CBSE Questions for Class 11 Commerce Accountancy Financial Statements 1 Quiz 15 - MCQExams.com

Stock-in-trade does NOT include ______________.
  • goods in the process of manufacture.
  • raw materials.
  • items held as fixed assets.
  • finished goods.
'Manufacturing Account' is prepared by _________.
  • Pharma Industry
  • Cement Industry
  • Iron Industry
  • All of the above
How should the following assets be shown in the permanence order in the balance sheet of a company ?
1.Patents
2.Cash at bank
Stock in trade
Land and building
Cash in hand
  • 1 , 4 , 3 , 2 , 5
  • 4, 1 , 3, 2 , 5
  • 4, 3, 5, 2, 1
  • 5, 2, 1 , 3 , 4
Vikas started business with a cash of Rs. 22,000  and stock of Rs. 3,000 on 1st Jan., 2014.During the year, he made a profit of Rs.6,000.His creditors were paid Rs.4,500 for Office furniture supplied. He tool goods worth Rs.3,500 for his daughter's wedding on 30th June,2014.The gross assets of his business on 31st Dec.,2014 is _____________.
  • Rs. 27,500
  • Rs. 26,500
  • Rs. 23,500
  • Rs. 20,500
A business entity has assets of $$Rs.28,000$$ and liabilities of $$Rs.8,000$$. Owner's equity in this case is _______________.
  • $$Rs.32,000$$
  • $$Rs.26,000$$
  • $$RS.20,000$$
  • $$Rs.6,000$$
Given that cost of goods amounts to Rs.18,000, Closing stock Rs. 7000, purchase will amount to_______.
  • $$Rs.18,000$$
  • $$Rs.20,000$$
  • $$Rs.25,000$$
  • $$Rs.10,000$$
Find cost of goods sold from the following details:
Opening stock  Rs. 8,000      
Direct expenses  Rs. 5,000
Purchases      Rs. 20,000       
Indirect Expenses   Rs. 5,500
Closing stock    Rs. 2,000.
  • 33,000
  • 38,000
  • 28,000
  • 32,000
______ is/are example(s) of non-operating income.
  • Profit from sale of assets
  • Dividend
  • Refund of income-tax
  • All the three
Donation received by 'Shekhawati Sports Club' for conducting a tournament should be shown in _____________.
  • Income and Expenditure Account
  • Trading and Profit and Loss Account
  • Balance Sheet
  • None of the above
Loss on sale of asset is ____________ while calculating operating profit from net profit.
  • added
  • ignored
  • deducted
  • none
The financial position of the business is ascertained on the basis of _________ .
  • Records prepared under Book-keeping process
  • Ledgers
  • Trial balance
  • Financial statement
While calculating Operating profit the incomes and expenses of purely ____________ nature are not taken into account.
  • operating
  • trading
  • financial
  • non financial
Select the most appropriate alternative from those given below:
Trading A/c is prepared on the basis of ________ expenses and incomes.
  • indirect
  • direct
  • outstanding
  • prepaid
Income derived from, normal operation of the business is called ________.
  • normal income
  • manufacturing income
  • operating income
  • financial income
Current liabilities do not include _______________.
  • Unclaimed Dividends
  • Sundry Creditors
  • Prepaid Insurance
  • Bank Overdraft
From the following details estimate the capital as on 1-1-2015.
Capital as on 31-12-2015  $$Rs. 2,40,000$$,
Drawing during the year $$Rs. 20,000$$,
Profit during the year $$Rs. 25,000$$.
  • Rs. $$2,35,000$$
  • Rs. $$2,25,000$$
  • Rs. $$2,20,000$$
  • Rs. $$2,00,000$$
A trade discount is calculated by ___________.
  • adding the discount rate to the amount of the sale
  • multiply the amount of the sales by the discount rate
  • dividing the amount of the sales rate of discount
  • adding the discount rate to the amount of sale
Cost of goods sold is calculated from the following equation______.
  • beginning inventory-cost of goods purchased + ending inventory
  • sales- cost of goods purchased + beginning inventory - ending inventory
  • sales + gross profit - ending inventory + beginning inventory
  • beginning inventory + cost of goods purchased - ending inventory
Ascertain purchases from the following figures:
Cost of goods sold$$Rs. 80,700$$
Opening stock$$Rs. 5,800$$
Closing stock$$Rs. 6,000$$
  • $$Rs. 80,700$$
  • $$Rs.80,900$$
  • $$Rs. 86,700$$
  • None of these
In the balance sheet contingent liability should be ________.
