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Financial Statements 2 Test 9

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Financial Statements 2 Test 9
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Percentage commission to manager can be  calculate on net profit _______.
    Solution
    The manager of the business is sometimes given the commission on the net profit of the company. The percentage of the commission is applied on the profit either before charging such commission or after charging such commission.
  • Question 2
    1 / -0
    The General Manager gets $$\dfrac{1}{4}$$ of the profit as commission after charging such commission of Works Manager, which is 10% of profits after charging such commission. If profit is Rs. 2,200, the commission of General manager is:
  • Question 3
    1 / -0
    The manager of business is given ________ on Net Profit.
    Solution
    The manager of the business is sometimes given the commission on the net profit of the company. The percentage of the commission is applied on the profit either before charging such commission or after charging such commission.
  • Question 4
    1 / -0
    Interest on capital is calculated on _____________.
    Solution

    Interest on capital is to be calculated on the capitals at the beginning for the relevant period. If there is any additional capital introduced or capital withdrawn during the year, it will cause change in the capitals and interest is to be calculated proportionately on the changed capitals for the relevant period.

    Interest on capital = Amount of capital x Rate of interest per annum x Period of interest

  • Question 5
    1 / -0
    Providing Interest on Capital _______ net profit.
    Solution

    Interest on capital is a charge on the profits of a firm and it decreases the net available profit for appropriation.


  • Question 6
    1 / -0
    Depreciation are shown as a _________ to fixed asset.
    Solution
    Depreciation is the systematic reduction of the recorded cost of a fixed asset. Examples of fixed assets that can be depreciated are buildings, furniture, and office equipment. The only exception is land, which is not depreciated (since land is not depleted over time, with the exception of natural resources).
  • Question 7
    1 / -0
    Bad debts are regarded as _________ for a firm.
    Solution
    Bad debt means a debt or debtor considered bad for recovery. If a debt is cobsidered that it may not be recovered at all and there is no security available in the account it is considered as loss asset and is written off in books of account.
  • Question 8
    1 / -0
    Calculate Depreciation @ 10% in the given question:
    Opening furniture Rs. 10000 and additional furniture Purchased after 6 months Rs 5000
    Solution
    Calculation of Depreciation  =  10000* 10 / 100
                                                    = 1000
    Additional furniture = 5000 * 10 / 100 * 6 / 12
                                     = 250
    Total depreciation = 1000 + 250  = 1250
  • Question 9
    1 / -0
    When bad debts are charged __________ account is credited.
    Solution
    There are two ways to record a bad debt, which are: Direct write-off method. If you only reduce accounts receivable when there is a specific, recognizable bad debt, then debit the Bad Debt expense for the amount of the write off, and credit the accounts receivable asset account for the same amount.
  • Question 10
    1 / -0
    Commission to manager is __________ to Profit and loss Account.
    Solution
    Manager's commission is an operating expense just as any other expense like salary, rent etc. Manager's commission paid is shown on the debit side of the profit and loss account as it is an expense for the company.
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