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Final Accounts Of Sole Proprietorship — Practice Quiz

Telangana Open School (TOSS) · Class 12 · Accountancy

Try a 4-question quiz on Final Accounts Of Sole Proprietorship for Telangana Open School (TOSS) Class 12 Accountancy: tap an answer to check it and see.

48 questions29 flashcards3 formulas & key relations5 concepts

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Quick Quiz: Final Accounts Of Sole Proprietorship

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Tap an answer to check it instantly. No sign-up needed for these 4.

1

What is the main purpose of preparing final accounts?

2

Which of the following is NOT part of final accounts?

3

Gross profit is calculated in which account?

4

Net profit is transferred to which account?

48 Questions·
multiple choicemultiple correcttrue false

Sample Questions

1multiple choice
1 marks

Which of the following is a revenue expenditure?

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Wages paid

Wages are recurring expenses for business operations and are revenue expenditures.

2multiple choice
1 marks

Which financial statement shows the financial position of a business?

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Balance Sheet

Balance Sheet shows the assets, liabilities, and capital of a business on a particular date.

3multiple correct
1 marks

Closing stock is shown in which of the following?

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Trading Account,Balance Sheet

Closing stock appears on the credit side of Trading Account and as an asset in the Balance Sheet.

4true false
1 marks

Outstanding expenses are shown on the liability side of the Balance Sheet.

Show answer

True

Outstanding expenses are liabilities as they are amounts owed but not yet paid.

+44 more questions on Final Accounts Of Sole Proprietorship (Telangana Open School (TOSS) Class 12 Accountancy)

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Frequently Asked Questions

What are the important topics in Final Accounts Of Sole Proprietorship for Telangana Open School (TOSS) Class 12 Accountancy?
Key topics in Final Accounts Of Sole Proprietorship include Meaning and Objectives of Financial Statements, Capital vs Revenue Items, Trading Account, Profit & Loss Account. Study these first, then practise questions on each for the Telangana Open School (TOSS) Class 12 board exam.
How many practice questions are there for Final Accounts Of Sole Proprietorship?
There are 48 questions on Final Accounts Of Sole Proprietorship. Try the 4-question sample quiz on this page first; each answer shows an explanation when you tap it.

Sources & Official References

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

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