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Year 11 Exam  >  Year 11 Tests  >  Test: Preparation of Financial Statements - Year 11 MCQ

Test: Preparation of Financial Statements - Year 11 MCQ


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10 Questions MCQ Test - Test: Preparation of Financial Statements

Test: Preparation of Financial Statements for Year 11 2024 is part of Year 11 preparation. The Test: Preparation of Financial Statements questions and answers have been prepared according to the Year 11 exam syllabus.The Test: Preparation of Financial Statements MCQs are made for Year 11 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Preparation of Financial Statements below.
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Test: Preparation of Financial Statements - Question 1
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What is included in the trading section of a sole trader's income statement?

Detailed Solution for Test: Preparation of Financial Statements - Question 1
The trading section of a sole trader's income statement involves the buying and selling of goods and calculates the gross profit, which is derived from revenue minus the cost of sales.
Test: Preparation of Financial Statements - Question 2
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Which financial statement reflects a business's assets, liabilities, and capital on a specific date?

Detailed Solution for Test: Preparation of Financial Statements - Question 2
The statement of financial position (balance sheet) reflects a business's assets, liabilities, and capital as of a specific date.
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Test: Preparation of Financial Statements - Question 3
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What distinguishes a service business from other types of businesses?

Detailed Solution for Test: Preparation of Financial Statements - Question 3
A service business differs from other types of businesses because it does not engage in the buying and selling of goods.
Test: Preparation of Financial Statements - Question 4
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In a partnership, which account illustrates how annual profits or losses are distributed among partners?
Detailed Solution for Test: Preparation of Financial Statements - Question 4
The profit and loss appropriation account in a partnership illustrates how annual profits or losses are distributed among partners.
Test: Preparation of Financial Statements - Question 5
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What is the main characteristic of a limited company?
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A main characteristic of a limited company is limited liability for shareholders, meaning their liability is limited to the value of their shares.
Test: Preparation of Financial Statements - Question 6
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What does the income and expenditure account of clubs and societies reflect?
Detailed Solution for Test: Preparation of Financial Statements - Question 6
The income and expenditure account of clubs and societies reflects membership subscriptions and related expenses.
Test: Preparation of Financial Statements - Question 7
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What financial statement is prepared in lieu of a balance sheet for businesses with incomplete records?
Detailed Solution for Test: Preparation of Financial Statements - Question 7
Businesses with incomplete records prepare a statement of affairs in lieu of a balance sheet.
Test: Preparation of Financial Statements - Question 8
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How does a manufacturing account differ from a trading account in financial statements?
Detailed Solution for Test: Preparation of Financial Statements - Question 8
A manufacturing account calculates the costs incurred in manufacturing goods, while a trading account focuses on buying and selling goods.
Test: Preparation of Financial Statements - Question 9
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What is the formula used to calculate profit in the capital account method?
Detailed Solution for Test: Preparation of Financial Statements - Question 9
The formula used to calculate profit in the capital account method is Profit = Closing Capital - Drawings + Additional Capital - Opening Capital.
Test: Preparation of Financial Statements - Question 10
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Which statement reflects the changes in equity for a limited company?
Detailed Solution for Test: Preparation of Financial Statements - Question 10
The statement of changes in equity reflects the changes in equity for a limited company over a specific period.
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