4in1[1.Com-t] 130 Principles of Accounting aE) MULTIPLE CHOICE QUESTIONS FINAL ACCOUNTS: THE COMPLETION OF ACCOUNTING CYCLE PLR e Ey Cid 1, Final accounts are prepared at the end of. (GRW-15)(BWP-14) (a) Annual year (b) Assessment year (Accounting year (d) Calendar year 2. Final accounts include: (LHR-21), (a) Trading account (b) Profit and loss Account (c) Balance sheet [B} AM these 3. A trading account is prepared to know. (FSD-21)(MTFN-21)(L1R-16 (11, 18 (1)(SGD-15) (a) Net profit DW Gross profit (c) Total profi (a) Net loss 4. is prepared to determine the gross profit oF gross loss. (GRW-AS(MTN-19(ESD-17(RWP19) (a) Profit & loss A/c (JJ) Trading A/e (©) Cash book (4) Balance sheet 5. Gross profit is known from, OR DD trading Ave (€) Profit & loss A/c (4) Trial balance 6. Gross profit is credited / transferred to. (SGD-18)(HWP-18)(GRW-19) (FSD-19) (a) Trading A/e— (b) Cash Ale (c) Balance sheet [EI] Profit & loss A/e Opening stock is written in. (GRW-17)(RWP-18) (b) Profit & loss Ale (d) Both (a) and (c) (a) Balance sheet (BD trading Ave (c) Balance sheet 10. 2. 13, M4. 16. 17, rect expenses charged to, OR preparing final account, indirect ‘expenses are recorded in: (wr-21) (LIER-14 (1))(RWP-16(SGD-17, 18) (MTN=19) (a) Trading Ave [I Profit & Loss Ave (c) Balance sheet (d) None of these All direct expenses are recorded in. (LEIR-14 (11), 17 ())(FSD-16)(BWP-17)(BW (AIK-16, 18,5 (Dh trading Ave (b) Profit and Loss A/c (e) Balance sheet (d) Cash book Which of the following is direct expense? (LIR-14 (1D (GRW-14) (b) Depreciation we (d) Commission (a) Rent Bc Direct expenses are related with. (LI-16 118 (1), 21) ASK [Purchases (b) Sales (c) Business (d) None of these ‘Opening stock is recorded in. (FSD-21(GRW-21) (a) Trading A/c (b) Profit & loss A/c fe) Balance sheet [EI] Both (a) & (c) Freight charges are, (PSD-14)(RWP-17) (DGK-19) 1B Direct expenses (b) Indirect expenses (c) Operating expenses (d) Other expenses Carriage in is (uie-21) {Direct expense (b) Indirect expense (©) Management express (d) Selling expense ‘Closing stock is valued at (RWP-16)(SWL-I7)ESD-18) (a) Cost price —_(b) Market price (c) Cost or market price whichever is higher (0) Cost or market price whichever is less ‘Which one of these expenses is an example ‘of direct expenses. (SWL-16RWP- ro) (a) Rent expenses [I] Freight expenses (c) Salary expenses (d) None of these Revenue and expenses are shown in the _. (awP-17) (a) Balanee sheet [DJ] Profit & toss account (c) Statement 9 (d) All of these owner's equity