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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the purpose of a Trading Account?
💡 Hint: Think about what is accounted for in sales.
Question 2
Easy
What comes after calculating gross profit?
💡 Hint: Consider the flow of financial statements.
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 does the Trading Account show?
- Net Profit
- Gross Profit or Loss
- Total Income
💡 Hint: Focus on the type of profit being represented.
Question 2
True or False: The Balance Sheet shows the company's cash position only.
- True
- False
💡 Hint: Consider the broader range of financial statements.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Given the following data: Sales = ₹200,000; Direct Costs = ₹120,000; Indirect Expenses = ₹50,000; Calculate the gross and net profit.
💡 Hint: Use Trading to find gross first and then apply indirect expenses.
Question 2
If a company's current assets are ₹50,000 and liabilities are ₹20,000, what is the equity?
💡 Hint: Remember the accounting equation: Assets = Liabilities + Equity.
Challenge and get performance evaluation