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Financial Statements and Trading Quiz
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Financial Statements and Trading Quiz

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Questions and Answers

Which one of these is a liability on the Balance sheet?

  • Sundry Creditors (correct)
  • Schandra's Drawings
  • Schandra's capital
  • Cash at Bank

    • Which one of these is an asset on the Balance sheet?

  • Schandra's Drawings
  • Schandra's capital
  • Sundry Creditors
  • Cash at Bank (correct)

    • Which one of these is an expense item on the Profit & Loss account?

  • Rent & taxes
  • Sales
  • Manufacturing wages (correct)
  • Return Inwards

    • Which one of these is a revenue item on the Profit & Loss account?

    <p>Sales</p> Signup and view all the answers

    Which one of these adjustments was made to the stock on hand?

    <p>Decreased by 50%</p> Signup and view all the answers

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