Practice Test | Kullabs.com
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  • The final account is ______ process of accounting.

    not the
    the second
    the final
    the first
  • "Final account is the account, which is prepared at the end of the given year period, to see the profit and loss position as well as the financial position of a going concern for the period given." Who gave this definition?

    Peter Drucker
    S. Mukharjee
    O. P. Gupta
    Shyam Sundar Sharma
  • "Final accounts consist of trading account, profit and loss account and balance sheet. Trading account shows gross profit or gross loss, net profit or net loss is calculated from profit and loss account and balance sheet is prepared to know the position of assets and liabilities." Who gave this definition?

    S. Mukharjee
    O. P. Gupta
    Gerson & Gerson
    J.R. Batliboi
  • Which one of them is not the objective of final accounts?

    To communicate the operating results and financial position of the users.
    To determine gross profit and net profit of the business during the year.
    To present erroneous financial position of the business on a given date.
    To make effective control on financial activities of the business.
  • The financial position of the business on a particular date is determined by preparing the ______.

    trading account
    profit and loss account
    balance sheet
    journal voucher
  • The items that appear in the trial balance have a ______ in the final accounts.

    single effect
    triple effect
    no effect
    dual effect
  • The transactions, which appear outside the trial balance, have a ______.

    triple effect
    single effect
    no effect
    dual effect
  • Expense paid in advance is called ______.

    selling expenses
    prepaid expenses
    outstanding expenses
    preliminary expenses
  • Expenses incurred but not yet paid, are called ______.

    prepaid expenses
    preliminary expenses
    administrative expenses
    outstanding expenses
  • The unsold items of goods remained in the store at the end of the accounting year is called ______.

    average inventory
    amortization
    opening stock
    closing stock
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