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11th Standard Accounts Final Accounts of Sole Proprietors - I English Medium Free Online Test One Mark Questions 2020 - 2021

11th Standard

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Accountancy

Time : 00:10:00 Hrs
Total Marks : 10

    Answer all the questions

    10 x 1 = 10
  1. Closing stock is an item of ___________.

    (a)

    Fixed asset

    (b)

    Current asset

    (c)

    Fictitious asset

    (d)

    Intangible asset

  2. Drawings appearing in the trial balance is

    (a)

    Added to the purchases

    (b)

    Subtracted from the purchases

    (c)

    Added to the capital

    (d)

    Subtracted from the capital

  3. Current assets does not include

    (a)

    Cash

    (b)

    Stock

    (c)

    Furniture

    (d)

    Prepaid expenses

  4. At the end of the accounting year the balance in purchases returns account is closed by transferring to __________ account.

    (a)

    Capital

    (b)

    Purchases

    (c)

    Sales

    (d)

    None of these

  5. ____________ account is prepared to find out the difference between the revenue from sales and cost of goods sold.

    (a)

    Trading

    (b)

    Profit and Loss

    (c)

    Balance

    (d)

    Statement of affairs

  6. Trading account is a __________ account.

    (a)

    Personal

    (b)

    Real

    (c)

    Nominal

    (d)

    None of these

  7. ___________ is the amount paid to the owner of a mine or a patent for using owner's right.

    (a)

    Octroi

    (b)

    Dock charges

    (c)

    Royalty

    (d)

    Wages

  8. Net profit or Net loss is transferred to the _____________ account.

    (a)

    Trading

    (b)

    Profit and Loss

    (c)

    Capital

    (d)

    None of these

  9. ___________ is the arrangement of various assets and liabilities in a proper order.

    (a)

    Marshalling

    (b)

    Grouping

    (c)

    Recording

    (d)

    Packing

  10. Opening stock is __________

    (a)

    debited in trading account

    (b)

    credited in trading account

    (c)

    Credit in profit and loss account

    (d)

    none of these

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TN 11th Standard Accountancy free Online practice tests

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