FS of Sole Proprietorship Test

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FS of Sole Proprietorship Test - 2

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Weekly Quiz Competition

Question 1
1 / -0

To Know the profitability and financial position of a business at the end of the year _____________ are prepared.

A
Profit and loss account

B
Balance sheet

C
Audit report

D
Financial statements

Solution

financial statements include both profit and loss and balance sheet.For profit we will check profit and loss account and for financial position we will see the balance sheet.
Question 2
1 / -0

_____ is prepared to ascertain gross profit and net profit / loss during an accounting period.

A
Balance sheet

B
Income statement

C
Cash flow statement

D
Financial statement

Solution

income statement is also known as trading and profit and loss account. Trading account is used to calculate gross profit or loss and profit and loss account is used to calculate net profit or loss.
Question 3
1 / -0

Following are the Financial statement except

A
Cash Flow statement

B
Income statement

C
Statements of retained earnings

D
Audit report

Solution

Audit report is not a part of financial statements. it is a disclaimer issued by the auditor that all the information given in financial statement is correct.
Question 4
1 / -0

The item discount received will appear on the

A
Debit side of Profit and loss account

B
Credit side of Profit and loss account

C
Credit side of Balance sheet

D
Debit side of Balance sheet

Solution

since discount received is profit for the business so it is credited in profit and loss account.
Question 5
1 / -0

Computer of a firm should be classified as

A
Fictitious

B
Fixed assets

C
Liquid assets

D
Current assets

Solution

fixed assets are those which take a period of more than one year to convert it in to cash so computer will be classified as fixed asset.
Question 6
1 / -0

Which is not an example of Capital expenditure

A
Initial expenditure for acquiring patent right.

B
Expenses for obtaining a license.

C
Preliminary expenses for floating a company.

D
Depreciation on fixed assets

Solution

Depreciation is revenue expenditure. these are charged directly to depreciation account
Question 7
1 / -0

Revenue Expenditure means

A
The expenditure which is incurred for the day to day running of the business

B
The amount which is incurred in acquiring or improving the value of fixed assets

C
Both

D
None

Solution

revenue expenditure are the expenses incurred to match the revenue. these are the expenses which are done to run the day to day business.
Question 8
1 / -0

The amount which is incurred to aquire or improve the fixed assets is known as _______________.

A
Capital receipt

B
Revenue receipt

C
Revenue Expenditure

D
Capital expenditure

Solution

the expenditure done to increase the assets is known as capital expenditure.
Question 9
1 / -0

The expenditure whose amount is heavy and benefit of the likely to be derived over a number of years called ____________.

A
Deferred capital expenditure

B
Deferred revenue expenditure

C
Both

D
None

Solution

deferred revenue expenditure is the expenditure which is done once and benefits of it can be derived for a number of years example - advertisement expenditure.
Question 10
1 / -0

Capital receipts are shown in _____

A
Trading account

B
Profit and Loss account

C
Balance Sheet

D
None of these

Solution

capital receipts are generally generated by sale of fixed assets so it is directly shown in balance sheet.

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Re-Attempt Weekly Quiz Competition

FS of Sole Proprietorship Test - 2

Result

FS of Sole Proprietorship Test - 2

Score

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Rank

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SHARING IS CARING

Question 1

Profit and loss account

Balance sheet

Audit report

Financial statements

Solution

Question 2

Balance sheet

Income statement

Cash flow statement

Financial statement

Solution

Question 3

Cash Flow statement

Income statement

Statements of retained earnings

Audit report

Solution

Question 4

Debit side of Profit and loss account

Credit side of Profit and loss account

Credit side of Balance sheet

Debit side of Balance sheet

Solution

Question 5

Fictitious

Fixed assets

Liquid assets

Current assets

Solution

Question 6

Initial expenditure for acquiring patent right.

Expenses for obtaining a license.

Preliminary expenses for floating a company.

Depreciation on fixed assets

Solution

Question 7

The expenditure which is incurred for the day to day running of the business

The amount which is incurred in acquiring or improving the value of fixed assets

Both

None

Solution

Question 8

Capital receipt

Revenue receipt

Revenue Expenditure

Capital expenditure

Solution

Question 9

Deferred capital expenditure

Deferred revenue expenditure

Both

None

Solution

Question 10

Trading account

Profit and Loss account

Balance Sheet

None of these

Solution

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