Question # 1

Which account is a summary of direct expenses and direct revenues

Choose an answer

Trading and profit or loss account

Profit or loss account

Balance sheet

Trading account

Net profit is equal to

Choose an answer

Gross profit - expenses

Sales - Cost of goods sold

Sales - expenses

Capital - expenses

Profit or loss appropriation account is not prepared in the case of

Choose an answer

Partnership

Joint stock company

Sole tradership

Partnership at will

If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be

Choose an answer

1200

600

1800

2400

Drawings are deducted from

Choose an answer

Sales

Income

Capital

Expenses

Assets which have no physical existence are called

Choose an answer

Tangible assets

Fictitious assets

Liquid assets

Intangible assets

Which of the following discloses the financial position of the business

Choose an answer

Trading account

Profit or loss account

Profit or loss appropriation account

Balance sheet

Stock is trade is a

Choose an answer

Current asset

Non-current asset

Quick asset

Intangible asset

Debts which are repayable in the course of less than one year bur more than one month are called

Choose an answer

Quick liabilities

Deferred liabilities

Contingent liabilities

Liquid liabilities

An operating statement is similar to a

Choose an answer

Balance sheet

bank reconciliation statement

Financial statement

Profit or loss statement

A balance sheet is a

Choose an answer

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

The price of goods sold or services rendered to the customers is called

Choose an answer

Sale

Profit

Expense

Revenue

Gross profit equals to

Choose an answer

Net profit minus expenses

Sales minus closing stock

Purchases minus closing stock

Sales minus cost of goods sold

The valuation of closing stock is at

Choose an answer

Cost price

Market price

Cost or market price whichever is lower

Cost or market price whichever is higher

Position statement is similar to a

Choose an answer

Trial balance

Balance sheet

Financial statement

Bank reconciliation statement

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer