Quiz on Final Accounts of a Proprietary ConcernResults #1. ……….. is excess of assets over liabilities Goodwill Goodwill Capital Capital Investments Investments Drawings Drawings #2. Discount earned is transferred to credit side of ………… Current a/c Current a/c Trading Trading Profit and Loss Profit and Loss Capital Capital #3. ……………….. is a statement which shows the financial position of business on a special date. Trading account Trading account Trial balance Trial balance Profit and loss account Profit and loss account Balance sheet Balance sheet #4. Outstanding expenses are shows on the ……….. side of Balance sheet. Assets Assets Liability Liability both both None of the these None of the these #5. Interest on drawing Is credited to ……….. Account. Trading Trading Capital Capital Profit and loss Profit and loss All All #6. Debit Balance of Trading account means ………….. Gross Loss Gross Loss Net Loss Net Loss Net Profit Net Profit Gross Profit Gross Profit #7. Carriage Inward is debited to ………………….. account. Trading Trading Profit and Loss Profit and Loss Capital Capital Bank Bank #8. Excess of credit over to debit in Profit and Loss Account Indicates ………………….. Net Profit Net Profit Gross Profit Gross Profit Gross Loss Gross Loss Net loss Net loss #9. Closing stock is always valued at cost or market price which is ………….. More More Less Less Zero Zero Equal Equal #10. When specific date is not given, in that case interest on drawing is charged for ……… months. Four Four Six Six Eight Eight Nine Nine #11. Carriage Outward is debited to …….. account Trading Trading Profit and Loss Profit and Loss Balance sheet Balance sheet Capital Capital #12. Opening stock is always entered in ……………… Account. Trading Trading Profit and loss Profit and loss Bank Bank Assets Assets #13. Excess of debit over credit in Profit and Loss account indicates …………… Net Profit Net Profit Net Loss Net Loss Gross Loss Gross Loss Gross Profit Gross Profit #14. Credit balance of trading account means ………….. Net Profit Net Profit Gross Loss Gross Loss Net Loss Net Loss Gross profit Gross profit #15. ………. is a Statement of assets and liabilities. Balance Sheet Balance Sheet Trading Trading Profit and Loss Profit and Loss Trail Balance Trail Balance Finish
