Financial Statements Quiz
10 Questions
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Financial Statements Quiz

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@TriumphantMossAgate7386

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Questions and Answers

What is the total value listed for assets in the trial balance?

  • ₹300,000
  • ₹400,000
  • ₹450,000
  • ₹350,000 (correct)

    • Which account type is NOT included under liabilities in the trial balance?

  • Creditors
  • Accounts Payable
  • Due to Suppliers
  • Loans Payable (correct)

    • Which of the following accounts is categorized as an asset?

  • Fixed Assets (correct)
  • Expenses
  • Sales
  • Total

    • What amount is recorded under 'Sales' in the trial balance?

    <p>₹200,000</p> Signup and view all the answers

    Which value represents the overall total of the trial balance?

    <p>₹350,000</p> Signup and view all the answers

    What does the 'Dr.' column in the financial statement likely represent?

    <p>Expenses or losses</p> Signup and view all the answers

    How much is the closing stock listed in the financial statement?

    <p>₹40,000</p> Signup and view all the answers

    What is the primary function of the financial statement fragment provided?

    <p>To summarize expenses and income</p> Signup and view all the answers

    What term is represented by 'Debtors' in the financial statement?

    <p>Those who owe money to the business</p> Signup and view all the answers

    What does the term 'Cost of goods sold' refer to?

    <p>Expenses related to producing goods</p> Signup and view all the answers

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