Financial Statements 1 Test 15

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Financial Statements 1 Test 15

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Weekly Quiz Competition

Question 1
1 / -0

Debit balance is F profits Loss a/c is

A
Shown on Assts side

B
Deducted from reserves & surplus

C
Shown under miscellaneous expenses A/c

D
Any of above three
Question 2
1 / -0

From the following calculate credit purchases during the year.
Creditors as on $$1-04-13$$ Rs. $$36,500$$
Payment made on creditors Rs. $$60,000$$
Discount given by creditors for early payment Rs. $$5,500$$
Creditors as on $$31-03-14$$ Rs. $$21,000$$

A
Rs. $$50,000$$

B
Rs. $$54,000$$

C
Rs. $$61,250$$

D
Rs. $$52,800$$
Question 3
1 / -0

Specific identification method of inventory valuation involves __________.

A
keeping track of the purchase price of each specific unit

B
keeping track over the units being sold

C
pricing closing stock at the actual price of each and every item not sold

D
all the three
Question 4
1 / -0

What is the new profit sharing ratio in question No. 43

A
5:4:3:3

B
3:4:5:3

C
5:3:4:3

D
3:2:11:6
Question 5
1 / -0

Retail method of inventory valuation is based on which of the following assumption.

A
GP Ratio is same

B
Profit and loss is same

C
Closing inventory and total goods available for sale contains the same proportion of high cost and lost cost goods

D
None
Question 6
1 / -0

Transfer to Capital Redemption Reserve can be from

A
Profit and Loss A/c

B
Capital reserve

C
Profit prior to incorporation

D
Share forfeited A/c
Question 7
1 / -0

Goods worth Rs.$$5,000$$ were purchased by ABC on which the traders allowed Rs.$$200$$ trade discount and offered to give $$5\%$$ cash discount of immediate payment is made. The purchase a/c will be debited by...

A
Rs. $$5,000$$

B
$$4,550$$

C
$$4,750$$

D
$$4,800$$
Question 8
1 / -0

......is an attempt to identify the quantity and investment made in Human resources that are not accounted for under the conventional accounting system.

A
Human Resource Accounting

B
Management Accounting

C
Responsibility Accounting

D
Social Accounting
Question 9
1 / -0

Rights of the unpaid seller against the goods are provided for in Chapter of the Sale of Goods Act.

A
$$5$$

B
$$4$$

C
$$6$$

D
$$3$$
Question 10
1 / -0

Divisible profits excludes................

A
Security premium A/c

B
General Reserve A/c

C
Contingency fund A/c

D
Profit and loss A/c

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Re-Attempt Weekly Quiz Competition

Financial Statements 1 Test 15

Result

Financial Statements 1 Test 15

Score

-

Rank

-

SHARING IS CARING

Question 1

Shown on Assts side

Deducted from reserves & surplus

Shown under miscellaneous expenses A/c

Any of above three

Question 2

Rs. $$50,000$$

Rs. $$54,000$$

Rs. $$61,250$$

Rs. $$52,800$$

Question 3

keeping track of the purchase price of each specific unit

keeping track over the units being sold

pricing closing stock at the actual price of each and every item not sold

all the three

Question 4

5:4:3:3

3:4:5:3

5:3:4:3

3:2:11:6

Question 5

GP Ratio is same

Profit and loss is same

Closing inventory and total goods available for sale contains the same proportion of high cost and lost cost goods

None

Question 6

Profit and Loss A/c

Capital reserve

Profit prior to incorporation

Share forfeited A/c

Question 7

Rs. $$5,000$$

$$4,550$$

$$4,750$$

$$4,800$$

Question 8

Human Resource Accounting

Management Accounting

Responsibility Accounting

Social Accounting

Question 9

$$5$$

$$4$$

$$6$$

$$3$$

Question 10

Security premium A/c

General Reserve A/c

Contingency fund A/c

Profit and loss A/c

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