431. Trading account is prepared to find out
A. Gross profit or loss
B. Net profit or loss
C. Financial position
D. None of these

432. Net profit is added to
A. Gross profit
B. Capital
C. Drawings
D. Assets

433. Wages is an example of
A. Capital expenses
B. Direct expenses
C. Indirect expenses
D. None of These

434. Balance sheet is a
A. Account
B. Ledger
C. Statement
D. Journal

435. Capital is a
A. Assets
B. Liability
C. Income
D. None of these

436. Fixed assets have
A. Short life
B. Long life
C. No life
D. Half life

437. Opening stock is
A. Credited in trading account
B. Debited in trading account
C. Credit in profit and loss account
D. None of these

438. After the preparation of ledgers, the next step is the preparation of
A. Cash Book
B. Trial Balance
C. Profit and Loss Account
D. None of the above

439. Trial Balance is prepared on:
A. A particular date
B. End of the year
C. For the period ending
D. Both A and B

440. The preparation of trial balance is for :
A. Help in locating errors
B. Ascertaining the arithmetical accuracy of ledger accounts
C. In obtaining a summary of ledger accounts
D. All of the above

NOTE
IF YOU THINK ANY OF THE MCQ ABOVE IS WRONG.
PLEASE COMMENT WITH CORRECT ANSWER AND ITS DETAIL EXPLANATION IN COMMENT BOX.
THANK YOU

Leave a Reply