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	The amount by which the revenue for a particular period of time exceed from expenses incurred to generate them is called	Gross income Net income Revenue Expenses
2	Cost incurred to generate revenue is called	Revenue Cost Expense Liability
3	The inflow of assets in return for services performed or products delivered during a period is	Asset Revenue Non current asset None of these
4	A statement which is prepared to know the financial position of a business on a particular date, is called	Balance sheet Statement of condition Position statement All of above
5	A statement which i prepared to ascertain the net income or net loss for a specific accounting period is called	Position statement Statement of condition Financial statement Bank reconciliation statement