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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the first step in preparing final accounts?
💡 Hint: Think about how we measure assets and liabilities.
Question 2
Easy
What do we need in a Trading Account?
💡 Hint: What figures help calculate gross profit?
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the purpose of the Statement of Affairs?
- To calculate net profit
- To summarize assets and liabilities
- To record daily transactions
💡 Hint: Think about its role in assessing financial position.
Question 2
True or False: The Balance Sheet lists all transactions throughout the year.
💡 Hint: Consider the difference between transaction logs and summary statements.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Given a Statement of Affairs with total assets of ₹200,000 and liabilities of ₹150,000, calculate the capital and prepare a simple Balance Sheet.
💡 Hint: Remember to deduct liabilities from assets to find capital.
Question 2
Based on the following data—Opening Capital ₹80,000, Closing Capital ₹90,000, Withdrawals ₹10,000—determine the net profit.
💡 Hint: Focus on how withdrawals influence capital calculations.
Challenge and get performance evaluation