Test Preparation on CA/CS Foundation MCQ Question Preparation Of Final Accounts For Sole Proprietors I
1.
Which of the following are current assets ?1. Accounts receivable2. Salary paid in advance*3. Bank loan for three years4. Preliminary expenses
2.
The manager earns a commission of Rs. 25 000which is based on 10% of the net profit .If the salesis Rs. 3 50 000 higher than purchases Find out thedirect +indirect expenses incurred during the year.There is no opening or closing stock.
3.
On March 31 2013 Prepaid Expenses A/c (2012-2013) shows a closing balance of Rs. 5 000 it means
4.
Bill Discounted Rs. 10 0.00 above item willappear in________
5.
Which of the following is not a MiscellaneousExpenditure a shown in assets side of BalanceSheet ?
6.
In Profit and Loss A/c the selling anddistribution expenses will not include
7.
A provision for depreciation is created bydebiting .________
8.
Sale are equal to
9.
Goodwill is
10.
A prepayment of insurance premium will appearin the Balance Sheet and in the Insurance Accountrespectively as: