| 1 |
Expenses related to sale of goods are shown in |
- A. Trading account
- B. Profit or loss account
- C. Balance sheet
- D. Sales account
|
| 2 |
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
|
| 3 |
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
|
| 4 |
It is prepared to determine the net profit or net loss |
- A. Trading account
- B. Profit or loss account
- C. Cash book
- D. Balance sheet
|
| 5 |
An operating statement is similar to a |
- A. Balance sheet
- B. bank reconciliation statement
- C. Financial statement
- D. Profit or loss statement
|
| 6 |
Gross profit equals to |
- A. Net profit minus expenses
- B. Sales minus closing stock
- C. Purchases minus closing stock
- D. Sales minus cost of goods sold
|
| 7 |
Profit or loss appropriation account is not prepared in the case of |
- A. Partnership
- B. Joint stock company
- C. Sole tradership
- D. Partnership at will
|
| 8 |
It is prepaid to determine the gross profit or gross loss |
- A. Trading account
- B. Profit or loss account
- C. Balance sheet
- D. None of these
|
| 9 |
Net profit plus expenses is equal to |
- A. purchases
- B. Cost of goods sold
- C. Capital
- D. Gross profit
|
| 10 |
Net profit is equal to |
- A. Gross profit - expenses
- B. Sales - Cost of goods sold
- C. Sales - expenses
- D. Capital - expenses
|