question 1

Trading A/c, Profit & Loss A/c

Profit & Loss A/c, Trading A/c

Trading A/c, Balance Sheet

Balance Sheet, Profit & Loss A/c

Question 2

Rs. $$3,60,000$$

Rs. $$4,50,000$$

Rs. $$5,00,000$$

Rs. $$5,90,000$$

Question 3

Rs. $$39,500$$

Rs. $$42,500$$

Rs. $$54,500$$

Rs. $$57,000$$

Question 4

Income and gain A/c shows increase on credit side

Expenses and losses A/c shows reduction in balance on debit side

Assets A/c can have credit balance also

Debtors are the owing of the business

Question 5

Finished goods

Work-in-progress

Stored and spares

Advance payments made to suppliers for raw materials

Solution

Question 6

Profit or loss is determined by matching revenues and expenses according to the matching principle

Only revenue expenses together with losses should be taken into account

Only revenue receipts i.e., sale proceeds and other incomes should be entered

All of the above

Question 7

Profit & Loss Account

Manufacturing Account

Trading Account

Purchase Account

Question 8

Direct cost, Indirect cost

Indirect cost, direct cost

Indirect cost, fixed cost

Fixed cost, Direct cost

Question 9

A

B

C

D

Question 10

Sales A/c

Purchase A/c

Wages A/c

Depreciation A/c

Solution

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