| 1 |
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
|
| 2 |
The price of goods sold or services rendered to the customers is called |
- A. Sale
- B. Profit
- C. Expense
- D. Revenue
|
| 3 |
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)
|
| 4 |
Net profit plus expenses is equal to |
- A. purchases
- B. Cost of goods sold
- C. Capital
- D. Gross profit
|
| 5 |
Stock is trade is a |
- A. Current asset
- B. Non-current asset
- C. Quick asset
- D. Intangible asset
|
| 6 |
Goodwill, patent, copyright and trade mark are |
- A. Wasting assets
- B. Intangible assets
- C. Fictitious assets
- D. Liquid assets
|
| 7 |
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
|
| 8 |
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
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| 9 |
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
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| 10 |
Assets which have no market value are called |
- A. Wasting assets
- B. Fictitious assets
- C. Intangible assets
- D. Tangible assets
|