Final Accounts MCQs

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on March 25, 2022

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.

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Frequently Asked Questions

What is not included in Operating Expenses?

Do not include the cost of goods sold (materials, direct labor, manufacturing overhead) or Capital Expenditures (larger expenses such as buildings or machines).

The Trading Account is prepared to know what?

Common Operating Expenses for a company include rent, payroll, travel, utilities, insurance, maintenance and repairs, property taxes, office supplies, Depreciation, and advertising.

The Trading Account is prepared to know what?

The Trading Account is prepared to know what?

How do you prepare a Trading Account in accounting?

The Trading Account is prepared by debiting opening stock, purchasing fewer returns, direct expenses and crediting sales fewer returns, and closing stock

What is the main objective of Final Accounts?

To determine gross profit and net profit of the business during the year. To present the true financial position of the business on a given date. To make effective control on financial activities of the business.

True Tamplin, BSc, CEPF®

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®), 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, view his author profile on Amazon, or check out his speaker profile on the CFA Institute website.