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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What are the three main components of final accounts?
💡 Hint: Think about what statements are created at the end of the accounting period.
Question 2
Easy
Define 'Trading Account'.
💡 Hint: What does it focus on?
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 primary purpose of the Trading Account?
- To record all financial transactions
- To determine gross profit or loss
- To show the owner’s equity
💡 Hint: Consider what financial aspect it measures.
Question 2
True or False: The Balance Sheet shows a business's cash flow statement.
- True
- False
💡 Hint: Distinguish between different financial statements.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company reported sales of $50,000, closing stock of $10,000, opening stock of $5,000, and purchases of $30,000. Calculate gross profit.
💡 Hint: Use the gross profit formula carefully.
Question 2
If a business has cash of $15,000, inventory of $10,000, outstanding expenses of $4,000, and liabilities of $8,000, prepare a simplified balance sheet.
💡 Hint: Remember to categorize assets and liabilities correctly.
Challenge and get performance evaluation