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Important Questions

Financial Statements (With Adjustments) — Important Questions

NIOS · Class 10 · Accountancy

57 important questions from Financial Statements (With Adjustments) for NIOS Class 10 Accountancy, with answers. Written for the board exams 2027.

57 questions28 flashcards4 formulas & key relations5 concepts

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57 Questions·
multiple choicemultiple correct

Important Questions from Financial Statements (With Adjustments)

1multiple choice
3 marks

Furniture costing ₹50,000 is depreciated at 10% p.a. What is the depreciation on furniture for the year?

Show answer

₹5,000

Depreciation = 10% × ₹50,000 = ₹5,000. The reduced value is then shown in the Balance Sheet after deducting depreciation.

2multiple choice
3 marks

A business has Plant and Machinery of ₹5,00,000 and Furniture of ₹50,000. Depreciation is 10% on both assets. What is the total depreciation for the year?

Show answer

₹55,000

Depreciation on Plant and Machinery = 10% × ₹5,00,000 = ₹50,000. Depreciation on Furniture = 10% × ₹50,000 = ₹5,000. Total depreciation = ₹50,000 + ₹5,000 = ₹55,000.

3multiple choice
3 marks

In Illustration 1, wages of ₹30,000 and outstanding wages of ₹2,000 were given. What amount of wages is shown in the Trading Account?

Show answer

₹32,000

Wages in Trading Account = Wages paid + Outstanding wages = ₹30,000 + ₹2,000 = ₹32,000. Outstanding wages are added because they relate to the current year.

4multiple choice
3 marks

In Illustration 1, salaries of ₹18,000 and outstanding salaries of ₹1,500 were given. What total salaries expense is shown in the Profit and Loss Account?

Show answer

₹19,500

Total salaries = ₹18,000 + ₹1,500 = ₹19,500. Outstanding salaries are added to the salaries expense in the Profit and Loss Account.

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Frequently Asked Questions

What are the important topics in Financial Statements (With Adjustments) for NIOS Class 10 Accountancy?
Key topics in Financial Statements (With Adjustments) include Meaning and Need for Accounting Adjustments, Closing Stock, Outstanding Expenses, Prepaid Expenses. Study these first, then practise questions on each for the NIOS Class 10 board exam.
How many important questions are there in Financial Statements (With Adjustments)?
Super Tutor has 57 practice questions for Financial Statements (With Adjustments), including multiple choice, multiple correct questions. A sample with answers is on this page.

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Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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