{"id":44866,"date":"2024-04-15T21:49:53","date_gmt":"2024-04-15T21:49:53","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=44866"},"modified":"2024-04-15T21:49:53","modified_gmt":"2024-04-15T21:49:53","slug":"assertion-a-in-preparing-final-accounts-if-closing-stock-is-given-in-the-trial-balance-it-is-shown-only-in-the-balance-sheet-reason-r-any-item-appearing-in-the-trial-balance-is-treated-only-a","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/assertion-a-in-preparing-final-accounts-if-closing-stock-is-given-in-the-trial-balance-it-is-shown-only-in-the-balance-sheet-reason-r-any-item-appearing-in-the-trial-balance-is-treated-only-a\/","title":{"rendered":"Assertion (A): In preparing final accounts, if closing stock is given in the trial balance, it is shown only in the Balance Sheet. Reason (R): Any item appearing in the trial balance is treated only at one place i.e. either in the trading and profit &#038; loss a\/c or in the balance sheet. Now, select the correct answer:"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a97415f7ae7d\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"true\">\r\n                    Both (A) and (R) are true and (R) is the correct explanation of (A)                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Both (A) and (R) are true, but (R) is not correct explanation of (A)                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    (A) is true but (R) is false                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    (A) is false but (R) is true                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: <strong>A. Both (A) and (R) are true and (R) is the correct explanation of (A)<\/strong><\/p>\n<p>Explanation:<\/p>\n<p>(A) is true because closing stock is an asset and is shown in the balance sheet.<\/p>\n<p>(R) is true because any item appearing in the trial balance is treated only at one place i.e. either in the trading and profit &amp; loss a\/c or in the balance sheet.<\/p>\n<p>(R) is the correct explanation of (A) because closing stock is an asset and is shown in the balance <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n         <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div>    <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> sheet.<\/p>\n<p>Here is a brief explanation of each option:<\/p>\n<ul>\n<li>Option A: Both (A) and (R) are true and (R) is the correct explanation of (A). This is the correct answer because (A) is true because closing stock is an asset and is shown in the balance sheet, and (R) is true because any item appearing in the trial balance is treated only at one place i.e. either in the trading and profit &amp; loss a\/c or in the balance sheet. (R) is also the correct explanation of (A) because closing stock is an asset and is shown in the balance sheet.<\/li>\n<li>Option B: Both (A) and (R) are true, but (R) is not correct explanation of (A). This is not the correct answer because (R) is the correct explanation of (A).<\/li>\n<li>Option C: (A) is true but (R) is false. This is not the correct answer because (R) is true.<\/li>\n<li>Option D: (A) is false but (R) is true. This is not the correct answer because (A) is true.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Assertion (A): In preparing final accounts, if closing stock is given in the trial balance, it is shown only in the Balance Sheet. Reason (R): Any item appearing in the trial balance is treated only at one place i.e. either in the trading and profit &amp; loss a\/c or in the balance sheet. 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