CBSE Questions for Class 10 Elements Of Book Keeping And Accountancy Final Accounts Quiz 8 - MCQExams.com

Financial data of an entity is given below:
Gross Profit Rs.$$6,700$$, Carriage outwards Rs.$$250$$, Rent received Rs.$$575$$ and Other expenses Rs.$$3,600$$. The net profit would be.
  • Rs.$$3,025$$
  • Rs.$$2,850$$
  • Rs.$$3,425$$
  • Rs.$$3,275$$
The provision for discount on debtors is often provided in keeping with the concept of _______________.
  • Conservatism
  • Going Concern
  • Materiality
  • Consistency
When taking final stock for preparation of trading account then ______ should not be included
  • Purchases of goods made but not received.
  • Goods sold but not yet delivered
  • Both a & b
  • None of the above
Prakash sells goods at $$20\%$$ on sales. His sales were Rs.$$10,00,00$$. The amount of gross profit is _________.
  • Rs.$$1,70,000$$
  • Rs.$$2,50,000$$
  • Rs.$$2,40,000$$
  • Rs.$$2,00,000$$
_______ is the difference between the selling price and the cost price of the goods sold.
  • Gross profit
  • Gross loss
  • (A) or (B)
  • (A) and (B)
Which of the following item appears in trading account of a business?
  • Wages and Salaries
  • Depreciation on buildings
  • Freight outward
  • Salaries.
Carriage outwards appears in ______, whereas carriage inwards appears in ________.
  • Trading A/c, Profit and Loss A/c
  • Profit and Loss A/c, Trading A/c
  • Trading A/c, Balance Sheet
  • Balance Sheet, Profit and Loss A/c
Gross profit or gross loss revealed by trading account is transferred to:
  • Balance Sheet
  • Profit and Loss Account
  • Manufacturing Account
  • Profit and Loss Appropriation Account
The net profit or loss is transferred to______________.
  • Drawing Account
  • Capital Account
  • Suspense Account
  • None of the above
Depreciation appearing in the trial balance should be:
  • Debited to P&L A/c
  • Shown in liability in balance sheet
  • Reduced from related asset in Balance Sheet
  • Both (A) and (C) of the above
Revenue expenditure are balanced and is transferred to ______________.
  • Liability side in balance sheet
  • Credit Side to profit & loss account
  • Debit side to Profit and loss account
  • Asset side in balance sheet
If capital losses are negligible, they are_______ of the year in which they occur.
  • Debited to profit & loss account
  • Shown in balance sheet on the assets side
  • Shown in balance sheet on the liability side
  • None of the above
Capital losses are:
  • Debited to profit & loss account.
  • shown in the balance sheet on the assets side.
  • shown in the balance sheet on the liability side.
  • None of the above.
In order to prepare the final accounts all the ________ accounts are transferred to Trading and Profit and Loss account.
  • Personal
  • Nominal and Real
  • Nominal
  • Real
Creating Reserve for Discount on Creditors is an example of __________.
  • Increase in Asset & Owner's Liability
  • Decrease in Asset & Owner's Liability
  • Increase in Liability & Owner's Liability
  • Decrease in Liability & Increase in Owner's Liability
  • Increase in Liability & Decrease in Owner's Liability
Annual Renewal fee of licence for next year is ______________.
  • Capital Expenditure
  • Revenue Expenditure
  • Deferred Revenue Expenditure
  • Prepaid Expenses
On 31st March, goods sold at a sale price of Rs. 30,000 were lying with customer, Mohan to whom these goods were sold on 'sale or return basis' and recorded as actual sales. Since no consent was received from Mohan, the adjustment entry was made presuming goods were sent on approval at a profit of cost plus 20%. In the balance sheet, the stock with customers account will be shown at Rs_________.
  • RS. 30,000
  • RS. 24,000
  • RS. 20,000
  • RS. 25,000
Excess of expenditure over income is also known as _____.
  • Profit
  • Surplus
  • Loss
  • Deficit
Net profit before charging commission to General & Sales manager - Rs 1,65,920
The General Manager is entitled to commission of 10% on net profit after charging such commission and commission of Sales Manager.
The Sales Manager is entitled to commission of 5% on net profit after charging such commission and commission of General Manager.
Commission payable to General Manager- Rs ____________ & Sales Manager - Rs ______________.
  • 7,214 & 14,428
  • 14,428 & 7,214
  • 16,592 & 8,296
  • 8,296 & 16,592
Good worth $$Rs.500$$ taken by the proprietor for personal use should be debited to ______________.
  • Debtors Accounts
  • Drawing Account
  • Installation Expenses account
  • None of these
Following information is available from the books of Mr. Z
Rs
Expenses paid during the year1,35,000
Expenses outstanding on 1.4.201112,250
Expenses prepaid on 1.4.201115,000
Expenses outstanding on 31.3.201217,000
Expenses prepaid on 31.3.201216,750
Net expenses debited to profit & loss account for the year ended 31.3.2012 should be ____________.
  • Rs 1,96,000
  • Rs 1,37,500
  • Rs 1,32,000
  • Rs 1,38,000
Goods costing Rs.10,000 destroyed by fire should be credited to 
  • Purchase Account
  • Sales Account
  • Cash Account
  • Goods Lost by Fire A/c
Net profit before charging commission to General manager Rs. 1,65.920 The General Manager is entitled to commission of 10% on net profit after charging such commission.
Commission payable to General Manager __________.
  • Rs.14,428
  • Rs.15,084
  • Rs.16,592
  • Rs.8,296
Goods sod to Ram for cash Rs 1000 ________________.
  • Ram's Account to be debited
  • Ram's Account to be credited
  • Sales Account to be debited
  • Cash Account to be credited
  • None of these
A withdrawal of goods from business by the proprietor should be credited to _______________.
  • Drawing A/c
  • Capital A/c
  • Purchases A/c
  • Sales A/c
Goods costing Rs 1000 (Sale Price Rs 1200) distributed as free samples should be credited to ________.
  • Sales Account with Rs 1200
  • Sales Account with Rs 1000
  • Purchases Account with Rs 1000
  • Loss by Theft A/c
Employees took stock costing Rs 1000 (sale price Rs 1200) in this case _____________________.
  • Salaries A/c to be debited with Rs. 1200
  • Sales A/c to be credited with Rs. 1200
  • Purchases A/c to be credited with Rs 1000
  • Sales A/c to be credited with Rs 1000
Goods costing Rs 1000 (Sale price Rs 1200) used in making personal furniture should be credited to ________________.
  • Sales account with Rs 1200
  • Sales account with Rs 1000
  • Purchases account with Rs 1000
  • Furniture A/c
Goods costing Rs 1000 (Sale price Rs 1200) stolen should be credited to __________________.
  • Sales Account with Rs 1200
  • Sales Account with Rs 1000
  • Purchases Account with Rs 1000
  • Loss by Theft A/c
A sale of goods to Ram should be debited to ____________.
  • Ram
  • Cash
  • Sales
  • Capital
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Practice Class 10 Elements Of Book Keeping And Accountancy Quiz Questions and Answers