FINPROV 'Lucky Professional Contest'
You could be the lucky winner!!! Complete the quiz below:
1. The assets can be converted into cash within a short period ie, 1 year or less are known as ............
a. Current assets
b. Fixed assets
c. Intangible assets
2. Gross profit is
a. Cost of goods sold + Opening Stock
b. Excess of sales over cost of goods sold
c. Sales fewer purchases
d. Net profit fewer expenses of the period
3. Which of the best explains fixed assets?
a. Are brought to be used in business
b. Are expensive item brought for the business
c. Are items which not wear out quickly
d. Are of long life and are not purchased specifically for resale.
4. If we take goods for own use, we should
a. Debit Drawings account, Credit Purchases Account
b. Debit Drawings account, Credit Cash Account
c. Debit Stock account, Credit Drawings account
d. Debit Sales account, Credit Stock Account.
5. If the Trial Balance totals do not agree, the difference must be entered in
a. Profit & Loss Account
b. Nominal Account
c. Capital Account
d. Suspense Account
Never submit passwords through Google Forms.
This content is neither created nor endorsed by Google.
Terms of Service