Test: Financial Statements Of Sole - 2


20 Questions MCQ Test Accountancy Class 11 | Test: Financial Statements Of Sole - 2


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This mock test of Test: Financial Statements Of Sole - 2 for Commerce helps you for every Commerce entrance exam. This contains 20 Multiple Choice Questions for Commerce Test: Financial Statements Of Sole - 2 (mcq) to study with solutions a complete question bank. The solved questions answers in this Test: Financial Statements Of Sole - 2 quiz give you a good mix of easy questions and tough questions. Commerce students definitely take this Test: Financial Statements Of Sole - 2 exercise for a better result in the exam. You can find other Test: Financial Statements Of Sole - 2 extra questions, long questions & short questions for Commerce on EduRev as well by searching above.
QUESTION: 1

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

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QUESTION: 2

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

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QUESTION: 3

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

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QUESTION: 4

Types of account shown in the balance sheet are

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QUESTION: 5

Accrued income is

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QUESTION: 6

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

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QUESTION: 7

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

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QUESTION: 8

Calculation of Operating profit

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QUESTION: 9

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

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QUESTION: 10

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

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QUESTION: 11

Drawings account is a:

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QUESTION: 12

According to Principle of Conservatism

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QUESTION: 13

Revenue expenditure is intended to benefit _________.

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QUESTION: 14

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

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QUESTION: 15

Wages paid for erection of machinery are debited to __________.

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QUESTION: 16

Preliminary expenses are

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QUESTION: 17

Amount paid for acquiring goodwill is __________.

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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.

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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.

QUESTION: 19

Which of the following is false regarding capital expenditure

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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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