Final Accounts-Test 10

Interest on loan appearing in the trial balance should be ———–

Bank over draft is shown as a ————–

Unearned income is shown as ————-

Which of the following should be treated as capital expenditure ?

Which of the following shall not be deducted from net profit while calculating managerial remuneration?

Which of the following is true?

Which of the following entries is correct in respect of reserve for discounts on accounts payable?

The beginning inventory of the current year is overstated by Rs.5,000 and closing inventory is overstated by Rs.12.00. The net effect on the profit is ——–

The balance of which of the following accounts never becomes zero,once they are debited/credited to Trading Account:

Which of the following will not appear in Profit and loss account of a business?

Machines taken on hire by a business for a period of twelve months should be classified as ————

Which of the following is a contingent liability?

Which of the following is not a intangible asset?

Ascertain purchases from the following figures:

Cost of goods sold = Rs.60,000, Opening stock= Rs.10,000, Closing stock = Rs.12,000.

Assets bought for non-monetary consideration can be recorded at ————-

Excess of gross profit over operating expenses is referred as ——————

Which of the following is a factory overhead :

In case the actual bad debts exceeds the provision for bad debts, then there will be a ————

Assets appearing in the books having no real value are known as ————

Calculate gross profit if rate of gross profit is 20% on sales and the cost of goods sold is Rs.1,20,000.

If, capital at the end is Rs.70,000, Fresh capital introduced Rs.50,000, Drawings Rs.80,000, Loss Rs.1.00,000, then capital in the beginning is equal to ———–

The entries passed for adjustment of outstanding or prepaid incomes and expenses are ———–

Calculate the cost of goods purchased during the year for the following details:

Opening stock=Rs.8,000, Closing stock= Rs.10,000, Cost of goods sold= Rs.20,000, Direct expenses = Rs.2,000, Indirect expenses= Rs.5,000

Calculate the amount of sales from following details :

Opening stock = Rs.8,000, Closing stock= Rs.4,000, Cost of goods sold=Rs.30,000, Direct expense=Rs.10,000, Gross profit = Rs.5,000

Presentation made to  make the company appear financially strong is known as ————-

Carriage on purchase or carriage inward is shown in ————

Current Assets includes following except :

Bonus given to employees is recorded in —————–

Out of the following which is Deferred revenue expense :

Sundry debtors of Mr. Harsha amounts to Rs.25,000 and bad debts Rs.3,000. They provide for doubtful debts @ 2% and for discount @ 1% the amount of net debtors to be shown in the balance sheet will be ————