Financial Accounting Quizzes | Trivia Quiz for Practice

76. What are the two types of losses of goods.

1. Normal and abnormal losses
2. Simple loss and pure loss
3. Executive and execute loss
4. None of these

77. Value of goods remaining at the end of a period

1. Opening stock
2. Closing stock
3. Stock
4. None of these.

78. What is the equation of gross profit  

1. Opening stock +Purchase +Direct expense – Closing stock
2. Sales –Cost of goods sold
3. Sales returns –Cost of goods sold
4. Sales + Cost of goods sold

79. Minning royalty and patent royalty are payable on the basis of

1. Output
2. Sales
3. Output and sale
4. None of these

80. The commission given by consignor to the consignee for taking additional risks of recovery of debts on account of sales made on credit is known as ----------------------

1. Over riding commission
2. Delcredre  commission
3. Normal commission
4. None of these.

81. The agreement between business house and the owner of the right is called

1. Patent Right
2. Royalty agreement
3. Minning agreement
4. Copy right

82. Outstanding expenses are those expenses which have became---------during the accounting year.

1. Payable
2. Payed
3. Received
4. Receivable

83. Balance sheet is known as ----------------- statement  

1. Positional
2. Expense
3. Income
4. Expenditure

84. Trading account show ------------------- incomes and losses

1. Production
2. Sales
3. Manufacturing
4. Personal

85. It is a system of finding out the profit made by a head office at a branch by preparing an accountcalled--------------------- 

1. Profit &loss a/c
2. Trading a/c
3. Branch a/c
4. None of these.

86. Abnormal loss account should be transferred to

1. Profit and loss a/c
2. Trading a/c
3. Abnormal a/c
4. None of these.

87. What is prepared at the end of the period to show the financial position of business

1. Profit and loss account
2. Balance sheet
3. Trial balance
4. None of these

88. Interest is charged on drawings made by the proprietor it is gain to the ---------------- 

1. Proprietor
2. Employee
3. Other
4. Business

89. Bad debt shown in adjustment is known as  

1. Provision for bad debt
2. Bad debt
3. Further bad debt
4. Net bad debt

90. What is the major source of revenue of any business  

1. Purchase
2. Sale
3. Dividend
4. None of these.