Preparation of Final Accounts of Sole Proprietors – Final Accounts of Manufacturing Entities 0 Preparation of Final Accounts of Sole Proprietors - Final Accounts of Manufacturing Entities 1 / 30 Q.30 Raw-material consumed is equal to opening stock of raw material - closing stock of raw materials - direct expenses + purchase direct expenses - closing stock + purchases + opening stock direct expenses - closing stock + purchases - opening stock None of these 2 / 30 Q.29 with reference to manufacturing account which of the following is not true depreciation on factory plant & machinery appears depreciation on factory land & building appears depreciation on office land & building appears None of these 3 / 30 Q.28 Consider the following information , answer the question given below :1st January Stock of raw material Rs.17,400 , Work-in-progress Rs.11,200 , Stock of finished goods Rs.41,500 and on 31st December Stock of raw material Rs.18,100 , Work-in-progress Rs.11,400 , Stock of finished goods Rs.40,700.During the year manufacturing overheads amounted to Rs.61,100,manufacturing wages to Rs.40,400 and purchases of raw material to Rs.91,900.There were no other direct expenses. The manufacturing cost of finished goods , produced were : Rs.1,31,600 Rs.1,93,300 Rs1,.91,900 Rs.1,92,500 4 / 30 Q.27 Stock of raw material on 1st Jan Rs.17,000 ; on 31st dec. 18,000 ; work in progress on 1st Jan Rs.11,000 , on 31st dec Rs.12,000 ; stock of finished goods on 1st Jan Rs.42,000 , on 31st dec Rs. 41,000 ;, during the year manufacturing overheads expenses amounted to Rs.61,000 , Manufacturing wages to Rs.40,000 & purchase of raw material to Rs.92,000.there were no direct expenses. the cost of raw material consumed , were Rs.1,09,000 Rs.91,000 Rs.92,000 None of these 5 / 30 Q.26 with reference to manufacturing account which of the following is not true opening & closing stock of raw materials appear opening and closing stock of work in progress appear opening & closing stock of finished goods appear None of these 6 / 30 Q.25 If Sales are Rs.2,000 and the rate of gross profit on cost of goods sold is 25%,then the cost of goods will be Rs.2,000 Rs.1,500 Rs.1,600 None of these 7 / 30 Q.24 Opening stock of raw material Rs.1,00,000 , purchase Rs.3,00,000 , closing stock of raw material Rs.2,00,000 ,carriage inwards Rs.10,000 , freight outwards Rs.5,000 .return outward Rs.20,000 . opening work-in-progress Rs.25,000 , closing work-in-progress Rs.10,000 , manufacturing overheads Rs.6,000 , sale of by-product Rs.1,000 , selling overheads Rs.10,000 .royalty based on production Rs.5,000. . The manufacturing cost of goods is Rs.2,20,000 Rs.2,15,000 Rs.2,35,000 None of these 8 / 30 Q.23 Opening work-in-progress Rs.60,000 , closing work-in-progress Rs.15,000 , manufacturing overheads Rs.8,000 , sale of scrap Rs.3,000 , selling overheads Rs.10,000 , closing stock Rs. 30,000 . cost of raw material consumed Rs.1,00,000. cost of manufactured goods Rs.1,50,000 Rs.1,60,000 Rs.1,53,000 None of these 9 / 30 Q.22 Sale value of the by-product is credited to Manufacturing account. Capital account. Overheads account. Trading account. 10 / 30 Q.21 Sales is equal to Cost of goods sold – Gross profit. Cost of goods sold + Gross profit. Gross profit – Cost of goods sold. Net profit + cost of goods sold. 11 / 30 Q.20 _____are intangible assets but do not have exchange value. Goodwill Patents Copyrights Profit & Loss (Dr. balance) 12 / 30 Q.19 Abnormal losses are shown on ________. Profit & Loss A/c Trading A/c Balance sheet Income statement 13 / 30 Q.18 Net Sales are shown on credit side of _______. Trading Profit & Loss Balance sheet Trial balance 14 / 30 Q.17 Trading A/c is a __________ A/c. Personal Real Nominal Income 15 / 30 Q.16 All indirect expenses are debited to _________ account. Trading Profit & Loss Current Capital 16 / 30 Q.15 Trading account is prepared on the basis of ____ expenses. Direct Indirect Other Capital 17 / 30 Q.14 Return outward is deducted from ________. Purchases Sales Debtors Capital 18 / 30 Q.13 Income received in advance is shown on the ________ side of balance sheet. Debit Credit Asset Liabilities 19 / 30 Q.12 Profit and loss A/c is _________ account. Nominal Real Personal Income 20 / 30 Q.11 A provision made for debts irrecoverable from the debtors is called _______. Bad debts Additional new bad debts Reserve on doubtful debts Reserve for discount on debtors 21 / 30 Q.10 All items of income are shown in the credit side of the ______ account. Balance sheet Profit & loss Manufacturing None of them 22 / 30 Q.9 Interest on investment is _______ of business concern. A profit A loss An expenses An income 23 / 30 Q.8 Royalty on production is a _________ expenses. Direct Indirect Capital None of them 24 / 30 Q.7 Pre-received income is shown on __ side of balance sheet. Assets Liabilities Credit Debit 25 / 30 Q.6 Depreciation is always charged on ________ assets. Current Fixed Fictitious Intangible 26 / 30 Q.5 Outstanding expenses is a ________ account. Real Personal Nominal None of them 27 / 30 Q.4 External liabilities plus capital is ________. Network Assets Net Profit Gross Profit 28 / 30 Q.3 Drawings account is closed by transferring the balance to the _______ account. Drawing Liabilities Assets Capital 29 / 30 Q.2 Opening stock is entered in a Trading A/c on the ___ side. Credit Debit Assets Liabilities 30 / 30 Q.1 A list of balances of all the accounts in ledger is called ________. Balance sheet Profit & Loss A/c Trading A/c Trial Balance Your score is LinkedIn Facebook Twitter VKontakte