CA.

RAVI CHUGH: 9213685141

Time allowed: 20 Min.

Date:-

FINAL ACCOUNTS -TEST 1

Name of the Student:

Maximum Marks: 20
Roll. No.

1) Sales a/c in Trading A/c includes:a) Only Cash sales b) Cash & Credit sales 2) Profit on sale of old Furniture:a) credited to Trading a/c b) credited to Profit & Loss a/c 3) Profit & Loss a/c is prepared to ascertain:a) Net Profit earned b) Gross Profit earned 4) Trading a/c is prepared to ascertain:a) Net Profit earned b) Gross Profit earned 5) Balance sheet is prepared to ascertain:a) Net Profit earned b) Gross Profit earned 6) Trial Balance is prepared to ascertain:a) Net Profit earned b) Gross Profit earned 7) Ledger a/cs are prepared to ascertain:a) Net Profit earned b) Gross Profit earned 8) Sale of land below cost results in:a) An increase in total assets b) An decrease in total assets 9) Which of the following is a Non-Current liability:a) Creditors b) Outstanding Expense 10) Sales is equal to:a) Cost of Goods sold -Gross Profit b) Gross Profit -Cost of Goods sold c) Cost of Goods sold + Net Profit d) Cost of Goods sold + Gross Profit c) Only credit sales d) sale of fixed assets

c) directly added to Capital a/c d) Being non-operating income-ignored

c) the financial position of the business d) to check the airthmetical accuracy/clerical errors

c) the financial position of the business d) to check the airthmetical accuracy/clerical errors

c) the financial position of the business d) to check the airthmetical accuracy/clerical errors

c) the financial position of the business d) to check the airthmetical accuracy/clerical errors

c) the balance of all accounts d) to check the airthmetical accuracy/clerical errors

c) No change in total assets d) The creation of fictitious assets

c) Bills Payable d) Capital Reserve

11) Stock in trade is a:a) Current Asset c) Intangible Asset b) Fixed Asset d) Fictious Asset 12) Opening Stk= 10000, Purchases= 50000, Wages= 5000, Sales= 72000, Gross Profit= 20% on cost. Closing Stk :-=

CA. RAVI CHUGH: 9213685141 a) Rs. 11000 c) Rs.17000

CA. RAVI CHUGH: 9213685141 b) Rs. 5000 d) NIL 13) Closing Stk= 11000, Purchases= 50000, Wages= 5000, Sales= 72000, Gross Profit= 20% on cost. Opening Stk :-= a) Rs. 10000 c) Rs. 16000 b) Rs.5000 d) NIL 14) Closing Stk = 11000, Opening Stk = 10000, Wages = 5000, Sales = 72000, Gross Profit = 20% on cost. Purchases := a) Rs. 50000 c) Rs. 46000 b) Rs. 56000 d) 60000 15) Closing Stk = 5000, Opening Stk = 10000, Wages = 5000, Purchase = 50000, Gross Profit = 20% on cost. Sales := a) Rs. 75000 c) Rs. 60000 b) Rs. 70000 d) 72000 16) Cl. Stk= 5000, Op.Stk=10000, Wages=5000, Purchase=50000, Return inwards= 5000, G.Profit= 25%. Gross Sales := a) Rs. 85000 c) 72000 b) Rs. 80000 d) 75000 17) Cl. Stk= 5000, Op.Stk=10000, Wages=5000, Purchase=50000, Return inwards= 3000, G.Profit= 25%. Net Sales := a) Rs. 85000 c) 72000 b) Rs. 80000 d) 75000 18) Cost of Goods available for sale= 60000, O/stk is 5000 more than C/Stk. If Average Stk = 7500. Find Purchases = a) Rs. 60000 c) Rs 55000 b) Rs. 50000 d) None of these 19) O/Stk 5000; Purchases 55000; trade exp 6000; freight 1000; operating exp 3000; C/Stk 10000. Cost of Goods sold= a) Rs. 51000 c) Rs. 57000 b) Rs. 56000 d) Rs. 60000 20) Cost of Goods sold 57000; Purchases 55000; trade exp 6000; freight 1000; operating exp 3000; C/Stk 10000. O/Stk a) Rs. 5000 b) Rs.11000 c) Rs. 2000 d) None of these

CA. RAVI CHUGH: 9213685141

CA. RAVI CHUGH: 9213685141

CA. RAVI CHUGH: 9213685141

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