Final Accounts
MCQs on "Final Accounts ": Find the multiple choice questions on "Final Accounts ", frequently asked for all competitive examinations.
Here are a few MCQs on Final Accounts for your better understanding of the topic.
Q:1.
What are final accounts?
- A. It is the absolute final stage of accounting
- B. It is the sum of the company’s expenditure and income
- C. It is the determiner of a company’s net profit and loss
- D. All of the above
Q:2.
How many stages does the process of final accounting have?
- A. 2
- B. 3
- C. 6
- D. 5
Q:3.
Organise the order of the process of final accounting.
- A. Final accounts, journal, ledger
- B. Ledger, journal final accounts
- C. Journal, ledger, final accounts
- D. They do not have an order
Q:4.
How many components do final accounts have?
- A. 2
- B. 5
- C. 7
- D. 3
Q:5.
Which of these is not a component of the final accounts?
- A. Balance sheet
- B. Trading Account
- C. Profit and Loss Sheet
- D. Transaction receipts
Q:6.
Which of these statements of false?
- A. A trading account determines the records of the selling and buying process of goods
- B. The greater aim of a trading account is to differentiate between the cost price and the selling price of a particular good.
- C. A trading account is used to calculate the trading shares of the company in the market.
- D. The trading accounts show a distinctive picture of the trading results of a particular company
Q:7.
A balance sheet
- A. tabulates the assets and liabilities of the company on a date
- B. shows assets and liabilities of a company
- C. indicates the growth rate of the company
- D. Both A and B
Q:8.
Which of these statements are true?
- A. The profit and loss sheet and the profit and loss appropriation sheet are synonymous
- B. The profit and loss appropriation sheet is an extension of the profit and loss sheet.
- C. The profit and loss sheet and the profit and loss appropriation sheet are two different paradigms of accounting.
- D. The profit and loss appropriation sheet is not a part of the final accounting.
Q:9.
A profit and loss sheet is prepared
- A. With the trading account
- B. In succession to the trading account
- C. Before the trading account
- D. It can be prepared anytime
Q:10.
A profit and loss appropriation account is used to
- A. To divide the profit and loss between the owners of the company
- B. To show an ideal profit and loss situation of the company according to the market.
- C. To compare the profit and loss of the company with other companies
- D. None of the above
