Study Material

Final Accounts of Sole Trading Concerns

Accountancy

Inter FIrst Year

English

Very Short Answer Questions

Q1. Define deferred expenditure

Q2. Define current assets & current Liabilities

Q3. Give examples of intangible assets

Q4. Write accounting equation

Q5. Write a short note on Opening Stock & Closing stock

Short Answer Questions

Q1. Give the objectives of final accounts

Q2. Write the features of Trading Account

Q3. Explain the meaning and main characteristics of profit & Loss Account

Q4. Briefly explain various types of assets

Q5. Define Manufacturing Account and give it contents

Long Answer Questions

Q1. Define final accounts and explain various stages in their preparation

Q2. Describe various types of expenses and incomes with suitable examples

Q3. Write the differences between trading account and profit & Loss account

Q4. Present the main features, advantages and limitations of final accounts