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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does the Trading Account determine?
💡 Hint: Focus on the sales and direct costs.
Question 2
Easy
What is the basic equation of a Balance Sheet?
💡 Hint: Consider the different components 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 is the primary purpose of the Trading Account?
- To find net profit
- To find gross profit
- To evaluate balance
💡 Hint: Focus on the direct expenses related to sales.
Question 2
True or False: The Profit and Loss Account includes direct expenses.
- True
- False
💡 Hint: Consider where each type of expense is recorded.
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company has sales of ₹400,000, purchases of ₹200,000, gross salary expenses of ₹80,000, and other indirect expenses of ₹15,000. The closing stock is ₹50,000. Calculate Net Profit.
💡 Hint: Work through Gross Profit first and subtract all expenses afterward.
Question 2
A business has an outstanding expense of ₹10,000 for the current period and prepaid expenses of ₹5,000 from last year. What impact do these adjustments have on the Profit and Loss Account and Balance Sheet?
💡 Hint: Consider how timing affects the financial statements.
Challenge and get performance evaluation