CBSE Questions for Class 11 Commerce Accountancy Financial Statements 1 Quiz 9 - MCQExams.com

Another name for the balance sheet is?
  • Statement of Operations
  • Statement of Financial Position
  • Both (A) & (B)
  • None of the above
Which of the following statement is true?
  • Balance sheet is prepared on the basis of current value
  • Balance sheet is prepared on historical cost basis is a limitation of balance sheet
  • Sometimes balance sheet is window dressed which misleads us. This is advantage of balance sheet
  • All of the above
Arrange the following assets as per liquidity order.
I. Debtors
II. Building
III. Cash & Bank
IV. Stock
Select the correct answer from the options given.
  • II, III, I, IV
  • III, I, IV, II
  • I, IV, III, II
  • I, IV, II, III
The arrangement of assets and liabilities in accordance with a particular order is known as ___________.
  • Tallying
  • Marking
  • Ruling
  • Marshalling
Which of the following business entity will not prepare Trading Account?
  • Banking companies
  • Insurance companies
  • Investment companies
  • All of the above
Arrange the following assets as per liquidity order.
I. Cash & Bank
II. Building
III. Investment
IV. Stock
Select the correct answer from the options given.
  • II, III, I, IV
  • I, II, III, IV
  • I, IV, III, II
  • I, IV, II, III
In ____________, approach the assets are stated in balance sheet in the order in which they can be easily converted into cash and the liabilities in the order in which they have to be paid off.
  • Alphabetical order
  • Permanence order
  • Liquidity order
  • None of the above
The correct sequence in preparation of periodical financial statement would be.
$$1$$. Preparation of balance sheet
$$2$$. Preparation of cash flow statement
$$3$$. Preparation of trial balance
$$4$$. Preparation of Profit & Loss A/c
Select the correct answer from the options given.
  • $$4, 2, 1, 3$$
  • $$3, 4, 1, 2$$
  • $$2, 4, 3, 1$$
  • $$1, 3, 2, 4$$
Which of the following equation is incorrect?
  • Cost of goods Sold $$+$$ Gross Profit $$=$$ Sales
  • Gross Loss $$=$$ Cost of the Goods Sold $$-$$ Sales
  • Cost of goods sold $$=$$ Opening stock $$+$$ Purchases $$-$$ Closing stock
  • None of the above
If sales is Rs. $$2,00,000$$ and the rate of gross profit on cost of goods sold is $$25\%$$, then the cost of goods sold will be:
  • Rs. $$2,00,000$$
  • Rs. $$1,50,000$$
  • Rs. $$1,60,000$$
  • Rs. $$1,40,000$$
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$$2,00,000$$$$2,10,000$$$$2,20,000$$
Selling price is $$125\%$$ of the purchase price.
The cost of goods sold for the month of June, $$2015$$ is?
  • Rs. $$15,20,000$$
  • Rs. $$14,02,500$$
  • Rs. $$12,75,000$$
  • Rs. $$13,60,000$$
The cost of goods sold for the month of July, $$2015$$ is?
  • Rs. $$15,20,000$$
  • Rs. $$14,02,500$$
  • Rs. $$12,75,000$$
  • Rs. $$14,48,000$$
Find the purchases for the month of july, 2015 from the following information given below :-
Sales - Rs. 18,10000
Gross Profit - Rs. 20 %
Opening stock - Rs. 4,34,400
Closing stock - Rs. 4,60,800
  • Rs. $$16,05,000$$
  • Rs. $$14,74,400$$
  • Rs. $$14,40,000$$
  • Rs. $$13,82,500$$
Property, Planted Equipment are conventionally presented in the Balance Sheet at.
  • Replacement cost $$(-)$$ Accumulated Depreciated
  • Historical cost $$(-)$$ Salvage Value
  • Historical cost $$(-)$$ Depreciation portion thereof
  • Original cost adjusted for general price-level changes
Opening stock - Rs. $$40,000$$, Purchases - Rs. $$2,60,000$$, Closing stock - Rs. $$20,000$$, Cost of goods sold $$=$$?
  • Rs. $$3,20,000$$
  • Rs. $$2,60,000$$
  • Rs. $$3,00,000$$
  • Rs. $$2,80,000$$
A company had a doubtful debt provision of $$Rs. 14,000$$ at $$31-12-2014$$. Its trade receivables at $$31-12-2015$$ were $$Rs. 1,98,200$$. The company considers that receivable totaling $$Rs. 12,200$$ will not be paid and in addition planned to make a doubtful debts provision for $$10$$% of its net receivables at $$31-12-2015$$. What is the charge for bad and doubtful debts in the income statement for the year ended $$31-12-2015$$?
  • $$32,600$$
  • $$12,200$$
  • $$16,800$$
  • $$44,800$$
From the following information, find out the missing information.
Opening stock - Rs. $$50,000$$, Closing stock - Rs. $$1,50,000$$, Sale - Rs. $$16,00,000$$, Gross profit ratio is $$25\%$$ on sales. Purchases $$=$$?
  • Rs. $$10,00,000$$
  • Rs. $$11,50,000$$
  • Rs. $$9,50,000$$
  • Rs. $$13,00,000$$
Arrange the following assets as per permanence order.
I. Cash & Bank
II. Building
III. Investment
IV. Stock
Select the correct answer from the options given.
  • II, III, I, IV
  • I, II, III, IV
  • I, IV, III, II
  • II, III, IV, I
Opening stock - Rs. $$40,000$$, Purchases - Rs. $$2,60,000$$, Closing stock - Rs. $$20,000$$, Direct expenses - Rs. $$50,000$$, Indirect expenses - Rs. $$35,000$$: Cost of goods sold $$=$$?
  • Rs. $$3,30,000$$
  • Rs. $$2,80,000$$
  • Rs. $$3,85,000$$
  • Rs. $$3,20,000$$
Cost of goods sold exclude:
  • Opening Stock
  • Carriage inward
  • Wages & Salary
  • Postage & Stamps
Which of the following external influences will not affect the directors in the preparation of the financial statements?
  • Legislation
  • Regulatory requirements
  • The Political environment
  • Accounting requirements
The expired portion of capital expenditure shown in the financial statement is _________.
  • an income
  • an expense
  • an asset
  • a liability
Which is a part of financial statements?
  • Balance sheet
  • Book keeping
  • Debit & Credit
  • All of the above
Balance sheet is always prepared _______________.
  • for the year ended
  • as on a specific date
  • for the current year
  • None of these
Which of the following should be the misappropriate order of current asset in a balance sheet?
  • Cash, debtor, bank, stock
  • Bank, cash, stock, debtor
  • Stock, bank, cash, debtor
  • Cash bank, debtor, stock
It is not a feature of balance sheet _________.
  • shows the position of capital
  • prepared for a particular period
  • it is a statement
  • Both b & c
Which of the following highlights the correct order of the stages in the accounting cycle?
  • Journalizing, final accounts, posting to the ledger and trial balance
  • Journalizing, posting to the ledger, trial balance and final accounts
  • Posting to the ledger, trial balance, final accounts and journalizing
  • Posting to the ledger, journalizing, final accounts and trial balance
Balance sheet is prepared from __________.
  • real accounts
  • nominal accounts
  • personal accounts
  • Both A & C
First account to be prepared for determining the profit or loss of a proprietor is ________.
  • Profit & loss account
  • Trading account
  • Balance sheet
  • None of the above
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 and b
0:0:1


Answered Not Answered Not Visited Correct : 0 Incorrect : 0

Practice Class 11 Commerce Accountancy Quiz Questions and Answers