PGT and LT grade Teacher commerce final accounts MCQs with solved answers

(1) The Financial Statement consist of:
(a) Trial Balance
(b) Trading and Profit and loss Account
(c) Balance Sheet
(d) Both (b) and (c)

(2) What type of expenses are written in Trading Account:
(a) Direct Expenses
(b) Indirect Expenses
(c) Direct and Indirect Expenses
(d) Operating Expenses

(3) Choose the correct chronological order of ascertainment of the following profit from the trading and profit and loss Account:
(a) Operating Profit, Net Profit, Gross Profit
(b) Operating Profit, Gross Profit, Net Profit
(c) Gross Profit, Operating Profit, Net Profit
(d) Gross Profit, Net Profit, Operating Profit

(4) Which statement tell us about the financial position of the business:
(a) Trading Account
(b) Trading and Profit and loss Account
(c) Balance Sheet
(d) Trial Balance

(5) Which of the following is correct:
(a) Operating Profit= Operating Profit – Non-Operating Expenses- Non-operating Income
(b) Operating Profit= Net Profit + Non-operating Expenses + Non-Operating Incomes
(c) Operating Profit= Net Profit + Non-Operating Expenses – Non-operating Incomes
(d) Operating Profit= Net Profit – Non-Operating Expenses + Non-operating Incomes

Note: Answers are given below at the end.

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PGT and LT grade Teacher commerce final accounts MCQs with solved answers (Question 6 to 10)

(6) Closing stock given inside the trial Balance is shown only in:
(a) Trading Account
(b) Profit and loss Account
(c) Balance Sheet
(d) None of the above

(7) Expenditure which  increases the earning capacity of a fixed asset is a:
(a) Capital Expenditure
(b) Revenue Expenditure
(c) Deferred Revenue Expenditure
(d) None of the above

(8) Machinery owned by a firm should be classified as:
(a) Fictitious Assets
(b) Fixed Assets
(c) Current Assets
(d) None of these

(9) The loss on sale of old furniture should be debited to:
(a) Trading Account
(b) Profit and loss Account
(c) Either (a) or (b)
(d) Neither (a) nor (b)

(10) Carriage outward is shown in:
(a) Trading Account
(b) Profit and loss Account
(c) Balance Sheet
(d) Trial Balance

Note: Answers are given below at the end.

PGT and LT grade Teacher commerce final accounts MCQs with solved answers (Question 11 to 15)

(11) What type of expenses are written in Profit and Loss Account:
(a) Direct Expenses
(b) Indirect Expenses
(c) Direct and Indirect Expenses
(d) Operating Expenses

(12) What type of Income are written in Profit and Loss Account:
(a) Direct Income
(b) Indirect Income
(c) Direct and Indirect Income
(d) Non-Operating Income

(13) What type of Income are written in Trading Account:
(a) Direct Income
(b) Indirect Income
(c) Direct and Indirect Income
(d) Non-Operating Income

14.What is the amount of gross profit or loss when–
Cost of Goods sold = ₹79,000
Sales = ₹1,10,000
Purchases = ₹30,000
(a) ₹80,000

(b) ₹ 49,000

(c) ₹ 31,000

(d) ₹ 1,000 (loss)

15.Opening stock ₹ 15,000
Purchases ₹ 40,000
Cost of golds sold ₹52,000
Sales ₹57,000
What is the amount of gross profit or loss?
(a) ₹2000

(b)₹ 5000

(c) ₹ 5000(Loss)

(d) ₹ 7000

Note: Answers are given below at the end.