  • recognized
  • not recognized
  • adjusted
  • none of the above
Use the following information for questions given ahead:
B Ltd. was registered with a share capital of $$Rs. 2,00,00,000$$ divided into equity shares of $$Rs. 10$$ each. It issued $$Rs. 1,80,00,000$$ equity shares to the general public at par payable as to $$Rs. 3$$ on application, $$Rs. 3$$ on allotment and balance in $$2$$ equal calls. The public had subscribed for $$17,00,000$$ shares. Till $$31st$$ March, $$2006$$, only first call had been made. All the shareholders had paid up except Mr. C, a holder of $$50,000$$ shares, who did not pay the call money.
B Ltd.'s Issued Capital will be ____________.
  • $$Rs. 2,00,00,000$$
  • $$Rs. 1,80,00,000$$
  • $$Rs. 1,70,00,000$$
  • $$Rs. 1,36,00,000$$
Arrangement of balance sheet in a proper way is known as __________.
  • Marshalling of Balance Sheet
  • Formatting of Balance Sheet
  • Finalization of Balance Sheet
  • Grouping of Balance Sheet
If sales are Rs. $$2,000$$ and the rate of gross profit on cost of goods sold is $$25\%$$, then the cost of goods sold will be ______________.
  • Rs. $$2,000$$
  • Rs. $$1,500$$
  • Rs. $$1,600$$
  • None of these
Read the following which is taken from an income statement.
Rs.
Opening stock$$50,000$$
Sales$$1,60,000$$
Freight incurred$$10,000$$
Sales retunrs$$10,000$$
Gross profit on sales$$60,000$$
Net loss for the year$$10,000$$
Purchases$$1,00,000$$
Purchases returns$$9,000$$
The amount of operating expenses will be ___________________.
  • $$Rs. 50,000$$
  • $$Rs.60,000$$
  • $$Rs. 70,000$$
  • $$Rs. 80,000$$
Find the cost of goods purchased from the following details:
Opening stock  Rs.8,000 
Direct expenses Rs. 5,000
Sales        Rs. 45,000      
Indirect Expenses  Rs. 3,500 
Closing stock  Rs. 2,000   
Gross profit   Rs. 5,000.
  • 28,000
  • 29,000
  • 32,000
  • 30,000
ParticularsJune $$2015$$July $$2015$$August $$2015$$
Opening stock$$4,08,000$$$$4,34,400$$$$4,60,800$$
Credit Sales$$15,00,000$$$$16,00,000$$$$17,00,000$$
Cash Sales$$2,00,000$$$$2,10,000$$$$2,20,000$$
Gross Margin is 20% on sales. Stock purchased in June, $$2015$$ is?
  • Rs. $$16,05,000$$
  • Rs. $$13,86,400$$
  • Rs. $$14,40,000$$
  • Rs. $$13,82,500$$
On $$31^{st}$$ March, $$2009$$ Ram has loan of Rs. $$50,000$$ and creditors of Rs. $$80,000$$ Fixed assets of Rs. $$72,000$$, stock Rs. $$90,000$$ and cash in hand Rs. $$60,000$$. If he had started business on April $$1$$ $$2008$$ with capital of Rs. $$50,000$$. Compute Profit earned by Ram for year $$2008-09$$.
  • Rs. $$92,000$$
  • Rs. $$42,000$$
  • Rs. $$1,72,000$$
  • Rs. $$52,000$$
Assuming no returns outwards or carriage inwards, the cost of goods sold will be equal to _________.
  • sales less gross profit
  • purchases plus closing inventory less opening inventory
  • closing inventory less purchases plus opening inventory
  • opening inventory plus purchases plus closing inventory
X & Co. is in the business of trading. It is to receive $$Rs.7,000$$ from Vinod and to pay $$Rs.8,000$$ to Vinod. Similarly it is to pay $$Rs.8,000$$ to Sudhir and to receive $$Rs.9,000$$ from Sudhir. Except above but after all adjustment, the books of X & Co. show the debtors balance at $$Rs.72,000$$ (Dr.) and creditors balance at $$Rs.39,000$$(Cr.). The correct value of debtors and creditors to be shown in balance sheet would be __________.
  • Debtors (Rs. $$72,000$$), Creditors (Rs. $$39,000$$)
  • Debtors (Rs. $$88,000$$), Creditors (Rs. $$55,000$$)
  • Debtors (Rs. $$80,000$$), Creditors (Rs. $$47,000$$)
  • Debtors (Rs. $$79,000$$), Creditors (Rs. $$46,000$$)
The items in the balance sheet are marshaled in a way that assets that are to be used permanently are put on top order; this type of arrangement is called.
  • Liquidity order
  • According to time
  • Permanence order
  • Both a & b
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