FS of Sole Proprietorship Test

Result

FS of Sole Proprietorship Test - 3

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Weekly Quiz Competition

Question 1
1 / -0

Capital receipt includes following receipts :

A
Fresh capital introduced or additional capital introduced

B
Loan raised

C
Amount received which is not is the normal and ordinary course of business like sale of fixed assets.

D
All of these

Solution

capital receipts are those which reduces the fixed assets and increases the long term liability. increasing capial and raising loan increase the liablity so they are capital receipt. similarly sale of nassets leads to decrease in assets so it is also capital receipts so all the option are correct.
Question 2
1 / -0

All direct expenses are ___ to Trading account and all indirect expenses are __________ to Profit and Loss account.

A
Debited, Debited

B
Debited, Credited

C
Credited , Debited

D
Credited , Credited

Solution

trading and profit and loss account is nominal in nature so all the expenses are debited. the direct expenses are debited in trading account and the indirect expenses are debited to profit and loss account.
Question 3
1 / -0

Which of the following will not be included in Trading account

A
Manufacturing Wages

B
Carriage on purchase

C
Factory expenses

D
Postage and telegram expense

Solution

postage and telegram are indirect expenses. They are not shown in trading account they are shown in debit side of profit and loss account
Question 4
1 / -0

Types of account shown in the balance sheet are

A
Nominal and personal

B
Real and Personal

C
Nominal and real

D
None of these

Solution

since nominal account is of incomes gains losses and expenses they are shown in trading and profit and loss account so real and personal accounts are shown in balance sheet as it includes assets and liabilities.
Question 5
1 / -0

Accrued income is

A
Asset

B
Expense

C
Revenue

D
Liability

Solution

accrued income is considered as current asset as it is the income due but not received.
Question 6
1 / -0

Calculation of Cost of goods sold

A
Cost of Goods Sold = Net Sales - Gross Profit

B
Cost of Goods Sold = Opening Stock + Purchases + Direct Expenses - Closing Stock

C
Both

D
None

Solution

cost of goods sold can be calculated by both the methods.
Question 7
1 / -0

Which of the following is another name used to describe EBIT (earning before interest and taxes)?

A
Net Profit

B
Operating profit

C
Gross Profit

D
None

Solution

it includes gross profit- operating expenses = operating profit or EBIT.
Question 8
1 / -0

Calculation of Operating profit

A
Operating Profit = Gross Profit – (Office Admn. Expenses+direct exp.)

B
Operating Profit = Gross Profit – (Office Admn. Expenses+selling and distribution exp.)

C
Operating Profit = Gross Profit – (Factory Admn. Expenses+selling and distribution exp.)

D
Operating Profit = Gross Profit – (Office Admn. Expenses+wages exp.)

Solution

deduct all the operating expenses from gross profit.
Question 9
1 / -0

_____ is the arrangement of various assets and liabilities in a particular order

A
Grouping

B
Balancing

C
Marshalling

D
All of these

Solution

marshalling refers to the arrangement of assets and liabilities in particular order. it can be done in two ways- on the basis of permanence and on the basis of liquidity.
Question 10
1 / -0

These are expenses which have been paid in current year and benefit of it will be available in next accounting year

A
Outstanding Expenses

B
Prepaid expenses

C
Both

D
None

Solution

these are the expenses which are paid in advance in the current year for the next year.

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Re-Attempt Weekly Quiz Competition

FS of Sole Proprietorship Test - 3

Result

FS of Sole Proprietorship Test - 3

Score

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Rank

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SHARING IS CARING

Question 1

Fresh capital introduced or additional capital introduced

Loan raised

Amount received which is not is the normal and ordinary course of business like sale of fixed assets.

All of these

Solution

Question 2

Debited, Debited

Debited, Credited

Credited , Debited

Credited , Credited

Solution

Question 3

Manufacturing Wages

Carriage on purchase

Factory expenses

Postage and telegram expense

Solution

Question 4

Nominal and personal

Real and Personal

Nominal and real

None of these

Solution

Question 5

Asset

Expense

Revenue

Liability

Solution

Question 6

Cost of Goods Sold = Net Sales - Gross Profit

Cost of Goods Sold = Opening Stock + Purchases + Direct Expenses - Closing Stock

Both

None

Solution

Question 7

Net Profit

Operating profit

Gross Profit

None

Solution

Question 8

Operating Profit = Gross Profit – (Office Admn. Expenses+direct exp.)

Operating Profit = Gross Profit – (Office Admn. Expenses+selling and distribution exp.)

Operating Profit = Gross Profit – (Factory Admn. Expenses+selling and distribution exp.)

Operating Profit = Gross Profit – (Office Admn. Expenses+wages exp.)

Solution

Question 9

Grouping

Balancing

Marshalling

All of these

Solution

Question 10

Outstanding Expenses

Prepaid expenses

Both

None

Solution

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