Practice - Structure of Final Accounts
Enroll to start learning
You’ve not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take practice test.
Practice Questions
Test your understanding with targeted questions
What are the three main components of final accounts?
💡 Hint: Think about the reports prepared at the end of an accounting period.
What does the Trading Account help determine?
💡 Hint: Recall the purpose of this specific account.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What is the primary purpose of the Trading Account?
💡 Hint: Think about what is determined after sales are calculated.
True or False: The Balance Sheet shows the profitability of a business.
💡 Hint: Consider what the Balance Sheet presents.
Get performance evaluation
Challenge Problems
Push your limits with advanced challenges
A company’s Trading Account shows sales of ₹250,000, opening stock of ₹50,000, closing stock of ₹20,000, and purchases totaling ₹180,000. Calculate the gross profit.
💡 Hint: Break down sales and costs into components to simplify calculations.
Prepare a Balance Sheet for a business with ₹300,000 in assets, ₹100,000 in liabilities, and the rest as owner's equity.
💡 Hint: Remember the fundamental equation to find equity.
Get performance evaluation
Reference links
Supplementary resources to enhance your learning experience.