| 1 |
Net sales are equal to sales minus |
- A. Returns inwards
- B. Returns outwards
- C. Cost of goods sold
- D. carriage on sales
|
| 2 |
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
|
| 3 |
Net profit is equal to |
- A. Gross profit - expenses
- B. Sales - Cost of goods sold
- C. Sales - expenses
- D. Capital - expenses
|
| 4 |
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
|
| 5 |
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
|
| 6 |
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
|
| 7 |
Excise duty is a |
- A. Direct revenue
- B. Indirect revenue
- C. Direct expense
- D. Indirect expense
|
| 8 |
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
|
| 9 |
Stock is trade is a |
- A. Current asset
- B. Non-current asset
- C. Quick asset
- D. Intangible asset
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| 10 |
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
|