Financial Statements 1 Test 10

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Financial Statements 1 Test 10

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Weekly Quiz Competition

Question 1
1 / -0

Which of these do not form part of closing stock

A
Work in progress

B
Stores and spare parts

C
Stock in transit

D
office equipment
Question 2
1 / -0

Total assets of a firm is Rs. 1,50,000, Capital amounted to Rs.70,000, total outside liabilities would be _________.

A
Rs.70,000

B
Rs.80,000

C
Rs.40,000

D
Rs.20,000

Solution

Accounting Equation can be defined as:

Owner's Capital + Outside Liabilities = Total Assets

by putting the available information:

Rs.70000 + Outsider liabilities = Rs.150000

Outsider liabilities = Rs.150000 - Rs.70000

Outsiders liabilities = Rs.80000
Question 3
1 / -0

Under permanence order of balance sheet _________ a/c is shown at the last.

A
cash in hand

B
cash in bank

C
FD with bank

D
goodwill

Solution

Assets and Liabilities are to be shown in the balance sheet either in permanency order or liquidity order. This is called marshaling of balance sheet.

Order of permanency is that where the assets and liabilities are shown as per their permanency in the business. For example, in assets side, fixed assets are show first staring from Goodwill, Land & Building, Plant & Machinery , Furniture and Fixtures and then current assets. In current assets also, cash in hand is the most liquid asset hence to be shown in the last.
Question 4
1 / -0

Items of business operations does not include _________.

A
interest earned

B
raw material expenses

C
sales return

D
depreciation on plant and machinery
Question 5
1 / -0

Which of these accounts are not closed in a Trading A/c

A
Sales A/c

B
Purchase A/c

C
Wages A/c

D
Depreciation A/c
Question 6
1 / -0

Trade receivables does not include ________.

A
Owing by the proprietor on account of goods taken for personal use

B
Customer in respect of goods which are sent on sale or return basis

C
Both (A) and (B)

D
None of the above
Solution
Trade receivables includes only the balances due from the customers to whom goods is sold. This does not includes:
owing by the proprietor on account of goods taken for personal use as it is treated as drawings.
customers in respect of goods are sent on sale or return basis as there is no final sale has happened. Once the goods is actually sold than the amount will be part of trade receivables.
Question 7
1 / -0

Interest on the capital of the proprietor is shown in

A
Profit and Loss A/c

B
Profit and Loss appropriation A/c

C
Trading A/c

D
General reserve A/c
Question 8
1 / -0

Calculate sales from the following
Opening stock Rs.50,000, closing stock Rs.40,000, purchases less returns Rs.190,000, gross profit on sales 25% of cost of goods sold

A
Rs.200,000

B
Rs.250,000

C
Rs.150,000

D
Rs.190,000
Question 9
1 / -0

Which of these accounts is/are transferred to capital A/c

A
Drawing A/c

B
Intrest on capital

C
Profit or loss A/c

D
All the three

Solution

All the three
Question 10
1 / -0

From the following details calculate the value of closing stock at the cost using adjusted selling price method.
(a) Gross purchases (excluding discount and sales tax) Rs. 320,000
(b) Trade discount @10%
(c) Sales tax 4%
(d) Freight and insurance Rs.8000
(e) Net sales Rs.360,000
(f) Closing stock at selling price Rs.20000

A
Rs. 17200

B
Rs. 16200

C
Rs. 18500

D
Rs. 15900

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Re-Attempt Weekly Quiz Competition

Financial Statements 1 Test 10

Result

Financial Statements 1 Test 10

Score

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Rank

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SHARING IS CARING

Question 1

Work in progress

Stores and spare parts

Stock in transit

office equipment

Question 2

Rs.70,000

Rs.80,000

Rs.40,000

Rs.20,000

Solution

Question 3

cash in hand

cash in bank

FD with bank

goodwill

Solution

Question 4

interest earned

raw material expenses

sales return

depreciation on plant and machinery

Question 5

Sales A/c

Purchase A/c

Wages A/c

Depreciation A/c

Question 6

Owing by the proprietor on account of goods taken for personal use

Customer in respect of goods which are sent on sale or return basis

Both (A) and (B)

None of the above

Solution

Question 7

Profit and Loss A/c

Profit and Loss appropriation A/c

Trading A/c

General reserve A/c

Question 8

Rs.200,000

Rs.250,000

Rs.150,000

Rs.190,000

Question 9

Drawing A/c

Intrest on capital

Profit or loss A/c

All the three

Solution

Question 10

Rs. 17200

Rs. 16200

Rs. 18500

Rs. 15900

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