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Accountancy
Commerce
Economics
English
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Question-1
The reduction in the value of fixed assets due to its use or obsolescence is called
(A)
Capital
(B)
Depreciation
(C)
Reduction
(D)
Drawings
Question-2
While making an adjustment entry for prepaid expenses, we debit prepaid insurance and credit
(A)
Profit and Loss Account
(B)
Insurance Account
(C)
Trading Account
(D)
Capital Account
Question-3
The Profit and Loss account shows
(A)
Financial position of the concern
(B)
Net profit or Net loss
(C)
Gross profit or Gross loss
(D)
Total Capital
Question-4
Closing stock is shown in
(A)
Profit and Loss account
(B)
Trading account and Balance sheet
(C)
Balance sheet only
(D)
Trading account only
Question-5
While making an adjustment entry in respect of closing stock, we debit
(A)
Closing stock Account
(B)
Trading Account
(C)
Purchase Account
(D)
Capital Account
Question-6
Opening stock is shown in
(A)
Balance sheet
(B)
Profit and Loss Account
(C)
Trading account
(D)
Cash account
Question-7
Returns inwards are deducted from
(A)
Purchases
(B)
Sales
(C)
Returns outward
(D)
Capital
Question-8
Rent outstanding is
(A)
A liability
(B)
An asset
(C)
An income
(D)
A capital
Question-9
Debts which cannot be recovered are called
(A)
Bad debts
(B)
Depreciation
(C)
Drawings
(D)
Loans
Question-10
In case the closing stock appears in Trial Balance, it is shown in the
(A)
Trading Account
(B)
Manufacturing Account
(C)
Balance sheet
(D)
Trial Balance
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Plus 2 Commerce
Tamil Nadu (English Medium)
Practice in Related Chapters
Financial Accounts- Adjustments
Partnership Accounts-Retirement
Accounts From Incomplete Records(Single Entry)
Cash Budget
Depreciation Accounting
Financial Statement Analysis - Ratio Analysis
Partnership Accounts - Basic Concepts
Partnership Addmission
Company Accounts
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