1311. After the preparation of trial balance , the next level of work in accounting is called :
A. Rectification of the errors
B. Preparation of bank reconciliation
C. Work sheet
D. Final accounts *
1312. Which of the following enable us to check on the conduct of the business, and to discover whether it is being run profitably:
A. Final accounts *
B. Trial Balance
C. Ledgers
D. Journal
1313. The statements which are finally prepared to show the profit earned ” of loss suffered by the firm and financial state of affairs of the firm at the end of the period :
A. Bank statements
B. Final accounts *
C. Bank reconciliation statements
D. Ledger accounts
1314. The gross result ( gross profit or gross loss) of the business is shown by :
A. Profit and loss account
B. Profit and loss appropriation account
C. Trading account *
D. Balance sheet
1315. The net result ( net profit or net loss) of the business is shown by:
A. Profit and loss account *
B. Profit and loss appropriation account
C. Trading account
D. Balance sheet
1316. The net profit of loss of the business has been distributed or disposed off is shown by:
A. Profit and loss account *
B. Profit and loss appropriation account
C. Trading account
D. Balance sheet
1317. Which of the following disclose the financial position of the business:
A. Trading account
B. Profit and loss account
C. Profit and loss appropriation account
D. Balance sheet *
1318. The profit and loss appropriation account is not prepared in the case of :
A. Partnership business
B. Public limited company
C. Sole proprietorship business *
D. Private limited company
1319. Trading account is the account which is prepared to determine the :
A. Only gross profit of the business
B. Only gross loss of the business
C. Gross profit or the gross loss of the business *
D. None of the above
1320. The balance of trading account which represents either gross profit or gross loss is transferred to :
A. Profit and loss account *
B. Balance sheet
C. Work sheet
D. Position statement