Assignment Details

Final Accounts with Adjustments

1499 minutes

Jan 26, 2:01 PM

82.0 marks

MCQ

37 questions

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Class Details

Financial Accounting

Class11

Financial Accounting

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Question Text

Question 2 :
Steps of preparing Final Accounts is - (a) Trading Account (b) Profit and Loss Account (c) Balance Sheet

Question 3 :
The portion of income belonging to next accounting year is called _______.

Question 5 :
All adjustment are reflected in final accounts at ____ places to complete double entry.

Question 6 :
________ is an amount the firm has not been able to realise firm its debtors.

Question 7 :
In preparation of final accounts, preparation of manufacturing account is mandatory for all types of business organisation.

Question 8 :
The Balance sheet will always reflect the _______ value of fixed assets after charging depreciation.

Question 9 :
What will be the treatment of prepaid expenses if adjustment of it is appearing outside the trial Balance?

Question 10 :
The provision for discount on debtors is often provided in keeping with the concept of _______________.

Question 11 :
There are certain items which are not recorded on day-to-day basis such as _________________.

Question 12 :
Consider the following statements. I. Incase of the marine insurance, the insurable interest must exist at the time the loss occurs. II. Incase of fire insurance, insurable interest must exist both at the time of the contract and at the time of loss. Which of the statements given is/are correct?

Question 13 :
If the manager is entitled to a commission of $5\%$ on profits before deducting this commission, he will get a commission of Rs. __________ on a profit of Rs. 8400.

Question 14 :
The account of accrued income will be shown on _________ side.

Question 16 :
The net assets of a firm at the beginning of $2007$ were Rs $107,700$. What were the net assets in the year $2007$, if the profit earned by the business in $2007$ was Rs.$72,500$ and owner withdraw goods for his own private use that had cost Rs.$2,500$.

Question 17 :
Committee, launched the process of reforms of financial system in India __________________.

Question 19 :
Type of financial securities that matures in less than a year are classified as ___________________.

Question 20 :
Give effect of the following adjustment entry: The accrued rent is Rs. 1,900.

Question 22 :
Life insurance premium received by an insurance company' should be classified as _______________.

Question 24 :
Accounting entry for Manager's Commission (outstanding) on net profits will be made as _______________.

Question 27 :
When item is shown on the debit side of a trial balance?

Question 28 :
On receipt of Rs 975 from Shyam in full settlement of his account for Rs 1000. Shyam's account should be credited with _________.

Question 33 :
The percentage of the commission is applied on the profit either: 1. Before charging such commission 2. After charging such commission.

Question 34 :
If A = Annual Requirement, O = Order Cost and C = Carrying Cost per unit per annum, then EOQ __________.

Question 35 :
Discuss the accounting treatment of the following transaction:<div>Mr. Pankaj receives Rs. 1,500 per month as rent. In the year ending 31st March 2017, he received Rs. 22,000 as rent.</div>

Question 36 :
Which method of inventory valuation is most widely used in accounting?

Question 37 :
Which inventory price method assumes that the goods most recently purchased are sold first?

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