Theoretical Questions Final Account

Need help with your homework? Look no further! Our subject experts are ready to effortlessly handle your assignments, so you can finally say goodbye to stress and hello to top grades.

Please enable JavaScript in your browser to complete this form.
Click or drag files to this area to upload. You can upload up to 3 files.
Get a response in under 15 min

For a student of accounting, an in-depth understanding of the topics is of prime importance and only with queries that are presented here can a student get a detailed understanding of the whole topic.

Objective type questions:

  1. What is the balance of petty cash considered?
  2. How is the closing of stock valued at?
  3. Which side will the stock appearing in Trial Balance be shown?
  4. Where will the stock appearing outside of Trial Balance be shown at?
  5. What balance do liabilities have?
  6. How is net loss termed in a business?
  7. How is net profit taken in case of a firm?
  8. Amongst the following:Liability for discounted bills/ Short term loans/ Outstanding wages/ Bank overdraft which is considered a contingent liability?

Apart from certain objective queries, for conceptual clarity, it is important to have detailed knowledge, and here is a set of statements for that.

State True or False:

  1. Is unearned income liability of any business?
  2. Is unearned income equal to income received in advance?
  3. Is the outstanding income account the real account?
  4. Can net loss be termed as the firm’s asset since a business venture has to realize this loss from proprietors?
  5. Are the goods that are sent to customers for ‘sale or return’ basis also be termed as sales?
  6. Can prepaid expenses be considered assets for a business venture?
  7. Can accrued income and income due but not received different from each other?
  8. Can outstanding expenses account be considered as personal account?
  9. Does liabilities side of a balance sheet be said to represent credit balance?
  10. Is the credit and debit side of a profit and loss account always said to be equal?

Answers: 1. True 2. True 3.False 4.True 5.False 6.True 7.False 8.True 9.True 10. False
Long Answer Questions:

  1. Why is it necessary to keep the issue of bad debts into consideration always? How I this placed in the Final Accounts?
  2. How is adjusting entries important? Why adjusting entries are needed in preparation of Final Accounts?
  3. How is accidental loss of goods treated in Final Accounts in case: Goods had not been insured/ Goods have been insured and the Insurance company has claims associated with it.

 Very short Questions:

  1. When stock is available on both inner and outer side of Trial Balance how is the two versions treated?
  2. If unearned income appears in Trial Balance then where is it to be showed in financial statements?
  3. From which account and which side is net loss taken for calculation?
  4. To get the details of bad debts which journal entry would you consider?
  5. How does net profit and net loss affect the business?
  6. What is wages owing in Final Accounts is found in Trial Balance how would you treat them?
  7. For getting prepaid rent which adjusting entry would be passed?

Short questions:

  1. What is that situation when purchases account can be credited?
  2. What are the items to be added and subtracted from capital on the liabilities side of the account?
  3. Name any 4 fixed and 3 current assets

Write short notes on:

  1. Discount given to creditors
  2. Expenses that are owing
  3. Income that is not earned
  4. Insurance that has not expired
  5. Increase in assets value
  6. Interest placed on drawings

 

Links of Previous Main Topic:-

Links of Previous Main Topic:-

 

Homework Blues?

Get expert help with homework for all subjects.

  • NPlagiarism-free work
  • NHonest Pricing
  • NMoney-back guarantee

Latest Reviews

Solved Sample Works

Accounting Homework

Corporate Accounting Sample

Biology Homework

Genetics Assignment Sample

Essay Writing Help

Business Plan Sample

Homework Help FAQs

Our Answers to Your Questions

How do I submit my homework?
K
L

Getting homework help is very simple with us. Students can either send us the homework via email or they can upload it to our online form here. For a quicker response, You can also chat with us at WhatsApp and submit homework directly. You are sure to get a response from our side within 10 minutes.

