Take a quick Multiple Choice Questions (MCQs) test about Financial Statements. These MCQs can help you to prepare for your exams, interviews and different tests. Just click the “start quiz” button and start financial statements MCQs quiz.
If you find difficulty in answering these questions, read ‘Financial Statements‘ chapter thoroughly from explanation section of the website.
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- Question 1 of 10
1. Question
The profit earned prior to the date of incorporation is:
Correct
Awesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “Capital profit” (option 3). - Question 2 of 10
2. Question
The dividend paid to the shareholders during the financial years is:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “Interim dividend” (option 2). - Question 3 of 10
3. Question
Dividend is calculated on:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “Paid-up capital” (option 4). - Question 4 of 10
4. Question
The credit balance of retained earnings statement represents:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “Un-distributed profit” (option 2). - Question 5 of 10
5. Question
Selling expenses between the post and pre-incorporation periods divided on the basis of:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “Turn-over” (option 2). - Question 6 of 10
6. Question
Carriage inward is allocated between the pre and post incorporation periods on the basis of:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “Purchases” (option 2). - Question 7 of 10
7. Question
The loss prior to the date of incorporation of corporation os:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “Capital loss” (option 2). - Question 8 of 10
8. Question
Interim dividend is paid:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “during the financial year” (option 2). - Question 9 of 10
9. Question
Unclaimed dividend is shown as:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “Liability” (option 2). - Question 10 of 10
10. Question
When a dividend is paid, the debit will be:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “Dividend payable” (option 2).
Awesome! your answer is correct.
Your answer is incorrect. The correct answer is “Capital profit” (option 3).You can also check:
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