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Class 11 Financial Statements – I worksheet
CBSE Accountancy. Capital and revenue items, the trading and profit and loss account, gross, net and operating profit, the balance sheet and the opening entry. Every sheet has 20 questions in three sections and an answer key, and the numbers change every time.
Sample questions
Real questions from this chapter, as the app sets them. Tap Answer to see the answer and working.
Section A · multiple choice
- 1.
Gross profit is found in the:
- balance sheet
- cash book
- profit and loss account
- trading account
Answer
(d) trading account
- 2.
In the final accounts, where is “office salaries” shown?
- cash book
- balance sheet
- profit and loss account
- trading account
Answer
(c) profit and loss account
- 3.
A loan taken from a bank is a:
- deferred revenue expenditure
- revenue expenditure
- capital expenditure
- capital receipt
Answer
(d) capital receipt
Section B · short answer
- 4.
What are financial statements?
Answer
The trading and profit and loss account (income statement) and the balance sheet, prepared at the end of a period.
- 5.
Trading account, profit and loss account, or balance sheet? (a) debtors (b) bank loan
Answer
(a) balance sheet (b) balance sheet
Section C · long answer
- 6.
Explain the trading account and the items shown in it.
Answer
It finds the gross profit: debit side opening stock, purchases less returns, direct expenses; credit side sales less returns and closing stock.
Fresh sheets for your child
In the app, every Financial Statements – I sheet is new: the app remembers the questions your child has already had and leaves them out. Print the sheet as a PDF, or use notebook mode and write the answers in a notebook.
Coming soon for Android and iPhone.