How much will my homework cost?
K
L

The cost of paying someone to do your homework varies depending on the service and the type of assignment. We have listed our standard pricing plans for popularly used writing services. For other kind of assignments, You can get a free instant quote from us using our online form.

We also accept partial payment to start working on your assignment help. You can pay the remaining amount when your task gets completed. No pressure of up-front payment. No hidden order costs.

Can I receive help with my homework anytime?
K
L

Yes, you can receive help with your homework anytime with us. Our online homework help services are available 24/7, allowing you to receive assistance with your homework anytime, anywhere.

For urgent homework requests, reach out to us through our LiveChat or WhatsApp channels and one of our friendly support agents will assist you in finding the right expert for your online homework help request immediately. With our services, you can rely on 24/7 availability and meeting deadlines.

Are online homework websites budget-friendly for students like me?
K
L

Yes, Our Online Homework Help websites are an affordable solution for you as a student. Compared to traditional tutoring services, MyHomeworkHelp prices their homework help services honestly and within the budget of college students. This makes it easier for you to receive assistance with your homework without breaking the bank.

What is your plagiarism-free policy?
K
L

At myhomeworkhelp, we take plagiarism very seriously and ensure that all solutions provided by our tutors are original and authentic. Our tutors are trained to provide custom-made solutions, tailored specifically to meet the requirements of each student. We do not provide pre-written papers. All our homeswork solutions are made from scratch, guaranteeing 100% orignal homework answers.

Additionally, we have strict plagiarism-detection tools in place to check all submissions for authenticity.

Is using an Online Homework Help Service cheating?
K
L

Using online homework help services is not equivalent to cheating. Our services are intended to support students with their homework and provide them with the resources they need to succeed academically. With the help of our online homework help services, students can receive immediate assistance with their homework from any location, at any time.

At myhomeworkhelp, we are committed to promoting academic integrity. Our tutors provide solutions that serve as guides for drafting your own work. It is not acceptable to submit someone else's work as your own, as this constitutes academic plagiarism.

Can I chat with my tutor?
K
L

Using our secure chat board, you can now chat directly with your assigned tutor. The chats are encrypted both ways to secure your privacy. This makes your contact with the tutor directly & confidentially, so you can better explain any requirements or changes if needed or just need updates.

You can't contact the experts outside of chat board platform. Sharing any personal information, including but not limited to contact information, goes against our Terms and Conditions and therefore may result in permanently blocking you from the platform. We take any personal data very seriously and we do it for the safety of our users.

Know more about chat board here.

What is your money-back guarantee policy?
K
L

It’s worth noting that our online homework help service rarely leads to disappointment among students. Our expert tutors, along with our support and quality assurance team, are dedicated to providing the best possible experience for our customers. However, if for any reason a student is unsatisfied with their homework help solution, we offer unlimited revisions until they are fully satisfied.

In the rare event that a student remains unsatisfied even after revisions, we offer a money-back guarantee. We want all of our students to feel confident and secure when they turn to us for assistance with their homework, and this guarantee is just one way that we demonstrate our commitment to providing the best possible service. If you have any concerns about our services or the quality of the work you receive, please contact us for support.

What is the expertise of the tutor assigned to do my homework?
K
L

At myhomeworkhelp, we take pride in our team of qualified and experienced tutors. All of our tutors undergo a rigorous selection process and are required to have a minimum of a master's degree in their respective fields. Additionally, they must pass a series of tests to demonstrate their proficiency and ability to deliver quality work. We believe in transparency and providing our clients with the best possible service. You can be confident in the expertise of the tutor assigned to do your homework.

What about privacy & confidentiality?
K
L

Using My Homework Help is absolutely safe. We care about your security, therefore we encrypt all personal data to make every user feel safe while using our services and we don’t share any personal information with any third parties without your permission. Your credit card information is not stored anywhere at My Homework Help, and use of PayPal relies on their secure payment networks. Your identity, payment and homework are in safe hands. You can always be certain of getting professional help and remaining anonymous, while using My Homework Help.