Financial Statements 1 Test 1

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Financial Statements 1 Test 1

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Weekly Quiz Competition

Question 1
1 / -0

A purchased goods costing Rs 42,500. B sold goods costing Rs 40,000 at Rs 50,000. Balance goods were taken over by A at same gross profit percentage as in case of sale. The amount of goods taken over will be ____________.

A
Rs 3,125

B
Rs 2,500

C
Rs 3,000

D
None of these
Question 2
1 / -0

Which of the following account is the odd one?

A
Office furniture & equipment

B
freehold land & buildings

C
Stock of materials

D
Plant & machinery
Question 3
1 / -0

Goods purchased Rs 1,00,000. Sales Rs 90,000. Margin 20% on cost. Closing Stock = ?

A
12,000

B
10,000

C
25,000

D
28,000
Question 4
1 / -0

Every registered taxable person shall be entitled to take credit of input tax in his return and such input tax credit shall be credited to _______________.

A
Personal Ledger Account

B
Refund account

C
Electronic Cash Ledger

D
Electronic Credit Ledger

Solution

As per section 16 (1), Every registered person, shall be entitled to avail input tax credit if the goods and services received is used or intended to be used for business purposes and the said amount shall be credited to the electronic credit ledger of such person subject to such conditions and restrictions as may be prescribed in Rule 36 CGST Rules, 2017.
Therefore, D is the correct option.
Question 5
1 / -0

Which of the following capital is required for the registration of the company?

A
Issued capital

B
Subscribed capital

C
Authorized capital

D
Reserve capital
Question 6
1 / -0

Which one of the following is an example of an intangible asset?

A
Preliminary expenses

B
Discount on issue of debentures

C
Investments

D
Copyrights

Solution

Fixed assets are of 2 types:
1. Tangible
2. Intangible
Intangible assets are such assets that cannot be seen or touched. Goodwill, Patents, Trademarks, are some of the examples of intangible assets.
Question 7
1 / -0

Donation received for a specific purpose should _________________.

A
Be credited to a separate account and shown on the liabilities side of the balance sheet

B
Be credited to income and expenditure account

C
Not be recorded at all

D
Be debited to income and expenditure account

Solution

Donation received for a specific purpose is to be utilized for the specific activity. This kind of donations are capital receipts and to recorded separatly. It should be kept in a separate account and expense to be reduced from this account only. Balance of this account to be shown as liability in the balance sheet.
Question 8
1 / -0

If there is a prize fund and prizes are awarded, expenses and income are transferred to ___________.

A
Income and Expenditure Account

B
Assets side of the Balance Sheet

C
The Liabilities side of the Balance Sheet

D
Trading Account

Solution

Prize fund is a specific fund which need to be shown as liability. Any expenses pertains to the prize awarded, need to be transferred to liabilities side of the balance sheet by deducting the amount from fund account.
Question 9
1 / -0

Provision for bad debts is calculated on __________.

A
creditors

B
sales

C
purchases

D
debtors

Solution

Provisions are created by debiting the profit and loss account. In the balance sheet, the amount of provision may be shown by the way of deduction from the concerned asset on asset side. For e.g. provision for doubtful debts is shown as deduction from the amount of sundry debtors and provision for depreciation as a deduction from the concerned fixed asset.
Question 10
1 / -0

Which of the following accounts have only credit balance?

A
Accounts payable account

B
Salaries outstanding account

C
Reserve fund account

D
All of the above accounts

Solution

An accounts assigned normal balance is on the side where increases go because the increases in any account are usually greater than the decreases. Therefore, asset, expense, and owner's drawing accounts normally have debit balances. Liabilities, revenue, and owner's capital accounts normally have credit balances.

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Financial Statements 1 Test 1

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Financial Statements 1 Test 1

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SHARING IS CARING

Question 1

Rs 3,125

Rs 2,500

Rs 3,000

None of these

Question 2

Office furniture & equipment

freehold land & buildings

Stock of materials

Plant & machinery

Question 3

12,000

10,000

25,000

28,000

Question 4

Personal Ledger Account

Refund account

Electronic Cash Ledger

Electronic Credit Ledger

Solution

Question 5

Issued capital

Subscribed capital

Authorized capital

Reserve capital

Question 6

Preliminary expenses

Discount on issue of debentures

Investments

Copyrights

Solution

Question 7

Be credited to a separate account and shown on the liabilities side of the balance sheet

Be credited to income and expenditure account

Not be recorded at all

Be debited to income and expenditure account

Solution

Question 8

Income and Expenditure Account

Assets side of the Balance Sheet

The Liabilities side of the Balance Sheet

Trading Account

Solution

Question 9

creditors

sales

purchases

debtors

Solution

Question 10

Accounts payable account

Salaries outstanding account

Reserve fund account

All of the above accounts

Solution

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