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PGT and LT grade Teacher commerce final accounts MCQs with solved answers (Question 16 to 20)

16.Opening stock ₹ 15,000
Purchases ₹ 40,000
Cost of golds sold ₹52,000
Sales ₹57,000

Salaries ₹7,000
What is the amount of Closing Stock?
(a) ₹3,000

(b)₹ 10,000

(c) ₹ 5,000(Loss)

(d) ₹ 7,000

17.Purchases ₹ 40,000
Cost of golds sold ₹52,000
Sales ₹57,000

Closing stock ₹ 3,000

Salaries ₹7,000
What is the amount of Opening stock?
(a) ₹13,000

(b)₹ 10,000

(c) ₹ 15,000

(d) None of these

18. Opening Assets ₹30,000
Opening Liabilities₹ 13,000
Closing Capital ₹16,500
Withdrawals by onwer during the year are ₹ 4000. What is the amount of Opening capital  ?
(a) Rs. 12,500

(b) Rs. 16,500

(c Rs. 17,000

(d) Rs. 43,000

19. Opening Assets ₹30,000
Opening Liabilities₹ 13,000
Closing Capital ₹16,500
Withdrawals by onwer during the year are ₹ 4000. What is the amount of Net Profit ?
(a) Rs. 3,500

(b) Rs. 500

(c Rs. 4,000

(d) Rs. 5,500

20.Opening stock ₹ 15,000
Purchases ₹ 40,000
Cost of golds sold ₹55,000
Sales ₹75,000

Wages ₹6,000

Manufacturing Expenses ₹3,000

Carriage Outward ₹1,000

Administration Expenses ₹13,000

Selling Expenses ₹3,000
What is the amount of gross profit or loss?
(a) ₹27,000

(b)₹ 15000

(c) ₹ 15000(Loss)

(d) ₹ 20000

Note: Answers are given below at the end.

PGT and LT grade Teacher commerce final accounts MCQs with solved answers (Question 21 to 25)

21When capital at 2019 April 01 ₹ 45,000, capital at 2021 March 31 ₹ 48,000, drawings during the year  Rs. 12,000. What is the amount of profit or loss?
(a) ₹ 15,000 (profit)

(b) ₹ 15,000 (loss)
(c) ₹ 3,000 (profit)

(d) ₹3,000 (loss)

22. which of the following is not included in the Income  statement? 

(a) Trading Account

(b) Profit and Loss Account
(c) Income and Expenditure Account

(d) Balance Sheet

23. which of the following is included in the Statement of Financial Position ? 

(a) Trading Account

(b) Profit and Loss Account
(c) Income and Expenditure Account

(d) Balance Sheet

24. which of the following is  not included in the Direct Expenses ? 

(a) Wages and Salary

(b) Salary and Wages
(c) Manufacturing Expenses

(d) Carriage on Purchase

(e) Commission on Purchase

25. which of the following is  not included in the Indirect Expenses ? 

(a) General Expenses

(b) Office Salary 
(c) Factory Expenses

(d) Carriage on Sales

(e) Commission on Sales

Note: Answers are given below at the end.

Answer – Question Number 1 To 5

1. Answer- (d) Both (b) and (c)

2. Answer- (a) Direct Expenses

3. Answer- (c) Gross Profit, Operating Profit, Net Profit

4. Answer- (c) Balance Sheet

5. Answer-(c) Operating Profit= Net Profit + Non-Operating Expenses – Non-operating Incomes

Answer – Question Number 6 To 10

6. Answer- (c) Balance Sheet

7. Answer- (a) Capital Expenditure

8. Answer- (b) Fixed Assets

9. Answer- (b) Profit and loss Account

10. Answer-(b) Profit and loss Account

Answer – Question Number 11 To 15

11. Answer-(b) Indirect Expenses

12. Answer-(b) Indirect Income

13. Answer-(a) Direct Income

14. Answer-(c) ₹ 31,000

15. Answer- (b)₹ 5000

Answer – Question Number 16 To 20

16. Answer- (a) ₹3,000

17. Answer- (c) ₹ 15,000

18. Answer- (c Rs. 17,000

19. Answer- (a) Rs. 3,500

20. Answer-(d) ₹ 20000

Answer – Question Number 21 To 25

21. Answer-(a) ₹ 15,000 (profit)

22. Answer- (d) Balance Sheet

23. Answer-(d) Balance Sheet

24. Answer-(b) Salary and Wages

25. Answer-(c) Factory Expenses

 

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