11th class Principles of Accounting chapter 9 online mcq test with answers for I.Com part 1 Principles of Accounting chapter 9(Final Accounts)

Principles of accounting Icom Part 1 English Medium Chapter 9 Online Test

Sr. #	Questions	Answers Choice
1	A balance sheet is a	Statement of income and expenditure Statement of debtors and creditors Financial statement of a business on a particular date Statement of profit earned by a busniess
2	Expenses related to sale of goods are shown in	Trading account Profit or loss account Balance sheet Sales account
3	Debts which are repayable in the course of less than one year bur more than one month are called	Quick liabilities Deferred liabilities Contingent liabilities Liquid liabilities
4	Goodwill, patent, copyright and trade mark are	Wasting assets Intangible assets Fictitious assets Liquid assets
5	Net sales are equal to sales minus	Returns inwards Returns outwards Cost of goods sold carriage on sales
6	Assets which have no market value are called	Wasting assets Fictitious assets Intangible assets Tangible assets
7	Stock is trade is a	Current asset Non-current asset Quick asset Intangible asset
8	An operating statement is similar to a	Balance sheet bank reconciliation statement Financial statement Profit or loss statement
9	Assets which have no physical existence are called	Tangible assets Fictitious assets Liquid assets Intangible assets
10	Drawings are deducted from	Sales Income Capital Expenses
11	If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be	1200 600 1800 2400
12	Position statement is similar to a	Trial balance Balance sheet Financial statement Bank reconciliation statement
13	If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be	3250 1250 3750 1750
14	Net profit plus expenses is equal to	purchases Cost of goods sold Capital Gross profit
15	Which account is a summary of direct expenses and direct revenues	Trading and profit or loss account Profit or loss account Balance sheet Trading account

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