| 1 |
If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be |
- A. 3250
- B. 1250
- C. 3750
- D. 1750
|
| 2 |
If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be |
- A. 1200
- B. 600
- C. 1800
- D. 2400
|
| 3 |
Debts which are repayable in the course of less than one year bur more than one month are called |
- A. Quick liabilities
- B. Deferred liabilities
- C. Contingent liabilities
- D. Liquid liabilities
|
| 4 |
Goodwill, patent, copyright and trade mark are |
- A. Wasting assets
- B. Intangible assets
- C. Fictitious assets
- D. Liquid assets
|
| 5 |
A balance sheet is a |
- A. Statement of income and expenditure
- B. Statement of debtors and creditors
- C. Financial statement of a business on a particular date
- D. Statement of profit earned by a busniess
|
| 6 |
Which account is a summary of direct expenses and direct revenues |
- A. Trading and profit or loss account
- B. Profit or loss account
- C. Balance sheet
- D. Trading account
|
| 7 |
The valuation of closing stock is at |
- A. Cost price
- B. Market price
- C. Cost or market price whichever is lower
- D. Cost or market price whichever is higher
|
| 8 |
Cash of sales is equal to |
- A. Sales - purchases
- B. Purchases - return + closing stock
- C. Opening stock + Purchases (Net) - Closing stock
- D. Sales + Opening stock - (Purchases + Closing stock)
|
| 9 |
Which of the following discloses the financial position of the business |
- A. Trading account
- B. Profit or loss account
- C. Profit or loss appropriation account
- D. Balance sheet
|
| 10 |
Excise duty is a |
- A. Direct revenue
- B. Indirect revenue
- C. Direct expense
- D. Indirect expense
|