Quiz  /  Sole Proprietorship Class 10 MCQ Questions With Answers

  • 1. 
    Return inwards means

  • purchase return
  • sales return
  • proportionate sales
  • expected sales

  • 2. 
    Sale of finished goods will be recorded in

  • trading account debit side
  • profit and loss account debit side
  • profit and loss account credit side
  • trading account credit side

  • 3. 
    Value of fixed assets will be recorded in

  • balancdesheet liablity
  • balancesheet assets
  • profit and loss account
  • trading account

  • 4. 
    Arrangement of assets and liabilities in the balancesheet is known as

  • final accounts
  • accounting
  • marshalling of balancesheet
  • posting of entries

  • 5. 
    Bad debts will be recorded in

  • trading account credit side
  • profit and loss account debit side
  • balancesheet liablity side
  • profit and loss account credit side

  • 6. 
    Return outward means

  • sales return
  • purchase return
  • actual sales
  • actual purchases

  • 7. 
    Balancesheet is an account

  • true
  • false
  • not acceptable
  • its a statement

  • 8. 
    Wages and salaries will be recorded in

  • profit and loss account
  • balancesheet
  • Trading account debit side
  • trading account credit side

  • 9. 
    Closing stock is recorded in trading account and ___________________________

  • balancesheet liablity side
  • balancesheet asset side
  • profit and loss account
  • trading account debit side

  • 10. 
    Depreciation on plant and machinery will be recorded in

  • trading account debit side
  • balancesheet asset side
  • profit and loss account debit side
  • profit and loss account credit side

  • 11. 
    Final account includes

  • Trial balance
  • journal entries
  • trading account ,profit and loss account and balance sheet
  • ledger account

  • 12. 
    Gross profit is calculated in

  • balancesheet
  • profit and loss account
  • trading account
  • ledger

  • 13. 
    Royalty on production will be recorded in

  • trading account debit side
  • trading account credit side
  • profit and loss account debit side
  • profit and loss account credit side

  • 14. 
    Carriage outward is recorded in

  • trading account debit side
  • trading account credit side
  • profit and loss account debit side
  • profit and loss credit side

  • 15. 
    Carriage inward is recorded in

  • trading account credit side
  • trading account debit side
  • profit and loss account debit side
  • profit and loss account credit side

  • 16. 
    Import duty paid will be included in

  • trading account credit side
  • trading account debit side
  • profit and loss account debit side
  • profit and loss account credit side

  • 17. 
    Rent received will be recorded in

  • profit and loss account debit side
  • profit and loss account credit side
  • trading account credit side
  • trading account debit side

  • 18. 
    Contingent liablities will be recorded in

  • balancesheet asset
  • trading account
  • balancesheet liablities
  • profit and loss account

  • 19. 
    Capital +___________________- drawings =net capital recorded in liablities

  • gross profit
  • net profit
  • dividend
  • purchases
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