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
Trading Account is prepared to find out :
  • A
    Gross Profit or Gross Loss
    Correct
  • B
    Net Profit or Net Loss
  • C
    None of these
  • D
    Cost of Production
2
Closing Stock given in the Trial Balance is shown in :
  • A
    None of these
  • B
    Trading Account and Balance Sheet
  • C
    Balance Sheet
    Correct
  • D
    Trading Account
3
Income Tax, if given in the Trial Balance is recorded in :
  • A
    Trading Account
  • B
    None of these
  • C
    Profit and Loss Account
  • D
    Balance Sheet
    Correct
4
Prepaid insurance given in the trial balance will be shown in:
  • A
    Profit and Loss Account (Less from insurance)
  • B
    Assets side of Balance Sheet
    Correct
  • C
    None of these
  • D
    Liability in Balance Sheet
5
Life Insurance Premium is :
  • A
    None of these
  • B
    Treated as Profit
  • C
    Treated as Asset
  • D
    Treated as Drawings
    Correct
6
Trade Expenses are shown in :
  • A
    Trading Account
  • B
    None of these
  • C
    Profit & Loss Account
    Correct
  • D
    Balance Sheet
7
Freight outward will be shown in the :
  • A
    Balance Sheet
  • B
    Not shown in accounts
  • C
    Trading Account
  • D
    Profit & Loss Account
    Correct
8
Value of Closing Stock is shown at :
  • A
    None of these
  • B
    Market Price
  • C
    Cost Price
  • D
    Cost and Market price whichever is less
    Correct
9
Arrangement of Assets and Liabilities in the Balance sheet is known as :
  • A
    None of these
  • B
    Assets and Liabilities
  • C
    Goodwill of the business
  • D
    Marshalling
    Correct
10
Discount Received will be shown in :
  • A
    Debit side of Trading Account
  • B
    Debit side of Profit & Loss account
  • C
    Credit side of Trading Account
  • D
    Credit side of Profit & Loss account
    Correct
11
An adjustment related to expense is recorded in Final Accounts :
  • A
    At three places
  • B
    At two Places
    Correct
  • C
    At one place
  • D
    None of these
12
Adjustment entries are passed through :
  • A
    Journal Proper
    Correct
  • B
    Cash Book
  • C
    Adjustment Book
  • D
    Ledger
13
General Manager is to get Commission @ 10% on Net Profit after charging such commission. If profits before commission is 22,000 , amount of commission will be :
  • A
    2200
  • B
    None of these
  • C
    1800
  • D
    2000
    Correct
14
If Opening Stock is 30,000 Net Purchases 2,00,000 and Closing Stock 10,000, Cost of goods sold will be :
  • A
    None of these
  • B
    2,40,000
  • C
    2,20,000
    Correct
  • D
    1,60,000
15
Sales less cost of goods sold is known as:
  • A
    Liabilities
  • B
    Assets
  • C
    Gross Profit
    Correct
  • D
    Net Profit