Financial Statements 1 Test 18

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Financial Statements 1 Test 18

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Weekly Quiz Competition

Question 1
1 / -0

Trading and profit and loss a/c is generally prepared by ___________.

A
Charitable institutions

B
Clubs

C
Hospitals

D
Trading and manufacturing concerns
Question 2
1 / -0

Unrealised profit is debited to _____________ a/c.

A
Profit and loss a/c

B
Profit and loss appropriation a/c

C
Trading a/c

D
Profit and loss adjustment a/c
Question 3
1 / -0

A, B and C are three partners sharing profit and loss equally. B has drawn the following amount from the business.
$$1.4.13$$ Rs. $$10,000$$
$$1.9.13$$ Rs. $$20,000$$
Interest on drawing is charged at $$10\%$$ PA. Find the net profit of the firm if the profit before charging interest on drawing for the year ending $$31.12.13$$ amounted to Rs. $$8,950$$.

A
Rs. $$10,367$$

B
Rs. $$8,870$$

C
Rs. $$9,980$$

D
Rs. $$8,950$$
Question 4
1 / -0

From the following details calculate net profit under cash basis of accounting.
Goods sold for cash Rs. $$600,000$$, Credit sales Rs. $$25,000$$
Cash purchases Rs. $$500,000$$, Credit purchases Rs. $$25,000$$
Wages paid Rs. $$25,000$$, Outstanding expenses Rs. $$10,000$$
Rent paid Rs. $$5,000$$, Rent outstanding expenses Rs. $$2,000$$
Depreciation on building Rs. $$10,000$$
Loss on sale of fixed assets Rs. $$1,000$$.

A
Rs. $$70,000$$

B
Rs. $$20,000$$

C
Rs. $$52,000$$

D
Rs. $$40,000$$
Question 5
1 / -0

Unrealised profit is transferred to ____________.

A
Profit and loss a/c

B
Profit and loss adjustment a/c

C
Profit and loss appropriation a/c

D
Capital a/c
Question 6
1 / -0

Which of these will not appear in profit and loss a/c?

A
Accumulated depreciation

B
Accounts receivables

C
Miscellaneous expenses to be written off

D
all the three
Question 7
1 / -0

Financial position of the business is ascertained on the basis of _______.

A
Records prepared under book-keeping pricess

B
Trial balance

C
Balance Sheet

D
All of the above

Solution

Balance sheet is a known as the positional statement as it shows the financial position of the business. Balance sheet is prepared at the particular date usually at the end of financial year. Balance shows the lists of all assets and liabilities of the business.
Question 8
1 / -0

Net profit = Rs. 19,000
Non operating expenses = Rs. 500
Non operating incomes = Rs. 0
Using above information calculate Operating profit.

A
RS. 19,500

B
Rs. 19,000

C
Rs. 18,500

D
Rs. 18,000

Solution

Operating profit = Net profit + Non operating expenses - Non operating incomes
= Rs. 19,000 + Rs. 500 - Rs. 0
= Rs. 19,500.
Question 9
1 / -0

O Ltd, maintains the inventory records under perpetual system of inventory. Consider the following data pertaining to inventory of a company held for the month of March:
Date Particulars Quantity Cost per unit (Rs.)
Mar. 1 Opening Inventory $$15$$ $$400$$
Mar. 4 Purchases $$20$$ $$450$$
Mar. 6 Purchases $$10$$ $$460$$
If the company sold $$30$$ units on March 24, closing inventory under FIFO method will be _______________.

A
Rs. $$4,300$$

B
RS. $$4,781$$

C
Rs. $$4,900$$

D
Rs. $$6,850$$
Question 10
1 / -0

When obligation is not probable or the amount expected to be paid to settle the liability cannot be measured with sufficient reliability, it is called __________.

A
liability

B
provision

C
contingent liabilities

D
contingent assets

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Date	Particulars	Quantity	Cost per unit (Rs.)
Mar. 1	Opening Inventory	$$15$$	$$400$$
Mar. 4	Purchases	$$20$$	$$450$$
Mar. 6	Purchases	$$10$$	$$460$$

Financial Statements 1 Test 18

Result

Financial Statements 1 Test 18

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SHARING IS CARING

Question 1

Charitable institutions

Clubs

Hospitals

Trading and manufacturing concerns

Question 2

Profit and loss a/c

Profit and loss appropriation a/c

Trading a/c

Profit and loss adjustment a/c

Question 3

Rs. $$10,367$$

Rs. $$8,870$$

Rs. $$9,980$$

Rs. $$8,950$$

Question 4

Rs. $$70,000$$

Rs. $$20,000$$

Rs. $$52,000$$

Rs. $$40,000$$

Question 5

Profit and loss a/c

Profit and loss adjustment a/c

Profit and loss appropriation a/c

Capital a/c

Question 6

Accumulated depreciation

Accounts receivables

Miscellaneous expenses to be written off

all the three

Question 7

Records prepared under book-keeping pricess

Trial balance

Balance Sheet

All of the above

Solution

Question 8

RS. 19,500

Rs. 19,000

Rs. 18,500

Rs. 18,000

Solution

Question 9

Rs. $$4,300$$

RS. $$4,781$$

Rs. $$4,900$$

Rs. $$6,850$$

Question 10

liability

provision

contingent liabilities

contingent assets

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