Chapter 12: Final Accounts of Sole Proprietors – IMarch 18, 2024 Maven Leave a Comment Welcome to the Chapter 12: Final Accounts of Sole Proprietors – I Quiz! This quiz is based on the book back questions. Name Email 1. Bank overdraft should be shown In the trading account Profit and loss account On the liabilities side On the assets side None 2. Net profit of the business increases the ______________ Drawings Receivables Debts Capital None 3. Salaries appearing in the trial balance is shown on the Debit side of trading account Debit side of profit and loss account Liabilities side of the balance sheet Assets side of the balance sheet None 4. Current assets does not include Cash Stock Furniture Prepaid expenses None 5. Carriage inwards will be shown In the trading account In the profit and loss account On the liabilities side On the assets side None 6. Drawings appearing in the trial balance is Added to the purchases Subtracted from the purchases Added to the capital Subtracted from the capital None 7. Goodwill is classified as A current asset A liquid asset A tangible asset An intangible asset None 8. Closing stock is an item of _____________________. Fixed asset Current asset Fictitious asset Intangible asset None 9. Balance sheet is ____________ An account A statement Neither a statement nor an account None of the above None 10. Balance sheet shows the ___________ of the business Profitability Financial position Sales Purchases None Time's upRelated Posts:Chapter 13: Final Accounts of Sole Proprietors – IIChapter 1: Accounts from Incomplete RecordsChapter 2: Accounts of not for profit OrganisationChapter 3: Accounts of Partnership Firms Fundamentals
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