NCERT Class 11 Accountancy Part 2 Chapter 2 Question Answer | NCERT Class 11 Accountancy Answer

Test Your Understanding – II

Choose the correct option in the following questions :

1. The financial statements consist of:

(i) Trial balance

(ii) Profit and loss account

(iii) Balance sheet

(iv) (i) & (iii)

(v) (ii) & (iii)

Answer:

2. Choose the correct chronological order of ascertainment of the following profits from the profit and loss account :

(i) Operating Profit, Net Profit, Gross Profit

(ii) Operating Profit, Gross Profit, Net Profit

(iii) Gross Profit, Operating Profit, Net Profit

(iv) Gross Profit, Net Profit, Operating Profit

Answer:

3. While calculating operating profit, the following are not taken into account.

(i) Normal transactions

(ii) Abnormal items

(iii) Expenses of a purely financial nature

(iv) (ii) & (iii)

(v) (i) & (iii)

Answer:

4. Which of the following is correct :

(i) Operating Profit = Operating profit – Non-operating expenses – Non-operating

(ii) Operating profit = Net profit + Non-operating Expenses + Non-operating incomes

(iii) Operating profit = Net profit + Non-operating Expenses – Non-operating incomes

(iv) Operating profit = Net profit – Non-operating Expenses + Non-operating incomes

Illustration 7

Following balance is extracted from the books of a trader ascertain gross profit, operating profit and net profit for the year ended March 31, 2017.

Particulars Amount

Sales 75,250

Purchases 32,250

Opening stock 7,600

Sales return 1,250

Purchases return 250

Rent 300

Stationery and printing 250

Salaries 3,000

Misc. expenses 200

Travelling expenses 500

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