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Published on: 29/08/2019
Financial Statements
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Questions + Answers key
Take MCQ Accountancy Test
1.
What is the use of financial statements for employees and trade unions?
2.
What is the use of financial statements for Potential Investors?
3.
What is the primary objective of financial statement?
4.
"T" form presentation of financial statements are known as Horizontal form or Vertical form.
5.
3. Mention two methods of presentation of financial statements.
6.
What are two basic financial statements?
7.
Define financial statements.
8.
If the total of the credit side of the profit and loss account is more than the total of the debit side, the difference is the net profit
9.
Rent, rates and taxes is an example of direct expenses
10.
In trading and profit and loss account, opening stock appears on the debit side because it forms the part of the cost of sales for the current accounting year.
11.
Gross profit is total revenue.
12.
Which of the following is correct
Operating profit = Operating profit - Nonoperating expenses - Non-operating incomes
Operating profit = Net profit + Non-operating Expenses + Non-operating incomes
Operating profit = Net profit + Non-operating expenses - Non-operating incomes
Operating profit = Net profit - Non-operating expenses + Non-operating incomes
13.
While calculating operating profit, the following are not taken into account.
Normal transactions
Abnormal items
Expenses of a purely financial nature
(ii)& (iii)
(i)& (ill)
14.
Choose the correct chronological order of ascertainment of the following profits from the profit and loss account:
Operating Profit, Net Profit, Gross Profit
Operating Profit, Gross Profit, Net Profit
Gross Profit, Operating Profit, Net Profit
Gross Profit, Net Profit, Operating Profit
15.
The financial statement consist of
Trial balance
Profit and loss account
Balance sheet
(i)& (iii)
(ii) & (iii)
1.
( )
To claim increase in wages, bonus and other benefit.
2.
( )
Potential investors use the financial statements to ascertain future prospects of the firm on the basis of past and current performance of the firm.
3.
( )
To provide necessary information for decision making.
4.
( )
Horizontal form.
5.
( )
(i) Horizontal form.
(ii)Verticalform
6.
( )
(i) Income Statement or Profit and Loss Account.
(ii) Position Statement or Balance Sheet
7.
( )
Financial statements may be defined as the reports prepared to present a periodical review of financial performance and the financial position of a business enterprise.
8.
(a)
9.
(a)
10.
(a)
11.
(b)
12.
(c)
Operating profit = Net profit + Non-operating expenses - Non-operating incomes
13.
(c)
Expenses of a purely financial nature
14.
(c)
Gross Profit, Operating Profit, Net Profit
15.
(e)
(ii) & (iii)
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