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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What are the three main components of final accounts?
💡 Hint: Think about the reports prepared at the end of an accounting period.
Question 2
Easy
What does the Trading Account help determine?
💡 Hint: Recall the purpose of this specific account.
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 calculate net profit
- To determine gross profit
- To assess financial position
💡 Hint: Think about what is determined after sales are calculated.
Question 2
True or False: The Balance Sheet shows the profitability of a business.
- True
- False
💡 Hint: Consider what the Balance Sheet presents.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
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.
Question 2
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.
Challenge and get performance evaluation