Ch 5: Preparation of Final Accounts for Sole Proprietorship — Chapter Test
CSEET
📚 Fundamentals of Accounting
📖 Ch.5 — PREPARATION OF FINAL ACCOUNTS FOR SOLE PROPRIETORSHIP
⭐ V1: Previous Year Question (PYQ)
⚡ Free Mode (Answers Locked)
⏱ Duration: 25 Mins
🎯 Total Marks: 20
Passed at: 10 Marks
Max Attempts: 10
Standard ICSI CSEET objective examination for Preparation of Final Accounts for Sole Proprietorship. 20 MCQs with instant scoring and detailed explanations.
📑 Exam Questions
20 Questions • Total 20 MarksQuestion 1:
1 Marks
Which of the following is considered a capital expenditure?
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Question 2:
1 Marks
A sole proprietor sells an old delivery van for ₹50,000. This transaction represents a:
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Question 3:
1 Marks
The cost incurred for the installation of a new machine, including freight and erection charges, should be treated as:
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Question 4:
1 Marks
Which of the following is NOT included in the calculation of Cost of Goods Sold?
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Question 5:
1 Marks
If Sales are ₹5,00,000, Opening Stock is ₹50,000, Purchases are ₹3,00,000, Direct Expenses are ₹20,000, and Closing Stock is ₹70,000, what is the Gross Profit?
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Question 6:
1 Marks
Which of the following items appears on the debit side of a Trading Account?
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Question 7:
1 Marks
Operating Profit is calculated by deducting which of the following from Gross Profit?
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Question 8:
1 Marks
Interest received on investments is treated as:
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Question 9:
1 Marks
The primary objective of preparing a Profit and Loss Account is to ascertain the:
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Question 10:
1 Marks
If a Balance Sheet is prepared in order of liquidity, which of the following assets would appear first?
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Question 11:
1 Marks
When a Balance Sheet is prepared in order of permanence, which of the following liabilities would typically appear first?
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Question 12:
1 Marks
Year-end adjustments are necessary to adhere to which accounting principle?
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Question 13:
1 Marks
Outstanding wages at the end of the accounting period will be shown as:
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Question 14:
1 Marks
Prepaid insurance premium for the next year, appearing in the Trial Balance, will be shown in the Final Accounts as:
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Question 15:
1 Marks
Accrued interest on investments, not yet received, is treated as:
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Question 16:
1 Marks
Bad debts written off during the year are debited to which account in the final accounts?
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Question 17:
1 Marks
A provision for doubtful debts is created to:
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Question 18:
1 Marks
Depreciation on machinery is an adjustment that affects:
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Question 19:
1 Marks
Under the Straight Line Method of depreciation, the amount of depreciation:
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Question 20:
1 Marks
If closing stock is given outside the Trial Balance, it is shown in the Final Accounts:
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