Final Accounts MCQs

Written by True Tamplin, BSc, CEPF®

Reviewed by Subject Matter Experts

Updated on March 26, 2023

Complete this quick test on Final Accounts to help you prepare for your exams and interviews. This exam will help you clarify the main concepts.

In this quiz, there are 20 multiple choice questions (MCQs). Answering each question will allow you to progress to the next question.

If you find some questions difficult, we advise that you thoroughly read the Final Accounts chapter in the financial accounting section of the website.

1. Statements prepared to indicate the profit or loss and financial position of the business are called:
2. The account showing the gross profit or gross loss of the business is called:
3. A trading account is prepared to record:
4. The debit side of a trading account records:
5. Closing stock is recorded in the:
6. Profit and loss account shows the:
7. Operating expenses are recorded in the:
8. Expenses relating to sale of goods are shown in:
9. The profit and loss account is prepared:
10. Carriage outward is an example of:
11. Which of the following are indirect expenses?
12. Income earned from other than routine activities is called:
13. Discount received is an example of:
14. Which of the following are indirect income?
15. The credit side of a profit and loss account records:
16. The balance sheet is a statement of:
17. The balance sheet discloses the financial position of a business:
18. Properties, items, and receivables with certain value that are owned by a business are called:
19. Any physical item with monetary value is:
20. Assets that physically exist are called:

Do you want to further test your knowledge about final accounts? We have prepared more quizzes for you.

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About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.