Important Questions with Answers for CBSE Class 11 Accountancy Chapter 9 Financial Statements 1which is outlined by expert Accountancy teachers from the latest version of CBSE (NCERT) books.
CBSE Class 11 Accountancy Chapter -9 Important Questions
What are the financial statements?
Answer: Financial statement is a statement which presents financial profit data and financial status of a company.
Which are the statement that is included in the financial statement?
Answer: The statement that is included in the financial statement are.
- Balance Sheet
- Trading and Profit and Loss A/c
Which is a trading account?
Answer: A trading account is a financial statement that shows the result of the purchase and selling of goods and services of an accounting year.
Which is gross profit?
Answer: Gross profit is the surplus of a selling price of a product over the cost of goods sold.
State the formula to calculate operating profit from net profit.
Answer: Operating Profit = Net Profit – Non-Operating Income + Non-Operating Expenses
State the formula to calculate the cost of goods sold.
Answer: Cost of goods sold = Sales – Gross Profit
Opening Stock + Purchases + Direct Expenses – Closing Stock
Define Balance Sheet.
Answer: A Balance Sheet is a statement which shows the liabilities, assets and shareholder’s equity of the enterprise. This statement comprises of 2 major groups in which it is categorized, namely, assets, which is classified into Non – Current Assets and Current assets. Current Assets are such assets which are easily transformed into cash. On the other hand, the Non – Current Assets are such types of assets with the assistance of which the enterprise operates the enterprise.
Give two characteristics of the balance sheet.
Answer: The two characteristics of the balance sheet are.
- Determine the financial position of the enterprise on a specific date
- The balance sheet has two sides Assets and Liabilities
Define Net profit
Answer: Net profit refers to the surplus of all the revenues overall expenses and losses of a company.
Give true or false. Goodwill is a tangible asset
The current asset does not include closing stock
A balance sheet is arranged in a particular date and not for a particular accounting period.
1. Current Asset
2. Tangible Asset
3. Intangible Asset
4. Fictitious Asset
Answer: Intangible Asset
Balance of petty cash is
The purpose of preparing a final account is to determine
1. Profit and Loss
3. The value of Assets
4. Profit and Loss and Financial position
Answer: Profit and Loss and Financial position
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