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

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  • Available questions20
  • Chapter Name12
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Principles of accounting Icom Part 1 English Medium Chapter 12 Online Test

  • Total Questions15

  • Time Allowed20

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

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Question # 1

Allowance for doubtful debts normally has a

Question # 2

Which one of the following is a direct expense?

Question # 3

Net sales equal to

Question # 4

Which one of the following is a direct expense?

Question # 5

The inflow of assets in return for services performed or products delivered during a period is

Question # 6

Allowance for discount on account receivable is calculated on the amount of account receivable

Question # 7

The expenses which are incurred for the generation of revenues from the sales of goods are called

Question # 8

Income statement is prepared to ascertain the net result of the business concern under

Question # 9

Cost of goods sold is equal to

Question # 10

The margin that is available to cover the other expenses for a period and to yield net income is known as

Question # 11

The gross amount of goods sold or services performed during an accounting period is known as

Question # 12

From the business point of view, interest on drawings is

Question # 13

All expenses connected with the office and its conduct are called

Question # 14

A statement which i prepared to ascertain the net income or net loss for a specific accounting period is called

Question # 15

A statement which is prepared to know the financial position of a business on a particular date, is called

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