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Test: Financial Statements Of Sole - 2


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20 Questions MCQ Test Crash Course of Accountancy - Class 12 | Test: Financial Statements Of Sole - 2

Test: Financial Statements Of Sole - 2 for Commerce 2022 is part of Crash Course of Accountancy - Class 12 preparation. The Test: Financial Statements Of Sole - 2 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Financial Statements Of Sole - 2 MCQs are made for Commerce 2022 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Financial Statements Of Sole - 2 below.
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Test: Financial Statements Of Sole - 2 - Question 1

Which of the following account is affected from the Drawings of cash in sole- proprietorship business?

Test: Financial Statements Of Sole - 2 - Question 2

All direct expenses are ___ to Trading account and all indirect expenses are debited to Profit and Loss account

Test: Financial Statements Of Sole - 2 - Question 3

Creating Provision against fluctuation in the price of investment is an example of which accounting convention

Test: Financial Statements Of Sole - 2 - Question 4

Types of account shown in the balance sheet are

Test: Financial Statements Of Sole - 2 - Question 5

Accrued income is

Test: Financial Statements Of Sole - 2 - Question 6

Rent receivable (given in trial balance) is an item of:

Test: Financial Statements Of Sole - 2 - Question 7

Which of the following is another of EBIT (earning before interest and taxes)?

Test: Financial Statements Of Sole - 2 - Question 8

Calculation of Operating profit

Test: Financial Statements Of Sole - 2 - Question 9

_____ is the arrangement of various assets and liabilities in a particular order

Test: Financial Statements Of Sole - 2 - Question 10

Which of the following account is affected from the Drawings of cash in sole- proprietorship business?

Test: Financial Statements Of Sole - 2 - Question 11

Drawings account is a:

Test: Financial Statements Of Sole - 2 - Question 12

According to Principle of Conservatism

Test: Financial Statements Of Sole - 2 - Question 13

Revenue expenditure is intended to benefit _________.

Test: Financial Statements Of Sole - 2 - Question 14

Any expenditure incurred in order to reduce the operating expenses is ________.

Test: Financial Statements Of Sole - 2 - Question 15

Wages paid for erection of machinery are debited to __________.

Test: Financial Statements Of Sole - 2 - Question 16

Preliminary expenses are

Test: Financial Statements Of Sole - 2 - Question 17

Amount paid for acquiring goodwill is __________.

Test: Financial Statements Of Sole - 2 - Question 18

The main purpose of this _______ accounting is to ascertain profit or loss during a specific period, to show financial position of the business.

Detailed Solution for Test: Financial Statements Of Sole - 2 - Question 18

Financial accounting aims at presenting 'true and fair' view of transactions, profit and loss for a period and Statement of financial position (Balance Sheet) on a given date. It aims at computing 'true and fair' view of the cost of production/services offered by the firm.

Test: Financial Statements Of Sole - 2 - Question 19

Which of the following is false regarding capital expenditure

Test: Financial Statements Of Sole - 2 - Question 20

Which of the following are an example of Revenue Expenditure 
(a) Preliminary expenses for floating a company
(b) Renewal expenses/fee of patent.  
(c) Depreciation on fixed assets. 
(d) Repair of machinery normal or due to negligence of operator 
(e) Expenses for obtaining a license. 
Options are as follows

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