Financial Statements 1 Test 22

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Financial Statements 1 Test 22

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Weekly Quiz Competition

Question 1
1 / -0

The formula used for computation of cost of goods sold is __________________.

A
Opening stock $$+$$ Purchases

B
Opening stock $$+$$ closing stock

C
Opening stock $$+ Purchases -$$ closing stock

D
Opening stock $$+ Purchases +$$ closing stock
Question 2
1 / -0

Final accounts/statements means ______________.

A
Balance Sheet

B
Profit and Loss A/c

C
Trading Account

D
All of these

Solution

Financial statements are reports prepared by a company's management to present the financial performance and position at a point in time. A general-purpose set of financial statements usually includes a balance sheet, income statements, statement of owner's equity, and statement of cash flows.
Question 3
1 / -0

The aim of preparing Trading Account is to find out _____________.

A
Gross profit or gross loss

B
Net profit or net loss

C
Financial position of the business

D
None of these
Question 4
1 / -0

If opening stock is $$Rs. 16,000$$, Purchases $$Rs. 12,000$$ and closing stock $$Rs. 2,000$$. What is the cost of goods sold?

A
$$Rs. 28,000$$

B
$$Rs. 26,000$$

C
$$Rs. 30,000$$

D
$$Rs. 12,000$$
Question 5
1 / -0

Consider the following for Madhav Co. for the year 2005-06:
Particulars Rs
Cost of goods available for sale 1,00,000
Total sales 80,000
Opening stock of goods 20,000
Gross profit margin 25%
Closing stock of goods for the year 2005-06 was:

A
Rs 80,000

B
Rs 60,000

C
Rs 40,000

D
Rs 36,000
Question 6
1 / -0

The concept of _______ is used to investigate the profit-making potential of a business, excluding all extraneous factors.

A
operating loss

B
operating profit

C
operating expense

D
None of the above

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 the income earned from the core operations of a business, excluding any financing or tax-related issues. The concept of operating profit is used to investigate the profit-making potential of a business, excluding all extraneous factors.

Question 7

1 / -0

Read the following which is taken from an income statement.

	Rs.
Opening stock	$$50,000$$
Sales	$$1,60,000$$
Freight incurred	$$10,000$$
Sales returns	$$10,000$$
Gross profit on sales	$$60,000$$
Net loss for the year	$$10,000$$
Purchases	$$1,00,000$$
Purchases returns	$$9,000$$

The cost of goods sold will be

$$Rs. 1,00,000$$

$$Rs. 90,000$$

$$Rs. 1,60,000$$

$$Rs. 1,10,000$$

Question 8
1 / -0

Calculate operating profit:
operating revenue = Rs. 10,000,000; COGS = Rs. 4,000,000; general and administrative expenses = Rs. 3,000,000; interest expense= Rs. 4,000,000; and income taxes = 900,000.

A
Rs. 2,500,000

B
Rs. 4,000,000

C
Rs. 2,000,000

D
Rs. 3,000,000

Solution

Operating profit = Operating revenue - COGS - General and administration expenses
= Rs. 10,000,000 - Rs. 4,000,000 - Rs. 3,000,000
= Rs. 3,000,000.
Question 9
1 / -0

Ascertain cost of goods sold from the following figures:
Rs.
Opening stock $$8,500$$
Purchases $$30,700$$
Direct expenses $$4,800$$
Indirect expenses $$5,200$$
Closing stock $$9,000$$

A
$$Rs. 40,200$$

B
$$Rs. 35,500$$

C
$$Rs. 35,000$$

D
$$Rs. 49,200$$
Question 10
1 / -0

Computers of a firm should be classified as__________.

A
fixed assets

B
current assets

C
liquid assets

D
wasting assets

Solution

Fixed Assets are the long-term assets that are used by the business for more than one financial year and are used in the production/distribution of goods and services. They include buildings, computer equipment, software, furniture, land, machinery, and vehicles.

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Re-Attempt Weekly Quiz Competition

Particulars	Rs
Cost of goods available for sale	1,00,000
Total sales	80,000
Opening stock of goods	20,000
Gross profit margin	25%

Rs.
Opening stock	$$8,500$$
Purchases	$$30,700$$
Direct expenses	$$4,800$$
Indirect expenses	$$5,200$$
Closing stock	$$9,000$$

Financial Statements 1 Test 22

Result

Financial Statements 1 Test 22

Score

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Rank

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SHARING IS CARING

Question 1

Opening stock $$+$$ Purchases

Opening stock $$+$$ closing stock

Opening stock $$+ Purchases -$$ closing stock

Opening stock $$+ Purchases +$$ closing stock

Question 2

Balance Sheet

Profit and Loss A/c

Trading Account

All of these

Solution

Question 3

Gross profit or gross loss

Net profit or net loss

Financial position of the business

None of these

Question 4

$$Rs. 28,000$$

$$Rs. 26,000$$

$$Rs. 30,000$$

$$Rs. 12,000$$

Question 5

Rs 80,000

Rs 60,000

Rs 40,000

Rs 36,000

Question 6

operating loss

operating profit

operating expense

None of the above

Solution

Question 7

$$Rs. 1,00,000$$

$$Rs. 90,000$$

$$Rs. 1,60,000$$

$$Rs. 1,10,000$$

Question 8

Rs. 2,500,000

Rs. 4,000,000

Rs. 2,000,000

Rs. 3,000,000

Solution

Question 9

$$Rs. 40,200$$

$$Rs. 35,500$$

$$Rs. 35,000$$

$$Rs. 49,200$$

Question 10

fixed assets

current assets

liquid assets

wasting assets

Solution

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