Financial Statements 1 Test 9

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Financial Statements 1 Test 9

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following item of cost is not a part of inventory?

A
Storage expenses

B
Normal wastage

C
Inward freight

D
Custom duties

Solution

The costs that are excluded from inventory include: abnormal costs that are incurred as a result of material waste, labor or other production conversion inputs, storage costs (unless required as part of the production process), and all administrative overhead and selling costs.
Hence, storage expenses are not a part of inventory.
Question 2
1 / -0

Wages incurred on installation of an asset is shown in ___________.

A
trading a/c

B
profit and loss a/c

C
concerned assets a/c

D
amortized
Question 3
1 / -0

On the income statement, the beginning inventory is added to the cost of goods purchased to yield the _________.

A
costs of goods sold

B
cost of goods available for sale

C
income from operations

D
gross profit

Solution

Cost of goods sold is calculated as:

Opening stock + Purchases - Closing stock

While calculating the cost of goods available for sale, opening inventory is added to the cost of goods purchased.
Question 4
1 / -0

Beginning inventory plus the cost of goods purchased equals________.

A
cost of goods sold

B
cost of goods available for sale

C
net purchases

D
total goods purchased
Question 5
1 / -0

Which of these is not a part of inventory ?

A
Work-in-progress

B
Stores and spare parts

C
Loose tools

D
Office equipment

Solution

Inventory may be classified as:

Inventory of Raw Material
Inventory of Finished Goods
Work In Progress

Office equipment is a fixed assets and to be shown under the heading Fixed Assets.
Question 6
1 / -0

The useful life of an asset cannot be longer than the useful life specified in _____________.

A
schedule VI

B
part C to schedule II

C
part B to schedule III

D
part A to schedule II
Question 7
1 / -0

Under casting of the total of Sales A/c will affect .......

A
Gross profit and loss

B
Debtors A/c

C
Closing stock

D
Working capital
Question 8
1 / -0

Under permanence order of balance sheet _________ a/c is shown first.

A
cash in hand

B
cash in bank

C
fixed deposit with bank

D
goodwill
Question 9
1 / -0

A trading A/c excluded which of these A/c

A
Cash embezzlement A/c

B
Wages and Salary A/c

C
Returns inward A/c

D
Opening stock
Question 10
1 / -0

From the following estimate total sales to be shown in trading A/c. Cash sales Rs.20,000, Cash collection from debtors Rs.1,30,000, Bad debts during the year 15,000. Cash discount to debtors Rs.5000. Debtors as on 31.01.2010 Rs.25,000 Debtors as a 31.12.2010 Rs.55,000

A
Rs.180,000

B
Rs.200,000

C
Rs.210,000

D
Rs.190,000

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Re-Attempt Weekly Quiz Competition

Financial Statements 1 Test 9

Result

Financial Statements 1 Test 9

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SHARING IS CARING

Question 1

Storage expenses

Normal wastage

Inward freight

Custom duties

Solution

Question 2

trading a/c

profit and loss a/c

concerned assets a/c

amortized

Question 3

costs of goods sold

cost of goods available for sale

income from operations

gross profit

Solution

Question 4

cost of goods sold

cost of goods available for sale

net purchases

total goods purchased

Question 5

Work-in-progress

Stores and spare parts

Loose tools

Office equipment

Solution

Question 6

schedule VI

part C to schedule II

part B to schedule III

part A to schedule II

Question 7

Gross profit and loss

Debtors A/c

Closing stock

Working capital

Question 8

cash in hand

cash in bank

fixed deposit with bank

goodwill

Question 9

Cash embezzlement A/c

Wages and Salary A/c

Returns inward A/c

Opening stock

Question 10

Rs.180,000

Rs.200,000

Rs.210,000

Rs.190,000

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