11th class Principles of Accounting chapter 12 online mcq test with answers for I.Com part 1 Principles of Accounting chapter 12(Financial Statements)

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

Sr. #	Questions	Answers Choice
1	From the business point of view, interest on drawings is	An asset An expense A liability A revenue
2	Allowance for doubtful debts normally has a	Debit balance Credit balance Both debit & credit balance None of these
3	Allowance for discount on account receivable is calculated on the amount of account receivable	Before deducting the allowance for doubtful debts Left after deducting the allowance for doubtful debts Before deducting the actual bad debts None of these
4	Which one of the following is a direct expense?	Packing expense Advertisement expense Manufacturing expense Traveling expense
5	Income statement is prepared to ascertain the net result of the business concern under	British accounting system American accounting system Cash system of accounting None of these
6	Net sales - cost of goods sold - operating expenses = ?	Net purchases Cost of goods sold available for sale Net operating income Gross Profit
7	All expenses connected with the office and its conduct are called	Selling expenses Marketing expenses Service expenses Administrative expenses
8	The expenses which are incurred for the generation of revenues from the sales of goods are called	Non-operating expenses Selling expenses Operation expenses Administrative expenses
9	The margin that is available to cover the other expenses for a period and to yield net income is known as	Net profit Gross profit Net sales Cost of goods sold
10	Which one of the following is a direct expense?	Custom duty Carriage Wages All of above
11	Net sales equal to	Sales - Returns outwards Sales + Returns inwards Sales - Returns inwards Purchases - Returns inwards
12	Net purchases are equal to	Sales - returns outwards Purchases + returns inwards Purchases - returns outwards Purchases + returns outwards
13	The gross amount of goods sold or services performed during an accounting period is known as	Purchase Sale Gross profit Net profit
14	Cost of goods sold is equal to	sales - purchases purchases + closing stock - returns outwards Opening stock - closing stock + purchase + returns inwards Opening stock + purchases - returns outwards - closing stock
15	Sales are equal to	Cost of goods sold + Profit Gross profit - cost of goods sold Cost of goods sold - gross profit None of these

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