Financial Statements 1 Test 17

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Financial Statements 1 Test 17

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Weekly Quiz Competition

Question 1
1 / -0

Which of these is credited to revaluation a/c

A
decrease in provision for doubtful debts

B
decrease in liability

C
upward revaluation of Plant and Machinery

D
all the three
Question 2
1 / -0

Profit is said to have been earned if ___________.

A
Assets exceeds liabilities

B
Revenue exceeds expenditure

C
Cash inflow exceeds cash outflow

D
Debtors are more than the creditors

Solution

Profit describes the financial benefit realized when revenue generated from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity in question. It is calculated as total revenue less total expenses.
Question 3
1 / -0

If the sale is Rs. 5,000 and the rate of profit on cost of goods sold is 2596 then the cost of goods sold is

A
Rs. 3,000

B
Rs.4,000

C
Rs. 2,400

D
None of above
Question 4
1 / -0

Interest accrued and due is shown under ____________.

A
long term liabilities

B
provisions

C
current liabilities

D
deferred expenditure
Question 5
1 / -0

What is the appropriate stage for recording the transaction of sales by a manufacturer

A
On despatch of the goods

B
On receipt of payments

C
On acceptance of the goods by the customer

D
On production of the goods
Question 6
1 / -0

Work-in-progress stands for

A
Goods awaiting dispatch

B
Semi manufactured goods

C
Goods yet to be packed

D
Stock lying in the godown
Question 7
1 / -0

Formula of Operating profit is equal to ___________.

A
Net profit + Non operating expenses - Non operating incomes

B
Net profit - Non operating expenses - Non opertaing incomes

C
Net profit + Non operating expenses + Non operating incomes

D
Net profit - Non operating expenses/ Non operating incomes

Solution

Operating profit is the profit earned through the normal operations and activities of the business. Operating profit is the excess of operating revenue over operating expenses. Operating profit is calculated as:

Operating profit = Net profit + Non operating expenses - Non operating incomes.
Question 8
1 / -0

When the Profit and Loss A/c and Balance sheet are prepared for various companies of a group of companies, this is called..........

A
Consolidated A/cs

B
Aggregated A/cs

C
Combination of A/cs

D
Summing up of A/cs
Question 9
1 / -0

From the following details find out the amount to be debited to profit and loss as fresh provision for doubtful debts during $$13-14$$.
Balance as on $$31.03.14$$. Debtors Rs. $$45,000$$
Bad debt during the year Rs. $$2,000$$
Provision for bad debts as on $$1-4-13$$ Rs. $$1,500$$.
Provision for doubtful debts to be kept at $$10\5$$ of total debtors.

A
Rs. $$1,500$$

B
Rs. $$2,500$$

C
Rs. $$3,000$$

D
Rs. $$4,000$$
Question 10
1 / -0

From the following abstract of trial balance estimate the profit of the firm during $$07-08$$.
Capital Rs. $$3,000$$, Revenue Rs. $$8000$$, Liabilities Rs. $$5,000$$, Reserve Rs. $$5,000$$, Outstanding expenses Rs. $$1,000$$ Sundry assets Rs. $$10,000$$, Expenses Rs. $$2,000$$, Interest on bank loan Rs. $$1,000$$, Pre-paid expenses Rs. $$1,500$$. Closing stock Rs. $$500$$.

A
Rs. $$2,000$$

B
Rs. $$3,000$$

C
Rs. $$4,000$$

D
Rs. $$5,000$$

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Re-Attempt Weekly Quiz Competition

Financial Statements 1 Test 17

Result

Financial Statements 1 Test 17

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Rank

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SHARING IS CARING

Question 1

decrease in provision for doubtful debts

decrease in liability

upward revaluation of Plant and Machinery

all the three

Question 2

Assets exceeds liabilities

Revenue exceeds expenditure

Cash inflow exceeds cash outflow

Debtors are more than the creditors

Solution

Question 3

Rs. 3,000

Rs.4,000

Rs. 2,400

None of above

Question 4

long term liabilities

provisions

current liabilities

deferred expenditure

Question 5

On despatch of the goods

On receipt of payments

On acceptance of the goods by the customer

On production of the goods

Question 6

Goods awaiting dispatch

Semi manufactured goods

Goods yet to be packed

Stock lying in the godown

Question 7

Net profit + Non operating expenses - Non operating incomes

Net profit - Non operating expenses - Non opertaing incomes

Net profit + Non operating expenses + Non operating incomes

Net profit - Non operating expenses/ Non operating incomes

Solution

Question 8

Consolidated A/cs

Aggregated A/cs

Combination of A/cs

Summing up of A/cs

Question 9

Rs. $$1,500$$

Rs. $$2,500$$

Rs. $$3,000$$

Rs. $$4,000$$

Question 10

Rs. $$2,000$$

Rs. $$3,000$$

Rs. $$4,000$$

Rs. $$5,000$$

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