Final Account Quizzes & Trivia

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Each and every final account quiz here has well-researched and interesting quiz questions that test your grasp of the subject. You can easily learn something new about final account with every question you attempt.

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Final Account Questions and Answers


  • 18% investment of Rs. 1,00,000 and interest received on investment Rs. 15,000 have been given in the trial balance for the period ended on 31.3.2006. The amount of interest outstanding in the final accounts will be  
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  • A building was purchased for Rs.4,00,000 on 1.04.2005. 31st March, 2006, its net realizable value was 5,00,000. The value of building to be shown in the books as on 31st March, 2006 will be  
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  • A building worth Rs. 10,00,000 is insured for Rs. 6,00,000. It is completely destroyed by fire. The loss to be admitted by the insurance company will be  
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  • Which of the following is not an asset?
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  • Which of the following is a liability?
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  • Which of the following is the best meaning of purchases?
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  • A private company sells shares to the public
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  • The shareholders of a public company have control over how it is run.
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  • John purchased shares in Apple Pty Ltd on January 1 2011. Apple pty Ltd then suffered financial difficulties in June 2011 and John was asked to contribute funds to aid the company's survival.  John has already contributed 80% of the face value of his shares.  John could be asked to contribute more money.
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