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Final Accounts Test 5

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Final Accounts Test 5
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Weekly Quiz Competition
  • Question 1
    1 / -0
    A business concern usually provides _______ for its customers for prompt payments.
    Solution
    An early payment discount, called a cash discount, is a reduction in the invoice balance when it's paid before the due date. It is given to encourage prompt or early payments by the customers. 
  • Question 2
    1 / -0
    Net Profit of business before charging commission is Rs 110,000 and manager is entitled to get commission of net profit before charging commission 10% p.a. , the commission will be calculated as Rs. _________.
    Solution
    Commission on net profit before charging such commission
      =  1,10,000 X 10 / 100
      =  11,000.
  • Question 3
    1 / -0
    Interest on capital is ______ for a business concern.
    Solution

    Interest on capital is a charge on the profits of a firm and it is debited to the P&L account to recognise as an expense (and a charge on the profits).

  • Question 4
    1 / -0
    Net Profit of business before charging commission is Rs 8,00,000 and manager are entitled to get a commission of net profit after charging commission 20 %, the commission will be calculated as Rs _________.
  • Question 5
    1 / -0
    Percentage commission to manager can be  calculate on net profit _______.
    Solution
    The manager of the business is sometimes given the commission on the net profit of the company. The percentage of the commission is applied on the profit either before charging such commission or after charging such commission.
  • Question 6
    1 / -0
    Debtors Closing Balance Rs 5000, R.D.D 10 % and Provision for discount on Debtors is  5% than what is its value of provision on discount.
  • Question 7
    1 / -0
    The manager of business is given ________ on Net Profit.
    Solution
    The manager of the business is sometimes given the commission on the net profit of the company. The percentage of the commission is applied on the profit either before charging such commission or after charging such commission.
  • Question 8
    1 / -0
    Provision for Discount on Debtors is ___________ to Profit and loss account.
    Solution
    The double effect of Provision for Discount on Debtors is:
    It is shown on the debit side of Profit and Loss Account. 
    It is shown as deduction from Debtors in Balance Sheet.
  • Question 9
    1 / -0
    when provision is provided current years profit is ___________.
    Solution
    A provision is not a form of saving, even though it is an amount that is put aside for a future cost or obligation. Provisions resulting impact is a reduction in the company's equity. When accounting, provisions are recognized on the balance sheet and then expensed on the income statement.
  • Question 10
    1 / -0
    Interest on capital is calculated on _____________.
    Solution

    Interest on capital is to be calculated on the capitals at the beginning for the relevant period. If there is any additional capital introduced or capital withdrawn during the year, it will cause change in the capitals and interest is to be calculated proportionately on the changed capitals for the relevant period.

    Interest on capital = Amount of capital x Rate of interest per annum x Period of interest

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