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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the first step in preparing final accounts from incomplete records?
💡 Hint: Think about how businesses assess their starting and ending financial positions.
Question 2
Easy
What does a Trading Account calculate?
💡 Hint: Consider the income from sales minus the expenses associated with those sales.
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 purpose of preparing a Statement of Affairs?
- To evaluate expenses
- To summarize assets and liabilities
- To calculate taxes
💡 Hint: Think about why businesses need to know their financial footing.
Question 2
True or False: A Profit and Loss Account includes direct costs only.
- True
- False
💡 Hint: Consider what the account seeks to accomplish in detailing financial performance.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A business starts with a capital of ₹100,000. During the year, they made additional investments of ₹20,000, took withdrawals of ₹15,000, and ended the year with ₹130,000. Calculate the net profit or loss.
💡 Hint: Use the formula carefully, adjusting the changes in capital for investments and withdrawals.
Question 2
Given that a company has sales of ₹500,000 and cost of goods sold equating to ₹400,000, what does the Trading Account reflect?
💡 Hint: Remember the definition of Gross Profit and how it relates to sales and costs.
Challenge and get performance evaluation