Financial Statements Of Sole Proprietorship CBSE Questions & Answers

Financial Statements Of Sole Proprietorship

This is Accountancy Class 11 Financial Statements of Sole Proprietorship CBSE Questions & Answers. There are 15 questions in this test with each question having around four answer choices.

Questions & Answers

1
To Know the profitability and financial position of a business we prepared at the end__
  • A
    Financial statement
    Correct
  • B
    Profit and loss account
  • C
    Audit report
  • D
    Balance sheet
2
_____ prepared to ascertain gross profit and net profit / loss during an accounting period.
  • A
    Balance sheet
  • B
    Cash flow statement
  • C
    Income statement
    Correct
  • D
    Financial statement
3
Following are the Financial statement except
  • A
    Income statement
  • B
    Statements of retained earnings
  • C
    Cash Flow statement
  • D
    Audit report
    Correct
4
The item discount received will appear on the
  • A
    Credit side of Balance sheet
  • B
    Credit side of Profit and loss account
    Correct
  • C
    Debit side of Balance sheet
  • D
    Debit side of Profit and loss account
5
Computer of a firm should be classified as
  • A
    Fictitious
  • B
    Liquid assets
  • C
    Current assets
  • D
    Fixed assets
    Correct
6
Which is not an example of Capital expenditure
  • A
    Preliminary expenses for floating a company.
  • B
    Expenses for obtaining a license.
  • C
    Initial expenditure for acquiring patent right.
  • D
    Depreciation on fixed assets
    Correct
7
Revenue Expenditure means
  • A
    Both
  • B
    The amount which is incurred in acquiring or improving the value of fixed assets
  • C
    The expenditure which is incurred for the day to day running of the business
    Correct
  • D
    None
8
________ the amount which is incurred in acquiring or improving the value of fixed assets
  • A
    Capital receipt
  • B
    Revenue Expenditure
  • C
    Capital expenditure
    Correct
  • D
    Revenue receipt
9
The expenditure whose amount is heavy and benefit of the likely to be derived over a number of years called
  • A
    Deferred revenue expenditure
    Correct
  • B
    None
  • C
    Both
  • D
    Deferred capital expenditure
10
Capital receipts are shown in _____
  • A
    Profit and Loss account
  • B
    Trading account
  • C
    None of these
  • D
    Balance Sheet
    Correct
11
Capital receipt includes following receipts :
  • A
    Fresh capital introduced or additional capital introduced
  • B
    Loan raised
  • C
    Amount received which is not is the normal and ordinary course of business like sale of fixed assets.
  • D
    All of these
    Correct
12
All direct expenses are ___ to Trading account and all indirect expenses are debited to Profit and Loss account
  • A
    Debited, Debited
    Correct
  • B
    Credited , Credited
  • C
    Debited, Credited
  • D
    Credited , Debited
13
Which of the following will not be included in Trading account
  • A
    Carriage on purchase
  • B
    Manufacturing Wages
  • C
    Factory expenses
  • D
    Postage and telegram expense
    Correct
14
Types of account shown in the balance sheet are
  • A
    Real and Personal
    Correct
  • B
    None of these
  • C
    Nominal and real
  • D
    Nominal and personal
15
Accrued income is
  • A
    Asset
    Correct
  • B
    Expense
  • C
    Revenue
  • D
    Liability