Financial Statements 2 Test 12

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Financial Statements 2 Test 12

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Question 1
1 / -0

Accured income is an income which is __________ but not received.

A
Spent

B
Earned

C
Occurred

D
None

Solution

Accrued revenues are revenues that are earned in one accounting period, but cash is not received until another accounting period.
Question 2
1 / -0

Rent Received Rs 2400 is for 15 months than Rs ________ is pre received income.

A
500

B
470

C
480

D
400

Solution

Rent per month = 2400 / 15
= 160 Rs
Rent for 12 months = 160 * 12 = Rs 1920
Then, Prepaid expenses is 160 * 3 = Rs 480.
Question 3
1 / -0

When income is received in advance ___________ account is debited.

A
Expense

B
Profit and loss

C
Income

D
None of these.

Solution

When a company receives money in advance of earning it, the accounting entry is a debit to the asset Cash for the amount received and a credit to the liability account such as Customer Advances or Unearned Revenues.
Question 4
1 / -0

Accrued income is ______ to the expenses in the profit and loss account.

A
Added

B
Deducted

C
Rounded off

D
None

Solution

The Accrued Income A/c appears on the assets side of the Balance Sheet. While preparing the Trading and Profit and Loss A/c we need to add the amount of accrued income to that particular income.
Question 5
1 / -0

Calculate Outstanding interest on 10 % govt bonds Rs. 15000.

A
1520

B
1500

C
2000

D
2200

Solution

Calculation of Interest on Govt Bonds = 15000 * 10 / 100
= 1500
Question 6
1 / -0

All adjustment are reflected in final accounts at ____ places to complete double entry.

A
2

B
3

C
4

D
5

Solution

Each adjusting entry usually affects one income statement account (a revenue or expense account) and one balance sheet account (an asset or liability account).
Question 7
1 / -0

Outstanding expense of last year will be _______ from current year expense.

A
Deducted

B
Appreciated

C
added

D
Depreciated

Solution

Outstanding Expenses are examples of such expenses that may remain due at the end of the accounting year. However, we need to record them as they relate to the incomes of the current year. Like all other expenses, they are also a charge against the profit of the current year.
Question 8
1 / -0

Which of the following is/are the adjustment of financial statements.

A
Closing stock

B
Outstanding expense

C
Outstanding income

D
All of the above

Solution

All of the options are adjustments of financial statements and are recorded twice in financial accounting.
Question 9
1 / -0

Adjustments helps to provide true and fair view of the ____________ of the business.

A
State of affairs

B
Position of cash

C
Capital composition

D
None

Solution

The Companies Act requires that every balance sheet of a company should give a true and fair view of the state of affairs of the company as at the end of the financial year and every profit and loss of a company should give a true and fair view of the profit or loss of the company for the financial year.
Question 10
1 / -0

A person who is unable to pay his debts, is called_______.

A
insolvent

B
solvent

C
well to do

D
poor

Solution

A person or firm whose liabilities exceed the value of owned assets is termed as insolvent. It is the inabilities of the company or person to pay liabilities as they become due.

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Re-Attempt Weekly Quiz Competition

Financial Statements 2 Test 12

Result

Financial Statements 2 Test 12

Score

-

Rank

-

SHARING IS CARING

Question 1

Spent

Earned

Occurred

None

Solution

Question 2

500

470

480

400

Solution

Question 3

Expense

Profit and loss

Income

None of these.

Solution

Question 4

Added

Deducted

Rounded off

None

Solution

Question 5

1520

1500

2000

2200

Solution

Question 6

2

3

4

5

Solution

Question 7

Deducted

Appreciated

added

Depreciated

Solution

Question 8

Closing stock

Outstanding expense

Outstanding income

All of the above

Solution

Question 9

State of affairs

Position of cash

Capital composition

None

Solution

Question 10

insolvent

solvent

well to do

poor

Solution

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