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Financial Statements Quiz

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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?

₹200,000 Signup and view all the answers

Which value represents the overall total of the trial balance?

₹350,000 Signup and view all the answers

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

Expenses or losses Signup and view all the answers

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

₹40,000 Signup and view all the answers

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

To summarize expenses and income Signup and view all the answers

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

Those who owe money to the business Signup and view all the answers

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

Expenses related to producing goods Signup and view all the answers