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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is a Trading Account used for?
💡 Hint: Think about the outcomes of selling goods.
Question 2
Easy
Name two components found on the credit side of a Trading Account.
💡 Hint: Focus on the revenue aspect.
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 main purpose of a Trading Account?
- To show cash flow
- To determine gross profit/loss
- To evaluate assets
💡 Hint: Remember, it's all about sales performance.
Question 2
Gross Profit is defined as:
💡 Hint: Think about what sales and their costs include.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A merchant begins the month with ₹12,000 in opening stock. He makes purchases totaling ₹48,000 and records sales worth ₹100,000. At the month's end, he has ₹15,000 in closing stock. Calculate his gross profit for the month.
💡 Hint: Ensure to organize all components before performing the calculation.
Question 2
If direct expenses increase due to higher wages, how will this affect the gross profit line of the Trading Account?
💡 Hint: Think about deductions impacting your earnings.
Challenge and get performance evaluation