| 1 |
The price of goods sold or services rendered to the customers is called |
- A. Sale
- B. Profit
- C. Expense
- D. Revenue
|
| 2 |
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)
|
| 3 |
Net sales are equal to sales minus |
- A. Returns inwards
- B. Returns outwards
- C. Cost of goods sold
- D. carriage on sales
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| 4 |
Expenses related to sale of goods are shown in |
- A. Trading account
- B. Profit or loss account
- C. Balance sheet
- D. Sales account
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| 5 |
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
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| 6 |
Stock is trade is a |
- A. Current asset
- B. Non-current asset
- C. Quick asset
- D. Intangible asset
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| 7 |
Drawings are deducted from |
- A. Sales
- B. Income
- C. Capital
- D. Expenses
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| 8 |
Assets which have no market value are called |
- A. Wasting assets
- B. Fictitious assets
- C. Intangible assets
- D. Tangible assets
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| 9 |
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
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| 10 |
Net profit plus expenses is equal to |
- A. purchases
- B. Cost of goods sold
- C. Capital
- D. Gross profit
|