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FINANCIAL STATEMENT

Financial Statement Quiz

Test your knowledge on financial statements with this engaging quiz designed for students and enthusiasts alike. Whether you're preparing for exams or just want to brush up on your accounting skills, this quiz is a great resource.

You'll encounter questions about:

Profit and loss accounts
Expenditure types
Stock valuation
Trading and profit calculations

12 Questions3 MinutesCreated by BalancingBook17

Debit balance in the profit and loss A/c is Profit or Loss

Cost of obtaining licence to carry out business is a Capital Expenditure or Revenue Expenditure

Carriage inwards is debited to ___________ A/c

Profit and Loss A/c shows the financial position of the entity

True

False

Closing stock is always valued at cost price.

True

False

Sales are equal to Cost of goods sold plus Gross profit

True

False

Carriage outwards is shown in Trading A/c

True

False

Though _______ forms a part of final accounts, in fact it is not an account.

Selling expenses are to be shown in __________ side of __________.

Expenses and income of ________ nature are shown in Trading and Profit and Loss A/c

Assets A/c always show __________ balance.

Which type of expenses are shown in Trading A/c?

Direct and indirect expenses

Direct expenses

Opening expenses

Indirect expenses

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