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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What are final accounts?
💡 Hint: Think about the end of the financial year.
Question 2
Easy
Name one purpose of final accounts.
💡 Hint: It's about identifying financial responsibilities.
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
Final accounts help determine what?
- Marketing strategies
- Tax liabilities
- Employee satisfaction
💡 Hint: Think about reports that show financial performance.
Question 2
True or False: Final accounts are not important for budgeting.
- True
- False
💡 Hint: How do businesses plan for the future?
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company reported a net profit of ₹500,000 in their Profit & Loss Account. However, they failed to account for ₹50,000 of outstanding expenses. Calculate the adjusted net profit and explain its significance.
💡 Hint: Remember to adjust profits for outstanding liabilities to get a true representation.
Question 2
After analyzing the final accounts of a company, an auditor discovers a significant discrepancy in the reported revenue. Describe the potential consequences for the business involved.
💡 Hint: Consider the long-term impacts on relationships and trust with stakeholders.
Challenge and get performance evaluation