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    Trading and Profit Loss MCQ

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    MohitTagotra
    The document provides information about a multiple choice questions (MCQs) test on final accounts that has been prepared for students. It states that the test contains 20 questions that must be answered to move to the next question, and it is intended to help students prepare for exams and interviews. It advises students who have difficulty answering the questions to thoroughly read the chapter on final accounts.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Trading and Profit Loss MCQ

    Uploaded by

    MohitTagotra
    6K views4 pages
    The document provides information about a multiple choice questions (MCQs) test on final accounts that has been prepared for students. It states that the test contains 20 questions that must be answered to move to the next question, and it is intended to help students prepare for exams and interviews. It advises students who have difficulty answering the questions to thoroughly read the chapter on final accounts.

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    Trading and profit loss

    Original Title

    Trading and Profit loss mcq

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    The document provides information about a multiple choice questions (MCQs) test on final accounts that has been prepared for students. It states that the test contains 20 questions that must be answered to move to the next question, and it is intended to help students prepare for exams and interviews. It advises students who have difficulty answering the questions to thoroughly read the chapter on final accounts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    6K views4 pages

    Trading and Profit Loss MCQ

    Uploaded by

    MohitTagotra
    The document provides information about a multiple choice questions (MCQs) test on final accounts that has been prepared for students. It states that the test contains 20 questions that must be answered to move to the next question, and it is intended to help students prepare for exams and interviews. It advises students who have difficulty answering the questions to thoroughly read the chapter on final accounts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    Final Accounts MCQs

    We have prepared a Multiple Choice Questions (MCQs) test for Final Accounts
    Chapter for the ease of students to clear their concepts. Final Accounts MCQs
    test consists of 20 questions, every question must be answered to move to the
    next question. This MCQs test will help students to prepare for their objective
    exams as well as their interviews.

    If you feel difficulty to answer the questions, we advise you to thoroughly read
    “Final Accounts” chapter from Financial Accounting Section.

    Please enter your email:

    1. Statements prepared to know profit or loss and financial position of the


    business are called:

    Financial Statement
    Bank Reconciliation Statement
    Trial Balance
    All of these
    2. Account which shows Gross Profit or Gross Loss of the business is
    called:

    Profit and Loss Account


    Balance Sheet
    Trial Balance
    Trading Account
    3. Trading Account is prepared to know:

    Net Profit or Loss of business


    Gross Profit or Loss of business
    Both (1) or (2)
    Financial Position of business
    4. On debit side of trading Account we record:

    Direct Expense
    Indirect Expense
    Both of these
    None of these
    5. Closing stock is recorded in:

    Profit and Loss Account


    Trading Account and Balance Sheet
    Balance Sheet only
    None of these
    6. Profit and Loss Account shows the:

    Total Capital Employed


    Profit and Loss through sale of assets
    Profit earned by business
    None of these
    7. Operating expenses are recorded in:

    Trading Account
    Profit and Loss Account
    Balance Sheet
    All of these
    8. Expenses relating to sale of goods are shown in:

    Proft and Loss Account


    Trading Account
    Trading and Profit & Loss A/c
    Balance Sheet
    9. Profit and Loss Account is prepared:

    At a particular point of time


    On fixed date
    For a certain period
    All of these
    10. Carriage Outwards is an example of:

    Direct Expenses
    Indirect Expenses
    Indirect Income
    Direct Income
    11. Which are indirect expense of the followings?

    Salaries Expenses
    Insurance Expenses
    Rent Income
    All of these
    12. Income earned from other than routine activities is called:

    General Income
    Direct Income
    Indirect Income
    None of these
    13. Discount received is an example of:

    Indirect income
    Direct Income
    Net Income
    General Income
    14. Which are indirect incomes of the followings?

    Commission received
    interest on investment
    Dividend received
    All of these
    15. On credit side of Profit and Loss Account we record:

    Direct Expenses
    Direct Income
    Indirect Expenses
    Indirect Income
    16. Balance Sheet is a statement of:

    Assets
    Capital
    Liabilities
    All of these
    17. Balance Sheet discloses the financial position of a business:

    For a given period


    On a particular point of time
    On a certain fixed date
    All of these
    18. Properties, things and receivables having certain value owned by
    business are called:

    Assets
    Liabilities
    Goods
    None of these
    19. Any physical thing that has money value is:

    Intangible asset
    Fictitious asset
    Goodwill
    Asset
    20. Assets which have physical existence are called:

    Tangible assets
    Fictitious assets
    Contingent assets
    Intangible assets

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