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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define the term 'Statement of Affairs'.
💡 Hint: Think about what this statement provides regarding the company's financial position.
Question 2
Easy
Why is the Statement of Affairs prepared at the start and end of a period?
💡 Hint: Consider the importance of tracking capital's progress.
Practice 3 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 Statement of Affairs summarize?
- A. Cash transactions only
- B. Assets and liabilities
- C. Only income and expenses
💡 Hint: Focus on the financial position of a business.
Question 2
True or False: The Statement of Affairs helps estimate capital.
- True
- False
💡 Hint: Consider how this statement influences business assessments.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A business has total assets of ₹150,000, total liabilities of ₹60,000. Calculate the capital and then determine net profit if the opening capital was ₹80,000 at the start of the year.
💡 Hint: First, calculate the capital and then use it to find the profit.
Question 2
If a company reports ₹200,000 in assets and ₹50,000 in liabilities, and changes to capital occur due to a ₹15,000 withdrawal, what is the new calculated capital?
💡 Hint: Start with assets minus liabilities, then adjust for the withdrawal.
Challenge and get performance evaluation