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Practice Quiz

Financial Statements (With Adjustments)

NIOS · Class 10 · Accountancy

Practice quiz for Financial Statements (With Adjustments) — NIOS Class 10 Accountancy. MCQs and questions with answers to test your preparation.

57 questions28 flashcards5 concepts

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Quick Quiz: Financial Statements (With Adjustments)

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1

A trader paid wages of ₹45,000 and had outstanding wages of ₹5,000 at the end of the year. What is the total wages to be shown in the Trading Account?

2

Salaries of ₹1,00,000 were paid during the year and ₹10,000 were still due at year-end. What total salaries expense goes to the Profit and Loss Account?

3

A business paid salaries of ₹2,00,000 during the year, and ₹25,000 related to the next accounting year. What is the net salaries expense for the Profit and Loss Account?

4

Plant and Machinery cost ₹5,00,000 and depreciation is charged at 10% p.a. What is the depreciation amount for the year?

57 Questions·
multiple choicemultiple correct

Sample Questions

1multiple choice
3 marks

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

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₹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?
Financial Statements (With Adjustments) covers several key topics that are frequently asked in NIOS Class 10 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Financial Statements (With Adjustments) — NIOS Class 10 Accountancy?
Understand the core concepts first, then work through the 57 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

Sources & Official References

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

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