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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

Financial Statements and Trading Quiz

Choose a study mode

Podcast

Questions and Answers

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

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

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

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

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

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Preparation of Trading, Profit & Loss Account, and Balance Sheet

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Trading and Profit and Loss Accounts

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