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11th Accountancy Weekly Test - 3 ( Final accounts of sole proprietorship - II )

MABS Institution

11th Accountancy Weekly Test - 3 ( Final accounts of sole proprietorship - II )-Aug 2020

Time : 1.00 Hours

Part - A

Multiple Choice Question - Answer All Question

The decrease in book value of fixed assets due to usage or passage of time is called_________.

Bad debts
Depreciation
Closing stock
Capital

Net profit is

Debited to capital account
Credited to capital account
Debited to drawings account
Credited to drawings account

The preparation of ______ is the last step in the accounting cycle.

Trading account
Profit and Loss account
Balance sheet
Final account

Unexpired expenses are also called as_________.

Outstanding expenses
Prepaid expenses
Accrued income
Income received in advance

All the items given in the adjustment will appear at ______ in the Filial accounts.

One place
Two places
Three places
None of these

Interest on loan borrowed unpaid is shown on the _____ side of the Balance sheet.

Asset
Liabilities
Both 'a' and b'
None of these

______ is treated asbusiness expense.

Interest on capital
Interest on drawings
Both 'a' and 'b"
None of these

______ is provided because the proprietor is separate from the business.

Capital
Drawing
Income
Interest

Closing stock is valued at

Cost price
Market price
Cost price or market price whichever is higher
Cost price or net realisable value whichever is lower

The Trial Balance shows bank loan Rs.5,00,000 at 12% on 01-01-2015. Interest paid Rs.40,000. Interest outstanding is ______ as on 31-12-2015.

Rs.60,000
Rs.40,000
Rs.27,600
Rs.20,000

_______ is a loss for the business and should be adjusted against profit.

Interest on Capital
Depreciation
Debtors
Bad debts

If closing stock is already adjusted, adjusted purchase account and ____________ stock will appear in trial balance

Opening
Closing
Average
None of these

_________contributed by proprietor is a liability to the business.

Drawings
Profit
Loss
Capital

The unsold goods in stock at the end of the accounting period Is termed as ______

Opening stock
Average stock
Closing stock
None of these

Outstanding expense account is a representative ______ account.

Personal
Real
Both 'a' and 'b'
None of these

The decrease in value of fixed assets due to usage or passage of time is called ______

Depreciation
Expenses
Incomes
Miscellaneous

__________represents the amount or goods withdrawn by the proprietor from the business for his personal use.

Drawings
Purchase
Sales
Capital

Net profit is transferred from profit and loss account ______ account.

Capital
Drawings
Bank overdraft
Sundry creditors

Prepaid insurance is _______

an asset
a liability
an income
an expense

Trial balance as on 31.12.2017. Shows sundry debtors Rs.55,000. As per given adjustments, if Rs. 5,000 is to be written off as bad debts, the provision for bad and doubtful debts at 2% will be Rs.________.

1,000
1,100
1,200
1,300

The expenses and incomes for the full accounting period must be taken into account while preparing ______

Final accounts
Trial balance
Balance sheet
Cash book

As per Trial balance, capital as on 31.03.2018 is Rs. 5,00,000. Provide 6% Interest on capital Rs.____________.

10,000
20,000
30,000
40,000

Income tax paid by the business for the proprietor is treated as _________

Expense
Profit and Loss A/c
Drawings
None of these

Accrued interest on investment will be shown

On the credit side of profit and loss account
On the assets side of balance sheet
Both (a) and (b)
None of these

Return inwards are deducted from ______

Purchase
Sales
Returns outward
Gross profit

The Trial balance as on 31-03-2016 shows. Sundry debtors Rs.25,000. Write off Rs.1,000 as bad debts. The amount of provision for bad and doubtful debts at 5% will be ______

Rs.1,300
Rs.1,200
Rs.1,250
Rs.1,050

______ earned during the period must be compared with the expenses incurred during the period.

Incomes
Revenues
Profit
Loss

_____ principle requires that generally the revenue should be recognised in the period in which sale is deemed to have occurred.

Accounting
Revenue recognition
Matching
None of these

When bad debts already appears in the trial balance, it is taken only to debit side of __________ account.

Profit and Loss
Balance sheet
Asset side
None of these

A prepayment of insurance premium will appear in

The trading account on the debit side
The profit and loss account on the credit side
The balance sheet on the assets side
The balance sheet on the liabilities side

Depreciation is deducted from concerned ______ in the Balance sheet.

Current asset
Fictitious asset
Fixed asset
None of these

Interest on drawings is credited to ______ Account.

Trading
Profit and loss
Liabilities
Assets

If there is no existing provision for doubtful debts, provision created for doubtful debts is

Debited to bad debts account
Debited to sundry debtors account
Credited to bad debts account
Debited to profit and loss account

The Profit and loss account shows ______

Financial position of the concern
Net profit or Net loss
Gross Profit or Gross Loss
Balance sheet

Net loss is

Debited to capital account
Credited to capital account
Debited to drawings account
Credited to drawings account

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