Test Details

Financial Statements 1

Jan 14, 6:00 PM

60 minutes

Jan 16, 6:00 PM

54.0 marks

MCQ

34 questions

Govinda Bhattarai

Mr.Govinda Bhattarai sir (CA(f),m com,UGC,b.com) known for Unique technique of teaching Focus on every students and share experiences how to success in life professional by qualifications , teacher by passion

Class Details

Accountancy

Class11th Accounting

Accountancy

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Question Text

Question 1 :
Capital of business is Rs. 75,000 and liability is Rs. 25,000 then total assets of business would be ___________.

Question 2 :
Closing stock is valued at cost price or market price whichever is less.

Question 4 :
The liabilities of a firm are Rs. 3,000; the capital of the proprietor is Rs. 7,000. The total assets are __________.

Question 5 :
American companies prepare their financial statement in Dollars whereas Japanese companies produce financial statement in Yen. This is an example of:

Question 6 :
Journal entry for transfer of Purchase return is -        Purchase return A/c   Dr.                  To Trading A/c

Question 8 :
Carriage inward means the transport expenses incurred to carry the goods purchased by the firm.

Question 9 :
The liability of shareholders of a public limited company is limited to the ___________ .

Question 11 :
Closing stock of the previous year becomes the opening stock of the current year.

Question 12 :
Journal entry for transfer of Purchases is - Trading A/c Dr. To PurchasesA/c

Question 13 :
Journal entry for transfer of closing stock is - Closing Stock A/c Dr. To Trading A/c

Question 14 :
Journal entry for transfer of direct expenses is __________.    Trading A/c  Dr.          To Direct Expenses A/c

Question 16 :
State true of false : Solvent person is a person whose assets are more than his liabilities.

Question 21 :
Which of the following is NOT a required characteristic of an asset?

Question 23 :
Liability which depends on happening or not happening of certain event is known as  ______________ .

Question 24 :
If owners equity of a business is $Rs. 70,000$ and liabilities are of $Rs. 40,000$ total assets of the business will be ___________.

Question 29 :
When a person who is maintaining accounts is not able to differentiate between capital expenditure and revenue expenditure it is __________.

Question 34 :
Business Assets which cannot be seen, touched but can be sold for cash are ________________.

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