If closing stock is given inside the Trial Balance, it will be shown only in the: MCQ with Answer and Explanation

If closing stock is given inside the Trial Balance, it will be shown only in the:
A. Both Trading Account and Balance Sheet
B. P&L Account
C. Trading Account
D. Balance Sheet
Answer: Option D
Solution (By JKSSB Mock Tests)
If it appears inside the trial balance, the double entry is already complete (adjusted against purchases). It appears only as an asset in the Balance Sheet.

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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Convergence' of accounting standards means:
A. Adopting IFRS as they are
B. Keeping different standards
C. Modifying local standards to align with IFRS
D. No change

Correct Answer: Option C


Explanation:
Convergence involves making domestic standards consistent with IFRS, with modifications if necessary.

Question #2
A credit purchase of machinery worth ₹50,000 will:
A. Increase assets and increase liabilities
B. Decrease assets and increase liabilities
C. Decrease assets and decrease capital
D. Increase assets and decrease liabilities

Correct Answer: Option A


Explanation:
Machinery (asset) increases, and a creditor liability increases. So assets and liabilities both increase.

Question #3
The term 'Cut Motion' in Parliament refers to:
A. Motion to increase tax
B. Motion to dissolve government
C. Proposal to increase expenditure
D. Motion to reduce a demand for grant

Correct Answer: Option D


Explanation:
Cut motion is moved to reduce the amount of a demand for grant.