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

11th Standard

    Reg.No. :
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Accountancy

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

    Answer all the questions

    10 x 1 = 10
  1. Net profit is

    (a)

    Debited to capital account

    (b)

    Credited to capital account

    (c)

    Debited to drawings account

    (d)

    Credited to drawings account

  2. Accrued interest on investment will be shown

    (a)

    On the credit side of profit and loss account

    (b)

    On the assets side of balance sheet

    (c)

    Both (a) and (b)

    (d)

    None of these

  3. The income which has been earned during the current accounting year but .not received till the end of that accounting year is called as _____

    (a)

    Outstanding expenses

    (b)

    Prepaid expenses

    (c)

    accrued income

    (d)

    Received income

  4. _______ is a loss for the business and should be adjusted against profit.

    (a)

    Interest on Capital

    (b)

    Depreciation

    (c)

    Debtors

    (d)

    Bad debts

  5. The Trial Balance shows bank loan Rs.5,00,000 at 12% on 01-01-2015. Interest paid Rs.40,000. Interest outstanding is ______ as on 31-12-2015.

    (a)

    Rs.60,000

    (b)

    Rs.40,000

    (c)

    Rs.27,600

    (d)

    Rs.20,000

  6. All the items given in the adjustment will appear at ______ in the Filial accounts.

    (a)

    One place

    (b)

    Two places

    (c)

    Three places

    (d)

    None of these

  7. Net profit is transferred from profit and loss account ______ account.

    (a)

    Capital

    (b)

    Drawings

    (c)

    Bank overdraft

    (d)

    Sundry creditors

  8. Unexpired expenses are also called as_________.

    (a)

    Outstanding expenses

    (b)

    Prepaid expenses

    (c)

    Accrued income

    (d)

    Income received in advance

  9. The decrease in book value of fixed assets due to usage or passage of time is called_________.

    (a)

    Bad debts 

    (b)

    Depreciation

    (c)

    Closing stock

    (d)

    Capital

  10. Commission on net profit after charging such commission:

    (a)

    \(\frac{Rate\ of\ Commission}{(100+Rate\ of\ commission)}\)

    (b)

    \(\frac{Rate\ of\ Commission}{100}\)

    (c)

    \(\frac{Rate\ of\ Commission}{(100-Rate\ of\ commission)}\)

    (d)

    None of these

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