11th Principles of Accounting Chapter 12 Test

Here you can prepare 11th Principles of Accounting English Medium Chapter 12 Financial Statements Test. Click the button for 100% free full practice test.

First Year Principles of Accounting Chapter 12 Online MCQ Test for 1st Year Principles of Accounting Chapter 12 (Financial Statements)

This online test contains MCQs about following topics:

. Cost of goods sold . Income statement . Balance sheet . Difference between income statement and trading and profit and loss account

ICOM Part 1 Accounting Ch 12 Test
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First Year Principles of Accounting Chapter 12 Online MCQ Test for 1st Year Principles of Accounting Chapter 12 (Financial Statements)

Sr. # Questions Answers Choice
1 The inflow of assets in return for services performed or products delivered during a period is
  • A. Asset
  • B. Revenue
  • C. Non current asset
  • D. None of these
2 Cost of goods sold is equal to
  • A. sales - purchases
  • B. purchases + closing stock - returns outwards
  • C. Opening stock - closing stock + purchase + returns inwards
  • D. Opening stock + purchases - returns outwards - closing stock
3 Cost incurred to generate revenue is called
  • A. Revenue
  • B. Cost
  • C. Expense
  • D. Liability
4 Net purchases are equal to
  • A. Sales - returns outwards
  • B. Purchases + returns inwards
  • C. Purchases - returns outwards
  • D. Purchases + returns outwards
5 A statement which is prepared to know the financial position of a business on a particular date, is called
  • A. Balance sheet
  • B. Statement of condition
  • C. Position statement
  • D. All of above
6 All expenses connected with the office and its conduct are called
  • A. Selling expenses
  • B. Marketing expenses
  • C. Service expenses
  • D. Administrative expenses
7 A statement which i prepared to ascertain the net income or net loss for a specific accounting period is called
  • A. Position statement
  • B. Statement of condition
  • C. Financial statement
  • D. Bank reconciliation statement
8 Allowance for discount on account receivable is calculated on the amount of account receivable
  • A. Before deducting the allowance for doubtful debts
  • B. Left after deducting the allowance for doubtful debts
  • C. Before deducting the actual bad debts
  • D. None of these
9 The gross amount of goods sold or services performed during an accounting period is known as
  • A. Purchase
  • B. Sale
  • C. Gross profit
  • D. Net profit
10 Allowance for doubtful debts normally has a
  • A. Debit balance
  • B. Credit balance
  • C. Both debit & credit balance
  • D. None of these

Top Scorers of Principles of accounting Icom Part 1 English Medium Chapter 12 Online Test

M

Minahil

Lahore21 - Nov - 2024

15/15
01 Mins 12 Sec
M

Minahil

Lahore21 - Nov - 2024

14/15
01 Mins 46 Sec

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