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FS of Sole Proprietorship Test - 10

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FS of Sole Proprietorship Test - 10
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Weekly Quiz Competition
  • Question 1
    1 / -0

    Trade Expenses are shown in :

    Solution

    trade expenses are indirect expense of business. so they are shown in profit and loss profit.

  • Question 2
    1 / -0

    Freight outward will be shown in the :

    Solution

    it is indirect expense so it is shown in profit and loss account.

  • Question 3
    1 / -0

    Value of Closing Stock is shown at :

    Solution

    closing stock is valued at cost or market price whichever is less.

  • Question 4
    1 / -0

    Arrangement of Assets and Liabilities in the Balance sheet is known as :

    Solution

    arrangement is called marshalling. it can be done by two methods - on the basis of liquidity and on the basis of permanence.

  • Question 5
    1 / -0

    Discount Received will be shown in :

    Solution

    since it is profit so it is shown on the credit side of profit and loss account.

  • Question 6
    1 / -0

    An adjustment related to expense is recorded in Final Accounts :

    Solution

    it is recorded at two places i.e either trading or profit and loss accountand balance sheet.

  • Question 7
    1 / -0

    Adjustment entries are passed through :

    Solution

    all the adjustment entries are passed in journal proper i.e simple journal

  • Question 8
    1 / -0

    General Manager is to get Commission @ 10% on Net Profit after charging such commission. If profits before commission is 22,000 , amount of commission will be :

    Solution

    manager commission = 10/110 of 22000 because it is after charging

  • Question 9
    1 / -0

    If Opening Stock is 30,000 Net Purchases 2,00,000 and Closing Stock 10,000, Cost of goods sold will be :

    Solution

    cost of goods sold =opening stock+purchases-closing stock

    =30000+200000-10000

    =2,20000

  • Question 10
    1 / -0

    Sales less cost of goods sold is known as:

    Solution

    gross profit = sales - cost of goods sold

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