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Financial Statements - Accountancy MCQ Questions

Financial Statements MCQs : Here you will find MCQ Questions related to "Financial Statements" in Accountancy. These Financial Statements MCQ Questions Will help you to improve your Accountancy knowledge and will prepare you for various Examinations like Competitive Exams, Placements, Interviews and other Entrance Exmaniations




Question 1

___________ are the statements that present an actual view of the financial performance of an organisation at the end of a financial year.

A. Bills of Exchange
B. Financial statements
C. Accounts from Incomplete Records
D. None of the above

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Question 2

Financial statements are used by different stakeholders of an organisation which includes?

A. shareholders
B. staff
C. customers
D. All of the above

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Question 3

How many types of financial statements that are required to be prepared by an entity?

A. 2
B. 3
C. 4
D. 5

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Question 4

Which of the following refers to the sales of goods and services that the business generates during the current accounting period?

A. Profit
B. Revenues
C. Loss
D. Expenses

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Question 5

Profit or loss is the net income which is obtained by deducting the expenses from the revenues.

A. TRUE
B. FALSE
C. Can be true or false
D. Can not say

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Question 6

Trading Account discloses

A. Gross profit
B. Net profit
C. Net loss
D. Gross profit or Gross loss

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Question 7

Direct Expenses are entered in:

A. Trading Account
B. profit & Loss Account
C. Balance sheet
D. None of the above

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Question 8

Profit and loss Account discloses

A. Gross loss
B. Gross profit
C. Gross profit or Gross loss
D. None of the above

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Question 9

Drawing is deducted from:

A. Sales
B. Purchase
C. Returns outward
D. Capital

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Question 10

A balance sheet is known as a statement of financial position as it shows the position of assets, liabilities and equity at the end of an accounting period.

A. Yes
B. No
C. Can be yes or no
D. Can not say

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