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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the primary purpose of a Trading Account?
💡 Hint: Think about what the Trading Account measures.
Question 2
Easy
Define direct expenses.
💡 Hint: What expenses could you link to making a product?
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 does the Trading Account primarily measure?
- Net Profit
- Gross Profit
- Total Revenue
💡 Hint: Look for the type of profit associated with direct sales.
Question 2
True or False? Direct expenses only include expenses related to manufacturing.
- True
- False
💡 Hint: Think about the nature of these expenses.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company reports the following: Sales = ₹1,200,000; Opening Stock = ₹250,000; Purchases = ₹700,000; Closing Stock = ₹150,000; Direct Expenses = ₹50,000. Calculate the gross profit and explain what it implies.
💡 Hint: Consider each component's impact on the total profit.
Question 2
Discuss the potential effects on gross profit if a significant amount of direct expenses is misclassified as indirect. What would be the implications?
💡 Hint: Think about how different classifications affect the financial statements.
Challenge and get performance evaluation