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Quiz for Financial Students and Professionals: Check how good you are ?

finance quiz

Welcome to your Financial Quiz

Why are accounting Standard important ?

The exchange of goods and services is made more efficient by which of the below ?

When an owner withdraw goods, it is debited to his drawing account because of ?

When sale item is said to be realised ?

Work in Progress is valued on the basis of cost incurred because of principle of ?

Financial institution that obtains most of its funds from deposits is an ?


Financial markets are :

Fixed Assets are not shown at their realizable value in accounts because of ?

When Branch pays expenses for H.O. the following account is debited in the books of the branch ?

Bonds of Rs. 3,00,000 are received against work done in joint venture business and they are sold for Rs. 2,70,000, then Rs………… is recorded on debit side of Joint Venture A/c.

P and Q are partners sharing profit and loss in the proportion 2:1 in the Joint Venture. P keeps accounts of joint venture. Q gave Rs. 5,000 to P for joint venture business. P Prepared accounts and showed profit of Rs. 2,250. P settled Q’s account. In the books of Q, Rs. …………. Profit is credited.

HO sends goods to branch at 20% profit on invoice price, therefore the percentage of profit on cost comes to ?

Opening balance of debtors a/c is Rs 1,40,000. Credit sales is Rs 10,74,000 and closing balance of Debtors a/c is Rs 1,90,000. What is the amount of cash collection from the debtors?

Cash purchases Rs. 60,000, Credit Sales Rs. 3,52,000, Cash Sales Rs. 80,000, Closing Stock is Rs. 30,000, Opening Stock is Rs. 50,000, Rate of gross profit on cost is 20%, then credit purchases are ?

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