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AP Intermediate 1st Year Financial Statements of Sole Proprietorship — practice questions — page 2

Explore 50 free Financial Statements of Sole Proprietorship questions in AP Intermediate 1st Year Accountancy. Open each question or exercise to read its content, reference answers and available explanation.

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Financial Statements of Sole Proprietorship questions and exercises with answers

Showing questions 31–50 of 50.

Tap the debit balancesRead the answer and worked solution →Complete the balance ruleRead the answer and worked solution →Which side?Read the answer and worked solution →Trial balance bingoRead the answer and worked solution →Match the accounting termRead the answer and worked solution →Provision or reserve?Read the answer and worked solution →True or false about depreciationRead the answer and worked solution →Which method or term?Read the answer and worked solution →Complete the depreciation ruleRead the answer and worked solution →Tap the causes of depreciationRead the answer and worked solution →Depreciation sumsRead the answer and worked solution →Depreciation bingoRead the answer and worked solution →Payment of monthly salaries to staff is classified as which type of expenditure?Read the answer and worked solution →Money spent to buy furniture for use in the business is classified as what?Read the answer and worked solution →Which expenditure normally benefits the business for more than one accounting year?Read the answer and worked solution →Which type of expenditure increases the earning capacity of a business?Read the answer and worked solution →Expenditure on the day-to-day conduct of business is known as what?Read the answer and worked solution →Heavy advertising spend likely to benefit several years is called what?Read the answer and worked solution →Proceeds from selling an old machine are treated as which kind of receipt?Read the answer and worked solution →Machinery repairs of Rs 20,000 are wrongly added to the machinery cost. What happens to profit?Read the answer and worked solution →

Worked practice questions

Tap the debit balances

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Questions
  1. Items
    1. Text
      Machinery
      Matches the category
      Yes
    2. Text
      Rent paid
      Matches the category
      Yes
    3. Text
      Debtors
      Matches the category
      Yes
    4. Text
      Creditors
      Matches the category
      No
    5. Text
      Sales
      Matches the category
      No
    Category
    Debit balances
  2. Items
    1. Text
      Capital
      Matches the category
      Yes
    2. Text
      Sales
      Matches the category
      Yes
    3. Text
      Creditors
      Matches the category
      Yes
    4. Text
      Machinery
      Matches the category
      No
    5. Text
      Wages paid
      Matches the category
      No
    Category
    Credit balances
Instructions
Tap only the items that belong to the category shown.
_Source: syllabus Accountancy, Ch 6 'Trial Balance and Rectification of Errors'_

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Complete the balance rule

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Missing parts
  1. Answer
    debit
    Choices
    1. debit
    2. credit
    3. nil
  2. Answer
    credit
    Choices
    1. credit
    2. debit
    3. nil
Complete the statement
Assets and expenses carry {0} balances, while liabilities and revenues carry {1} balances.
Instructions
Drag a word into each gap to finish the sentence.
_Source: syllabus Accountancy, Ch 6 'Trial Balance and Rectification of Errors'_

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Which side?

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Questions
  1. Question
    Furniture owned by the firm
    Choices
    1. Debit
    2. Credit
    3. Neither
    Correct choice
    Debit
  2. Question
    Amount owed to a supplier
    Choices
    1. Debit
    2. Credit
    3. Neither
    Correct choice
    Credit
  3. Question
    Salaries paid to staff
    Choices
    1. Credit
    2. Debit
    3. Neither
    Correct choice
    Debit
  4. Question
    Sales made during the year
    Choices
    1. Debit
    2. Neither
    3. Credit
    Correct choice
    Credit
Instructions
Tap the side each account sits on.
_Source: syllabus Accountancy, Ch 6 'Trial Balance and Rectification of Errors'_

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More Accountancy topics

Introduction to Accounting & Recording TransactionsTrial Balance and Rectification of Errors